PNO Media is a Dutch mandatory pension plan for employees in the Dutch media industry. It serves 460 media companies and 56,500 clients.[i]
In December 2012, PNO Media updated its responsible investment code and its exclusion list. Based on the nuclear Non-Proliferation Treaty, involvement in nuclear weapons was added as an exclusion criterion.[ii] PNO Media therefore excludes companies involved in the production, trade or maintenance of nuclear weapons. The 2012 Annual Report Responsible Investment lists several examples that would qualify for exclusion: a company that develops nuclear weapons; a company that is responsible for the maintenance of nuclear weapons; and a company that produces components that are specifically designed for nuclear weapons.[iii]
PNO Media’s exclusion policy applies to all its asset management activities, regardless of whether they are managed internally or by external asset managers.[iv]
PNO Media publishes an exclusion list, which is based on the advice of Hermes Equity Ownership Services. The latter makes use of the findings of external research organisation Sustainalytics.[v] The exclusion list of PNO Media currently contains 28 companies for involvement with biological, chemical or nuclear weapons: Areva; Babcock & Wilcox; Babcock International; BAE Systems; Boeing; Dassault Aviation; EADS[vi]; Fluor; GenCorp[vii]; General Dynamics; Honeywell International; Huntington Ingalls; Jacobs Engineering; Kratos; Larsen & Toubro; Leidos; Lockheed Martin; MOOG; Norinco; Northrop Grumman; Oceaneering; Raytheon; Rockwell Collins; Rolls-Royce; Safran; Serco; Thales and URS.[viii]
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I saw on www.dontbankonthebomb.com that you have a comprehensive policy prohibiting investments in nuclear weapons producing companies.
Financial institutions like yours are helping to build the stigma around these inhumane weapons, something that is urgently needed. Nuclear weapons are the only weapon of mass destruction that’s not explicitly outlawed through an international treaty- and thanks to your policy we can show how important and necessary it is that all of society act urgently to prohibit and eliminate nuclear weapons once and for all.
Thank you for your help in creating a nuclear weapons free world.
With kind regards,
[i] PNO Media, “Profiel, klanten en kerntaken”, website PNO Media (http://www.pnomedia.nl/Ik-ben-werknemer/Over-PNO-Media/Wie-we-zijn), viewed 8 May 2015.
[ii] PNO Media, “Our SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/our-sri-code/?lang=en), viewed 8 May 2015.
[iii] PNO Media, “Our SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/our-sri-code/?lang=en), viewed 8 May 2015; PNO Media, “Jaarverslag 2012 Verantwoord Beleggen”, 3 June 2013, p. 32, available at http://pnomediaverantwoordbeleggen.nl/en/pdf/annual_reports/2012_Annual_report.pdf, viewed 6 June 2014; PNO Media, written response to Profundo dated 29 April 2014.
[iv] PNO Media, “Our SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/our-sri-code/?lang=en), viewed 8 May 2015.
[v] PNO Media, written response to Profundo dated 29 April 2014.
[vi] EADS renamed itself in 2014 and is now known as Airbus Group.
[vii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne
[viii] URS has been bought by Aecom in October 2014; PNO Media, “Exclusion List”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/exclusion-list/?lang=en), viewed 8 May 2015.