PenSam is a Danish pension fund that manages occupational pension schemes for about 400,000 clients in Danish municipalities and regions and private organisations. PenSam also offers banking and insurance products.[i]
PenSam’s guidelines on ethical investments state that PenSam avoids “companies that contribute to the production or development of cluster bombs, nuclear weapons or any sub-components used only for such weapons.”[ii] Pensam excludes companies involved in the production, development, trade, maintenance of nuclear weapons and specifically designed delivery systems for nuclear weapons.[iii] It does not exclude producers of dual use goods and services.
The exclusion policy applies to all of the pension fund’s investments, including those managed by external asset managers.[iv]
PenSam maintains a publicly available exclusion list based on research by EIRIS to implement its policy.[v] As of March 2016, the list contains the following companies for involvement with nuclear weapons: Babcock & Wilcox; BAE Systems; Boeing; EADS[vi]; Finmeccanica; Fluor Systems; GenCorp[vii]; Huntington Ingalls; Honeywell International; Jacobs Engineering; Northrop Grumman Corp; Northrop Grumman Space; Safran; Serco and United Technologies.[viii]
We commend PenSam for adopting a public policy on nuclear weapons. We recommend PenSam expand the scope of its policy to cover all types of nuclear weapons producing companies including producers of dual use goods and services. We look forward to engaging with PenSam, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
Pensam has a leaky policy on nuclear weapons. Tell them to fix it!Read the petition
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Congratulations Pensam. 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 Pensam 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 Pensam made the following change to make the policy airtight:
• Expand the scope of the policy to cover all types of nuclear weapons producing companies including producers of dual use goods and services.
With kind regards,
[i] Pensam, “What is Pensam?”, website Pensam (https://www.pensam.dk/engelsk/pages/what-is-pensam.aspx), viewed 17 October 2016.
[ii] Pensam, “Ethical investments”, website Pensam (https://www.pensam.dk/engelsk/Pages/Ethical-investments.aspx), viewed 17 October 2016.
[iii] Pensam, written response to PAX dated 13 May 2015.
[iv] Pensam, written response to PAX dated 13 May 2015.
[v] Pensam, written response to PAX dated 13 May 2015.
[vi] EADS renamed itself in 2014 and is now known as Airbus Group.
[vii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[viii] Pensam, “Udelukkelsesliste marts 2016”, March 2016, website Pensam (https://www.pensam.dk/om-pensam/PDFfiler/Investering/02_PenSam’s%20udelukkelsesliste%20selskaber%20marts2016.pdf), viewed 17 October 2016.