PNO Media is a Dutch mandatory pension plan for employees in the Dutch media industry. It serves 420 media companies and 52,800 clients, and handles around €5.3 billion in assets.[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 43 companies for involvement with manufactures of weapons systems that are disproportionate or cannot distinguish between military and civil targets, like biological, chemical or nuclear weapons: AECOM Technology; Airbus; Alliant Techsystems; Areva; Aryt Industries; Ashot Ashkelon Industries; Babcock & Wilcox Co; Babcock International; BAE Systems; Boeing; CACI International; CNIM; CNNC International; Dassault Aviation; Elbit Systems; Exelis; Fluor; GenCorp[vi]; General Dynamics; Guangdong Orient Zirconic Ind Sci & Tech; Honeywell International; Huneed Technologies; Huntington Ingalls Industries; Jacobs Engineering; Kratos Defense & Security Solutions; L&T Finance Holdings; Larsen & Toubro; Lockheed Martin; ManTech International; Norinco International; Northrop Grumman; Oceaneering International; Raytheon; Rheinmetall AG; Rockwell Collins; Rolls-Royce; Safran SA; Salzer Electronics; Serco; Singapore Technologies Engineering; SUFA Technology Industry; Technofan, and Thales.[vii]
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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, “Wie we zijn”, website PNO Media (http://www.pnomedia.nl/Ik-ben-werknemer/Over-PNO-Media/Wie-we-zijn), viewed 23 May 2016; PNO Media written response to PAX dated 12 August 2016.
[ii] PNO Media, “Our SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/our-sri-code/?lang=en), viewed 22 September 2016.
[iii] PNO Media, “Our SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/investment-policy/our-sri-code/?lang=en , viewed 22 September 2016; 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 22 September 2016; 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] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne
[vii] PNO media, ” Exclusion list Pension Funds PNO Media as from 1st of August 2015″, website PNO media (http://pnomediaverantwoordbeleggen.nl/investment-policy/exclusion-list/?lang=en), viewed 23 May 2016.