As we reflect on the events of the fourth and final quarter of 2025, here in Norway, a lot of attention was focused on the Norwegian Parliament’s decision to pause the work of the Council on Ethics for the Government Pension Fund Global (GPFG) and to postpone any ethics- related investment decisions while a legislative committee reviews the Ethical Guidelines of the fund. This decision matters widely because recommendations from the Council on Ethics and the exclusions by the GPFG are followed closely by many investors, not least due to the transparency and quality characteristic of the Council's recommendations.
Staying independent and principled
We understand that investors regularly discuss and review their policies and practices. This is done to keep them updated, relevant, reflective of market circumstances, geopolitical changes and client/stakeholder demands, and in alignment with changing realities pertaining to material opportunities and impacts related to environmental, social or governance issues. It is part of normal practice, and is something that we also do at Storebrand AM. Although we will be following the discussions and eventual changes made by the GPFG, we will remain independent: taking our own position on the principles and implementation of how we manage sustainable investing.
Another theme during the quarter was the role of investors in a world that is experiencing growing levels of domestic and international conflict. This was one of many topics addressed during the 14th UN Forum on Business and Human Rights in Geneve, the world’s largest gathering on business and human rights, which Storebrand AM participated in. In this context of heightened conflict, an investor such as us must take many principled decisions regarding investments, particularly in the defense sector and what constitutes a breach by a company in situations of war and conflict for this or any other sector.
Furthermore, there are also practical and operational decisions that must be made as to how, in practice, to implement this in a systematic and consistent manner. For example, how does one define and evaluate a “contribution” to a breach; or how does one utilize the toolbox of measures that investors have to influence companies and mitigate risk? These possible measures include bilateral engagement with companies, collaborative engagement leveraging the influence of many investors together, exercising voting rights, and so on. Exclusion is also an option but is ultimately a last resort.
Taking on the nature and climate challenge
Nature and climate are increasingly seen as two sides of the same challenge, and the last quarter of 2025 saw a lot of activity aimed at aligning financial flows with global nature and climate targets. The 30th UN Climate Change Conference (COP30) took place in Brazil, as did the PRI in Person Conference, where Storebrand AM was an active participant. In this issue, we describe recent developments in our approach to nature and climate finance, including through risk analysis, engagement, policy dialogue, and exclusions.
Amidst this backdrop, we found encouragement in the fact that several external organizations formally recognized our sustainable investment efforts. Storebrand has been a founding member in the Finance for Biodiversity Coalition and has taken on an active role in its leadership. We were therefore pleased to win the “Collaborative Leadership for Nature” award at the recent Finance for Biodiversity Summit for our strong, collaborative approach to integrating biodiversity into finance.
In the UK, one of the world's most competitive financial markets, Storebrand AM was “Highly Commended” in the Sustainability Manager category at the UK’s Local Government Chronicle Investment Awards 2025, based on our proactive contribution to the UK Local Government Pension Schemes (LGPS) sustainability agenda, strong alignment with client objectives, practical evidence of engagement, and transparent reporting.
The Storebrand Group achieved an overall "A-" score in CDP 2025, a global rating on climate and nature issues, maintaining our "A-" on climate and improving our deforestation score from "B" to "A-".
These were just a few of the many important issues we addressed during the quarter. You can learn about many more aspects of our work in this edition of our Storebrand AM Sustainable Investment Review. We hope you'll find it informative and useful.
Read the Sustainable Investment Review Q4 2025