The Nordic fund company has blacklisted Boeing as the group is manufacturing and supplying nuclear weapons, Financial Times reported Sunday.
Nordea added that the move is due to the group’s involvement in producing components for replacement of nuclear-armed Trident ballistic missile submarines in 2014.
Sasja Beslik head of corporate governance at Nordea said “Boeing is in the process of developing a new nuclear programme, [which means] we cannot engage with them. These companies will not change their business models, because [nuclear] is too lucrative.”
Nordea Assets Management that oversees €174bn of assets has already excluded few companies which are manufacturing or supplying nuclear weapons, including UK groups BAE Systems, Babcock International and Areva of France.
Nordea does not have a policy against investing in companies that are maintaining existing nuclear arsenals but it changed stance due to Boeing’s work on replacement Trident systems.
Mr Beslik said, “We do not believe that the development of new nuclear weapons is needed and we do not want to contribute to the expansion of this business as the potential use of [nuclear arms] is extremely damaging to mankind.”
Nordea joins a number of large European investors that have blacklisted Boeing as a result of their “responsible investment” policies.