Pensioenfonds Horeca & Catering

Pensioenfonds Horeca & Catering is the mandatory pension fund for the Dutch hospitality and catering industry. Pensioenfonds Horeca & Catering has about 850,000 participants.121

After researching the importance of socially responsible investment to employers and employees from the hospitality and catering industry in 2007, Pensioenfonds Horeca & Catering started employing an active exclusion policy as of 2008.122 The policy is based on the recommendations made by the Council of Ethics of the Norwegian Government Pension Fund Global. As such, Pensioenfonds Horeca & Catering excludes producers and developers of nuclear weapons.

All Pensioenfonds Horeca & Catering’s investments are managed by external asset managers, to which the exclusion policy applies. Because Horeca & Catering uses the recommendations of the Council of Ethics of the Norwegian Government Pension Fund Global, it does not exclude (all) companies involved in maintenance of nuclear weapons, nor specifically designed delivery systems.123

Pensioenfonds Horeca & Catering improved its responsible investment policy since the 2013 ‘Don’t Bank on the Bomb’ report by terminating its investment in the passive US Small Cap Investment Fund. The exclusion policy now applies to 100% of the public equity investments.124 Furthermore, the pension fund decided in 2014 to strengthen the policy by no longer depending on the recommendations of the Norwegian Government Pension Fund: “The Fund will formulate its own exclusion policy where certain themes are excluded from the investment universe. One of these themes is controversial weapons, including cluster and nuclear weapons. An external research provider will be selected in 2014.”125

The pension funds’ exclusion list currently contains 11 companies that are involved in nuclear weapons: Babcock & Wilcox, Boeing, EADS Co126, EADS Finance BV127, GenCorp, Honeywell International, Jacobs Engineering, Lockheed Martin, Northrop Grumman, Safran and Serco.128

We commend Pensioenfonds Horeca & Catering for strengthening its nuclear weapons policy. For a place in the Hall of Fame, Pensioenfonds Horeca & Catering should exclude all companies involved in maintenance of nuclear weapons and companies involved in specifically designed delivery systems. We look forward to assessing Pensioenfonds Horeca & Catering’s revised policy and encourage it to further strengthen its policy, so that it may be listed in the Hall of Fame in our next report.



121     Pensioenfonds Horeca & Catering, “About us”, Pensioenfonds Horeca & Catering website (, viewed 4 June 2014.

122     Pensioenfonds Horeca & Catering, “Maatschappelijk verantwoord beleggen”, Pensioenfonds Horeca & Catering website (, viewed 4 June 2014.

123     Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.

124     Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.

125     Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.

126     EADS renamed itself in 2014 and is now known as Airbus Group.

127     EADS renamed itself in 2014 and is now known as Airbus Group.

128     Pensioenfonds Horeca & Catering, “List of excluded companies Stichting Pensioenfonds Horeca & Catering”, March 2014, available at, viewed 4 June 2014.


Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapon producers.