Latest news with #JensMunchHolst
Reuters
14 hours ago
- Business
- Reuters
Danish pension fund lifts ban on investments in European defence stocks
COPENHAGEN, June 26 (Reuters) - Danish pension fund AkademikerPension has lifted a self-imposed ban on investment in six of Europe's largest arms makers and some smaller groups, it said on Thursday, citing a worsening security situation and the need to boost European defences. Many of the continent's investment funds exclude weapons manufacturers from their portfolios on ethical grounds, such as their involvement in the manufacture of components for nuclear arms. AkademikerPension's decision to end its ban comes as Europe faces its largest military build-up in recent history, the fund said in a statement. "We believe it is the most responsible thing to do - both in terms of return and social responsibility in the current situation," CEO Jens Munch Holst said. "We don't want a small turnover from nuclear weapons-related activities to prevent us from providing capital to support the building of a European defence," he said. The fund manages 157 billion Danish crowns ($24.61 billion), it said on its website. NATO leaders on Wednesday backed the big increase in defence spending as demanded by U.S. President Donald Trump, and restated their commitment to defend each other from attack as tensions with Russia rise. But there are question marks over how member nations will afford the targeted 5% of output on defence, leading to potentially difficult budget choices. AkademikerPension's change of policy meant that the fund can again invest in Airbus ( opens new tab, Babcock International (BAB.L), opens new tab, Dassault Aviation ( opens new tab, Leonardo ( opens new tab, Safran ( opens new tab and Thales ( opens new tab, it said. Britain's Babcock said it expected to benefit from more UK government spending on defence as it lifted its medium-term forecast on Wednesday. Serco Group, Ultra Electronics and Groupe Reel were also removed from AkademikerPension's blacklist, but it maintained a ban on 46 defence groups globally over links to controversial weapons or human rights violations. ($1 = 6.3788 Danish crowns)
Bloomberg
14-03-2025
- Business
- Bloomberg
Tesla Dumped by Danish Pension Over Labor Rights, Musk's Actions
Danish pension fund AkademikerPension is blacklisting Tesla Inc., citing the company's record on workers' rights, as well as the growing risks posed by the actions of Elon Musk. 'Patience has a way of running out at some point,' AkademikerPension Chief Executive Officer Jens Munch Holst said on Friday. 'We've now reached that point when it comes to Tesla.'
