Pensioenfonds Zorg & Welzijn

Pensioenfonds Zorg en Welzijn is a pension fund for the Dutch healthcare and social sector. It has more than 2.5 million participants and 22,400 employers are its clients.[i] At the end of 2015, PfZW managed €163.6 billion worth of assets on behalf of its clients.[ii]

PfZW has its own exclusion policy, which is executed by its asset manager PGGM.[iii] PfZW’s responsible investment policy excludes “companies if they are involved in the production of and trading in controversial weapons, including nuclear weapons and cluster munitions.”[iv] Nuclear weapons are defined as “any device which can discharge nuclear energy in an uncontrolled way and which has a number of characteristics making it suitable for use as a weapon”, in line with the UN Treaty for the Prohibition of Nuclear Weapons in Latin America and the Caribbean. PfZW also excludes specifically designed delivery systems.[v]

PGGM does not exclude all companies with a stake in a joint venture that is involved in the production of nuclear weapons, but only those that have “a de facto or practical controlling interest in a subsidiary or joint venture which is substantially involved in the production of or trading in these weapons.”[vi]

PfZW’s asset manager PGGM’s exclusion policy applies to all asset management activities, regardless of whether they are managed internally or by external asset managers.[vii]

PfZW maintains an exclusion list that is available online. The list is based on research by Sustainalytics and MSCI. Currently, companies excluded for involvement with nuclear weapons are AECOM Technology Corporation; Airbus Group; Babcock & Wilcox Company; Babcock International; BAE Systems; Boeing; CNIM SA; Exelis Inc; Finmeccanica; Fluor Corporation; GenCorp Inc[viii]; General Dynamics; Honeywell; Huntington Ingalls Industries; Jacobs Engineering; Larsen & Toubro; Lockheed Martin; MOOG; Northrop Grumman; Raytheon; Rockwell Collins; Safran; Serco Group Plc; Thales,  and; Walchandnager Industries.[ix]

We commend PfZW for adopting a public policy on nuclear weapons. We recommend PfZW exclude all nuclear weapons producing companies including those involved in joint ventures. We look forward to engaging with PfZW, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

PfZW's policy on nuclear weapons is leaky. Tell them to fix it!


Congratulations Pensioenfonds Zorg en Welzijn!

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Congratulations Pensioenfonds Zorg en Welzijn. I saw on 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 PfZW 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 PfZW made the following change to make the policy airtight:
• Exclude all nuclear weapons producing companies including those involved in joint ventures.

With kind regards,

Or :

Tweet: Even @PFZWnieuws knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes!


Website: Twitter: Facebook: @PFZWnieuws


[i] PfZW “Jaarverslag 2015”, page 8, website PfZW ( ), viewed 17 October 2016.

[ii] PfZW “An Insight into Pensioenfonds Zorg en Welzijn”, page 2, website PfZW (, viewed 17 October 2016.

[iii] PfZW, Written response to PAX dated 23 April 2014.

[iv] PfZW “Responsible Investment Annual Report 2012”, page 53, website PfZW (, viewed 17 October 2016.

[v] PfZW, written response to PAX dated April 23, 2015.

[vi] PGGM, “Responsible Investment Implementation Framework”, May 2014, page 17, available at, viewed 17 October 2016.

[vii] PfZW, written response to PAX dated April 23 2015; PGGM, “Responsible Investment Implementation Framework”, May 2014, page 16, available at, viewed 17 October 2016.

[viii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.

[ix] PfZW, “Uitsluitingen Ondernemingen”, website PfZW (, viewed 17 October 2016.


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.