AP4 has, in accordance with their values, excluded companies from its investment universe that are directly involved in the production or marketing of anti-personnel landmines and cluster munitions. Companies can also be divested if they violate the UN Global Compact and the OECD Guidelines for Multinational Enterprises and where dialogue with the companies has not led to improvements.
As part of an annual procedure, The Ethical Council urges all the excluded companies to act in accordance with international conventions.
AP4 has resolved not to invest in tobacco stocks. Mounting long-term risks, including increased regulation, is estimated to negatively affect tobacco companies' valuations in the future. AP4 estimates that tobacco companies over time will underperform andlong term risk becoming so-called ”stranded assets”.