Danish Pension Funds and Banks exclude companies working in Western Sahara

Copenhagen (Denmark) 30 June 2016 (SPS) -According  to Western Sahara Resource Watch (WSRW),  In Denmark, large debates followed the publication of the report Investments in occupied country by the Danish NGO Afrika Kontakt, on 3 March 2016.

Danske Bank, a Scandinavian bank based in Copenhagen, excluded Moroccan state phosphate company OCP  (Office Chérifien des Phosphates)  on 3 June 2016, citing its involvement “in importation of natural resources sourced in conflict with human rights norms”. Danske Bank had previously kicked out Canadian company PotashCorp, Australia's Incitec Pivot and US firm Innophos Holding for that very same reason. All those three companies import phosphate from occupied Western Sahara through deals with OCP, for their production of fertilizers.

In March, the Danish pension manager Pensam for the first time announced the exclusion of Australian importer Incitec Pivot due to its "contribution to serious violations of individuals' rights in war of conflict situations". Pensam underlined that they did this in line with their policies.

Danish pension fund Pensionskassen PFA has for some time been excluding Incitec Pivot from its portfolios over human rights concerns.

Danish investor Sydbank has according to Afrika Kontakt excluded four companies from its investment universe due to their presence in Western Sahara: Innophos Holdings, Glencore PLC, PetroMaroc and San Leon Energy. The latter three companies are all in cahoots with the Moroccan government to search for oil in occupied Western Sahara. (SPS)