AMF is a Swedish life insurance and pension company, owned jointly by the Swedish Trade Union Confederation and the Confederation of Swedish Enterprise. AMF serves around 4 million Swedish customers and manages approximately SEK 550 billion (€57 billion) in assets.[i]
AMF’s exclusion policy is based on its support of the Non-Proliferation Treaty. AMF states: “all companies which are involved in [the] production of nuclear weapons would be excluded, regardless of [the] country being in compliance with [the] NPT or not.”[ii] AMF excludes companies involved in production and development of fissionable materials and warheads, system upgrades and specifically designed delivery systems but does not exclude companies involved in general maintenance contracts.[iii]
AMF applies its exclusion policy to the assets it manages itself. At the moment, the policy does not apply to all external managers, but AMF is engaging with its external asset managers to bring them in line with their exclusion policy.[iv]
AMF uses an exclusion list based on research by GES, which is not publicly available.
We commend AMF for adopting a public policy on nuclear weapons and for engaging with external asset managers to comply with the policy. We recommend AMF expand the policy to exclude all types of nuclear weapons associated companies as well as ensure all financial products are in compliance with its exclusion policy. We look forward to engaging with AMF, 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 AMF. 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 AMF 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 AMF made the following changes to make the policy airtight:
• Expand the policy to exclude all types of nuclear weapons associated companies;
• Ensure all financial products are in compliance with the exclusion policy.
With kind regards,
[ii] AMF, “2014 Sustainability Report”, page 16, available at https://www.amf.se/globalassets/pdf/rapporter/sustainability-report.pdf, viewed 2 October 2016; AMF, written response to PAX dated May 6 2015.
[iii] AMF, written response to PAX dated 6 May 2015.