Pensioenfonds Zorg & Welzijn
Pensioenfonds Zorg en Welzijn (Care and Welfare Pension Fund) is a pension fund for the Dutch care and welfare sector. It has more than 2.5 million participants and 22,000 employers are its clients[i].
PfZW has its own exclusion policy, which is executed by its asset manager PGGM.[ii] 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.”[iii] 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 Carribean.[iv] PfZW also excludes specifically designed delivery systems.
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.”[v]
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.[vi]
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; Airbus; Babcock and Wilcox; BAE Systems; Boeing; CNIM; Exelis; Finmeccanica; Fluor; GenCorp[vii], General Dynamics; Honeywell; Huntington Ingalls; Jacobs Engineering; Larssen & Toubro; Lockheed Martin; MOOG; Northtrop Grumman; Raytheon; Rockwell Collins; Safran; Serco; Thales and Walchandnager.[viii]
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 2014”, page 8, website PfZW (http://www.jaarverslagpfzw.nl/FbContent.ashx/pub_0/Downloads/PFZW_jaarverslag_2014.pdf), viewed 13 May 2015.
[ii] PfZW, Written response to PAX dated 23 April 2014.
[iii] PfZW “Responsible Investment Annual Report 2012”, page 53, website PfZW (http://www.pfzw.nl/Documents/About-us/responsible-investment-annual-report-2012.pdf), viewed 15 May 2015.
[iv] PfZW, written response to PAX dated April 23, 2015.
[v] PGGM, Responsible Investment Implementation Framework, May 2014, page 17, available at http://www.pggm.nl/english/what-we-do/Documents/PGGM-Responsible-Investment-Implementation-Framework_May-2014.pdf, viewed 20 May 2015.
[vi] PfZW, written response to PAX dated April 23 2015; PGGM, Responsible Investment Implementation Framework, May 2014, page 16, available at http://www.pggm.nl/english/what-we-do/Documents/PGGM-Responsible-Investment-Implementation-Framework_May-2014.pdf, viewed 20 May 2015.
[vii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[viii] PfZW, “Uitsluitingen Ondernemingen”, website PfZW (https://www.pfzw.nl/over-ons-naslagwerk/beleggingen/Paginas/Uitsluitingen-ondernemingen.aspx), viewed 14 September 2015.