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!Read the petition
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Congratulations Pensioenfonds Zorg en Welzijn. 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 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,
[i] PfZW “Jaarverslag 2015”, page 8, website PfZW (www.jaarverslagpfzw.nl/FbContent.ashx/pub_0/Downloads/PFZW_jaarverslag_2015.pdf ), viewed 17 October 2016.
[ii] PfZW “An Insight into Pensioenfonds Zorg en Welzijn”, page 2, website PfZW (https://www.pfzw.nl/Documents/About-us/an-insight-into-pensioenfonds-zorg-en-welzijn.pdf), 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 (http://www.pfzw.nl/Documents/About-us/responsible-investment-annual-report-2012.pdf), 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 https://www.pggm.nl/english/what-we-do/Documents/responsible-investment-implementation-framework_may-2014_pggm.pdf, 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 https://www.pggm.nl/english/what-we-do/Documents/responsible-investment-implementation-framework_may-2014_pggm.pdf, viewed 17 October 2016.
[viii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[ix] PfZW, “Uitsluitingen Ondernemingen”, website PfZW (https://www.pfzw.nl/over-ons-naslagwerk/beleggingen/Paginas/Uitsluitingen-ondernemingen.aspx), viewed 17 October 2016.