AP7, Stockholm, excluded three more companies from its investment universe following a routine corporate responsibility screening.
The 470 billion Swedish kroner ($50.3 billion) pension fund reviews its exclusion list and portfolio every six months. As of Monday, it had excluded 74 companies from its investment universe, a notice posted on its website said.
Cronos Group was excluded "due to involvement in the sale and production of cannabis in violation with international conventions," Elsewedy Electric due to "involvement in violation of environmental norms at the World Heritage site of the Selous Game Reserve in Tanzania," and SK Holdings was excluded for "involvement in the violation of human rights in a gas extraction project in Peru."
Details on whether AP7 previously had exposure to these companies could not immediately be learned. A spokesman could not immediately be reached for comment.
AP7 invests in companies that operate in line with the United Nations Global Compact's 10 principles on human rights, labor, the environment and anti-corruption, according to the fund's website. The 2015 Paris Agreement on climate change is also included in its standards-based screening.