Achmea is the largest insurance company in the Netherlands, serving about half of all Dutch households. Achmea provides its almost 8 million customers with health, life and other types of insurance. Its subsidiary Syntrus Achmea Vermogensbeheer, manages money on behalf of pension funds and other institutional investors.[i]
According to its exclusion policy, Achmea does not invest in companies involved in the development, testing, production, maintenance, sale and trade of nuclear weapons or delivery systems designed for nuclear weapons.[ii] The policy is applied to 98% of Achmea’s own investments. The remaining 2% of assets are invested in externally managed funds, to which the policy does not apply. [iii]
The policy applies to all pooled investments of Achmea’s subsidiary Syntrus Achmea Vermogensbeheer, as well as discretionary pension fund mandates. Syntrus Achmea Vermogensbeheer will notify its clients who invest in externally managed funds that there are funds available for investment which exclude controversial weapons. However, some pension funds choose to invest outside the policy.[iv]
The exclusion list, which is publicly available, includes 29 companies for involvement with nuclear weapons: AECOM; Airbus; Alliant Techsystems; Areva; Babcock International; BAE Systems; Boeing; Finmeccanica; Fluor; GenCorp; General Dynamics; Honeywell International; Huntington Ingalls; Jacobs Engineering; Kratos; L-3 Communications Holding; Larsen & Toubro; Leidos; Lockheed Martin; MOOG; Northrop Grumman; Raytheon; Rolls-Royce; Safran; Serco; Thales; United Technologies and SGL Carbon.[v] In its investment selection, Achmea uses the services of Ethix SRI Advisors
We commend Achmea for adopting a public policy on nuclear weapons. We recommend Achmea apply its policy to all financial products and services, including all externally managed funds of its subsidiary Syntrus Achmea Vermogensbeheer. We look forward to engaging with Achmea, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
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Congratulations Achmea. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Achmea also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Achmea made the following change to make the policy airtight:
• Apply the policy to all financial products and services, including all externally managed funds of your subsidiary Syntrus Achmea Vermogensbeheer.
With kind regards,
[i] Achmea, “About Achmea”, website Achmea (https://www.achmea.nl/en/about-us/Paginas/default.aspx), viewed 1 July 2015.
[ii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (https://www.achmea.nl/duurzaam-ondernemen/verantwoord-beleggen/uitsluitingsbeleid/Paginas/default.aspx), viewed 1 July 2015.
[iii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (https://www.achmea.nl/duurzaam-ondernemen/verantwoord-beleggen/uitsluitingsbeleid/Paginas/default.aspx), viewed 1 July 2015.
[iv] Achmea, correspondence with PAX dated 23 June 2015.
[v] Achmea, “Lijst van voor beleggingen uitgesloten landen en ondernemingen”, 8 January 2015, available at https://www.achmea.nl/SiteCollectionDocuments/uitsluitinglijst-beleggen.pdf, viewed 1 July 2015.