PKA

PKA Pension is a Danish pension fund with 300.000 members in the public health care sector. At the end of 2017, PKA held more than DK 250 million (€33,5 million) assets under management.[1]

PKA’s responsible investment policy excludes all nuclear weapons producers, including those involved in production, development, trade, maintenance and specifically designed delivery systems.[2]

The exclusion policy applies to all asset management activities, managed both internally and externally. However, passively managed funds owned by PKA and those managed by external asset managers are not covered by the policy.[3]

PKA’s exclusion list is based on research by Sustainalytics and Hermes EOS[4]. As of Fabruary 2018, the list contains 29 companies for involvement with nuclear weapons: AECOM; Aerojet Rocketdyne; Airbus Group NV; Areva SA; Babcock International Group; BAE Systems Plc; Boeing Co.; BWX Technologies; Constructions Industrielles de la Mediterranee; Dassault Aviation SA; Ducommun Inc.; Fluor Corp.; General Dynamics Corp.; Harris Corp.; Honeywell International Inc.; Huntington Ingalls Industries; Jacobs Engineering Group; Kratos Defense & Security; Leidos; Lockheed Martin Corp.; Moog inc.; Northrop Grumman Corp.; Orbital ATK; Raytheon Co.; SAFRAN S.A.; Serco Group PLC; Thales SA, and; United Technologies Corp.[5]

How to improve the policy:

We commend PKA for adopting a public policy on nuclear weapons. We recommend PKA apply the policy to all of its financial products including passively managed funds and externally managed assets. We look forward to engaging with PKA, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

[1] PKA, “Om PKA”, website PKA (https://www.pka.dk/om-pka/), viewed 14 June 2016; PKA, “This is PKA”, website PKA (https://www.pka.dk/om-pka/this-is-pka/), viewed 30 October 2016.

[2] PKA, written response to PAX dated 20 April 2015; “Guidelines for Responsible Investment”, page 2, not available online but can be requested at PKA. A Danish policy summary is available through the PKA website (https://www.pka.dk/om-pka/sadan-investerer-vi/etiske-retningslinjer/), viewed 23 January 2018.

[3] PKA, “Guidelines for Responsible Investment”, page 5, not available online but can be requested at PKA.. A Danish policy summary is available through the PKA website (https://www.pka.dk/om-pka/sadan-investerer-vi/etiske-retningslinjer/), viewed 23 January 2018; PKA, written response to PAX dated 20 April 2015.

[4] PKA, written response to PAX dated 20 April 2015.

[5] PKA, “PKA’s negativliste”, February 2018, available at https://www.pka.dk/globalassets/om-pka/sadan-investerer-vi/dokumenter/negativliste—05.02.18—dansk.pdf, viewed 6 February 2018.

Last updated March 2018