The Danish pension fund P+ has put 11 of its portfolio stocks under close investigation regarding their business links to the Myanmar military regime, the fund reveals in a recent press release.
The fund states that as investors they have a responsibility to respect human rights and have therefore increased their attention and demand for mandatory due diligence processes.
According to Kirstine Lund Christiansen, Deputy Director and Head of Responsible Investment at P+, Myanmar was already on the fund’s exclusion list before the coup and the fund does not have investments in government bonds in the country.
“But as a pension fund with over $140 billion under management, we have investments in companies spread over large parts of the world and some with activities in Myanmar. With the military coup, the question, therefore, arises as to whether some of the companies have a relationship with the country’s military and thereby contribute to or are connected to the deeply despairing situation,” she says.
P+ has published a list of its holdings that, according to the fund, has business links to the dictatorship in Myanmar. The list includes Hilton Worldwide Holdings, the Italian energy company Eni, and the Japanese telecom firm KDDI.
“The companies on the list are companies that we now closely monitor, seek dialogue with and assess in relation to whether P + should divest the companies. When we ourselves are better informed about this, we will update the information,” Kirstine Lund Christiansen states.