2016 Runners-up

These financial institutions have policies preventing investments in nuclear weapon producers, but those policies have one or more loopholes in scope or application. These are imperfect exclusions.

By including a Runners-Up category, we aim to contribute to discussions on exclusion policies and their implementation. The Runners-Up category offers a place to some financial institutions that are almost eligible for the Hall of Fame, but also to some institutions with a policy that contains loopholes that still allow for considerable investments in nuclear weapon producers. As a result, institutions can be listed in this Runners-Up chapter for their policy and at the same time in the Hall of Shame for their investments in nuclear weapon producers.

We found 36 financial institutions with imperfect exclusion policies that are presented in the Runners-Up category.

This table gives a quick look at how each of these financial institution policies met (or failed to meet) the research criteria. Boxes with an “X”  indicate that the policy does fulfil this criterium, blank boxes are where the gaps in policy remain. For more detail, including a summary and recommendation for strengthening the policy, for each financial institution, click its name.

Financial Institution

Country of Origin

Excludes all producers

Excludes all activities

Applies policy to all financial products

Passed implementation check

ABN Amro The Netherlands X
Achmea The Netherlands X X X
Aegon The Netherlands X
AMF Sweden X X
Barclays United Kingdom X
BBVA Spain X
BNP Paribas France X
Commerzbank Germany X
Crédit Agricole France X
Credit Suisse Switzerland X
Danske Bank Denmark X X
Delta Lloyd Group The Netherlands X X X
Folksam Sweden X X X
Fonds de Compensation Luxembourg X
Government Pension Fund – Global Norway X X
Government Pension Fund- Norway Norway  X X X
ING The Netherlands X
Intesa Sanpaolo Italy
KLP Norway X X X
New Zealand Superannuation Fund New Zealand X
Nordea Sweden X X
PenSam Denmark X X
Pensioenfonds APF The Netherlands X X
Pensioenfonds Zorg en Welzijn The Netherlands X X X
PKA Denmark X X X
PME The Netherlands X X
Rabobank The Netherlands X X X
Royal Bank of Canada Canada X
Royal Bank of Scotland United Kingdom
SEB Sweden X
Standard Chartered United Kingdom X X
Swedbank Sweden X X X
Swedish Pension Funds AP 1-4 Sweden X X
UniCredit Italy X
Van Lanschot The Netherlands X X X
VDK Spaarbank Belgium X X


written by

Susi Snyder is the nuclear disarmament programme leader for PAX (formerly IKV Pax Christi) in the Netherlands. She is one of the primary authors of the 2013, 2014, and 2015 Don't Bank on the Bomb reports.

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