Active Ownership

Topdanmark's policy for responsible investments describes how Topdanmark integrates active ownership in its investment strategy.

Policy for responsible investments


Topdanmark's purpose in exhibiting active ownership is - regardless of whether it is exercised directly or indirectly - to support the companies' long-term value creation. It is Topdanmark's position that a focused integration of ESG in the management of ownership contributes to increasing long-term value creation.

The active ownership considers the value of Topdanmark's investment, the relative share of ownership and the possibility of entering into a dialogue with the company.

In the companies where Topdanmark is represented on the board, active ownership is exercised with the aim of promoting value creation through this.

Monitoring and dialogue

Topdanmark's active ownership will preferably be exercised through external partners. Topdanmark considers this to be an advantage, as these external partners, in terms of their size, can put more pressure on the underlying companies, and thus promote Topdanmark's interests and principles set out in this policy. This will take place through the collaboration partners' votes at general meetings, and where Topdanmark itself exercises the right to vote at general meetings, Topdanmark assesses both the companies' management scores from ESG analyzes and national guidelines for good corporate governance, as well as the company's compliance with at least the same restrictions as stipulated in Topdanmark's policy for responsible investments. 

Active ownership will also be exercised through dialogue with the individual companies. If Topdanmark itself exercises active ownership, it can take place through either a proactive or a reactive dialogue with a company:


  • A proactive dialogue aims to encourage a company to improve e.g. transparency or to increase ambitions associated with one or more ESG goals.
  • A reactive dialogue aims to encourage a company to address problems identified by Topdanmark's regular portfolio screening.

If the dialogue – regardless of whether it is carried out by the business partner or by Topdanmark itself – does not lead to the desired changes at the company in question, it may lead to the sale of the asset.


Topdanmark reports on responsible investment and active ownership in the annual Sustainability Report.