Find relevant information about Topdanmark’s investments

As part of Topdanmark's activities, we invest, among others, insurance reserves and pension customers’ savings until the funds are paid as indemnities, pension payments, or the like.


Topdanmark votes at annual general meetings both in Denmark and globally. You can find our combined holdings and an indication of Topdanmark’s active ownership dialogue during the past year in our investment overview.

Investment overview

Voting at general meetings

Topdanmark invests in  Danish and global companies’ equities and debt issuances. Here you can find an overview of the combined holdings and an indication of Topdanmark’s active ownership dialogue during the past year.

Vote overview

All votes

Active ownership - exclusion dialogue

Topdanmark or Topdanmark’s service provider enters a dialogue with a company where there is a verified breach of the UN’s Global Compact. Topdanmark can decide to sell investments if an exclusion dialogue does not lead to changed behavior.

Danske Bank: Exclusion dialogue concerning a breach of the UN’s Global Compact principle 10 – The dialog is still ongoing and there is a positive momentum.

Volkswagen: Exclusion dialogue concerning a breach of the UN’s Global Compact principle 7, 8, and 9 – The dialogue was concluded as an exclusion dialogue end of year 2020 following improvements made by Volkswagen.

TotalEnergies: As a consequence of the political situation in Myanmar Topdanmark has engaged in an exclusion dialogue with TotalEnergies. The dialogue is related to the UN Global Compact principles 1, 2, and 3 and it is progressing satisfactorily. We consider it a positive development that the company has stopped dividend payment to the state-owned oil and gas company, and escalated the management of the situation to the highest possible level internally. Topdamark will continue to monitor developments and engage in dialogue with TotalEnergies when relevant.


Topdanmark has made the decision not to invest in certain products that are controversial and disproportionally adversely impact the surrounding communities. Topdanmark does not invest in companies with activities in:

  • The production of fuel from tar sands
  • Thermal coal
  • Smoking tobacco
  • The production of controversial weapons

Tar sands and thermal coal is excluded if the revenue from these products exceed 5% of total revenue. The production of smoking tobacco and controversial weapons leads to exclusion if revenue exceeds 0-1 %

Exclusion list


For those of our clients that prefer additional emphasis on the sustainable development and the exclusion of certain sector we offer investment products with extended ESG considerations. These products exclude the following activities

  • Any production of fossil fuels
  • Raw material extraction in the global south
  • Gambling
  • Adult entertainment
  • Weapons

Companies are excluded if the revenue from the sale of these products exceeds 5 % of the total revenue.

You can find an example of the excluded companies here. Companies outside our benchmark will not be assessed.

Exclusion list


Topdanmark’s target is to have 20 % of our investments aligned with the green transition by 2030, given that there is a sufficient liquid market. Reporting on the target is expected to commence with our 2021 annual report by using the EU’s taxonomy.

Topdanmarks’s combined equity investments had a CO2 intensity that was 23 % lower than our benchmark, MSCI World, with an emissions intensity of 125,8 tons CO2 equivalent per USD million in revenue versus our benchmark’s intensity of 162,5.