Iceland’s Lífeyrissjóður Verzlunarmanna (LV), the pension fund for those working in retail, has published an updated list of excluded investment options on its website.  

LV has established a policy on the exclusion of investment options with regard to responsible investment, aiming to exclude partial or full investments in certain activities that do not comply with defined criteria.

The activities excluded from LV’s portfolios include tobacco manufacturers, manufacturers of controversial weapons, certain categories of fossil fuels, and publishers who violate certain international agreements covered by the UN Global Compact.

Last year, the fund made an agreement with a data company, Sustainalytics, with the intention of improving the fund's access to quality data on sustainability information.

The idea is that it is easier to apply certain rules when LV directly owns something. However, when LV invests in things indirectly, such as through investment funds where it does not have direct control, it is harder to apply those same rules.

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