Pensioenfonds APF excludes companies involved in the development, testing, production, maintenance, selling or distribution of nuclear weapons.[iii] The exclusion criteria also prohibit investment in companies involved in the development, manufacture and maintenance of missiles that are primarily used for carrying nuclear munitions and of submarines equipped with ballistic missiles.[iv]
The exclusion policy applies to all investments made by the pension fund’s external asset manager Syntrus Achmea, including direct investments in European, U.S. and Japanese assets. Pensioenfonds APF also invests in several Emerging Markets Funds, for which nuclear weapons are not an exclusion criterion. Pensioenfonds APF’s exclusion policy regarding nuclear weapons applies to approximately 93% of its investment portfolio.[v]
The exclusion list, which is based on the findings of external research organisation Ethix SRI Advisors, currently contains 36 companies for invovelement with controversial weapons: AECOM; Aeroteh; Airbus; Alliant Techsystems; Areva; Babcock International; BAE Systems; Boeing; Doosan; Finmeccanica; Fluor; GenCorp[vi]; General Dynamics; Hanwha; Honeywell International; Huntington Ingalls; Jacobs Engineering; Kratos; L-3 Communications; Larsen & Toubro; Leidos; Lockheed Martin; MOOG; Motovilikhinskiye Zavody; Northrop Grumman; Poongsan; Raytheon; Rolls-Royce; Safran; Serco; SGL Carbon; Singapore Technologies; Temase; Textron; Thales and United Technologies.[vii]
We commend Pensioenfonds APF for adopting a public policy on nuclear weapons. We recommend Pensioenfonds APF apply the policy to all of its financial products including investments in Emerging Markets Funds . We look forward to engaging with Pensioenfonds APF, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
Pension fund APF’s policy on nuclear weapons is leaky; send them a message and tell them to fix it!
To send APF a message, please go to this contact form:
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You can write your own message, or copy this message into the contact form.
Congratulations APF. 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 APF 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 APF made the following change to make the policy airtight:
• Apply the policy to all of its financial products including investments in Emerging Markets Funds.
With kind regards,
[i] Pensioenfonds APF, “Organisatie”, website Pensioenfonds APF (https://www.pensioenfondsapf.nl/over-ons/organisatie/), viewed 3 June 2015.
[ii] Pensioenfonds APF, “Jaarverslag 2013”, website Pensioenfonds APF (https://www.pensioenfondsapf.nl/apf/assets/File/APF-Jaarrapport-2013.pdf), viewed 3 June 2015.
[iii] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, page 1, available at https://www.pensioenfondsapf.nl/apf/assets/File/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 3 June 2015; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[iv] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, available at https://www.pensioenfondsapf.nl/Uw_Pensioenfonds/Documents/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 7 July 2014.
[v] Pensioenfonds APF, “Stichting Pensioenfonds APF Verantwoord beleggen beleid”, p.2, available at https://www.pensioenfondsapf.nl/apf/assets/File/02-2012_Stichting_Pensioenfonds_APF_Verantwoord_beleggen_beleid.pdf, viewed 3 June 2015; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[vi] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[vii] Pensioenfonds APF, “Rapportage Verantwoord Beleggen. Tweede halfjaar 2014”, p.3, available at https://www.pensioenfondsapf.nl/apf/assets/File/VB_rapportage_H2_2014_APF.PDF, viewed 3 June 2015.