Spoorwegpensioenfonds (Railways Pension Fund) is the Dutch mandatory pension fund for past and present employees in the Dutch railway industry. It has over 29,000 active participants, 25,000 pensioners and 69 affiliated companies. Spoorwegpensioenfonds manages €14.3 billion assets.[i]
Spoorwegpensioenfonds excludes investment in all companies that are directly involved in the development, production or maintenance of nuclear weapons or their delivery systems, as well as the trade in both.[ii] Direct involvement is understood as “being involved in the production of key components of a nuclear weapon and/or components that are specifically designed to be used for/in nuclear weapons.”[iii]
Spoorwegpensioenfond’s exclusion policy applies to all asset management activities. External asset managers are instructed to fully apply the policy.[iv]
The pension fund publishes its exclusion list, which as of July 2016 contains the following companies for activities related to nuclear weapons: Aecom; Aeroject Rocketdyne Holdings; Airbus Group; Babcock International Group; BAE Systems Plc; Boeing Corporation ; BWX Technologies Inc ; China National Nuclear Corporation (CNNC); China National Nuclear Power Co (CNNP); China Shipbuilding Industry Company Ltd (CSIC); China Shipbuilding Industry Group Power Co Ltd; CNNC International Ltd; Constructions Industrielles de la Méditerranée (CNIM); Dassault Aviation ; Ducommun Incorporated; Leonardo-Finmeccanica; Fluor Corporation; General Dynamics Corp; Harris Corporation; Honeywell International Inc; Huntington Ingalls Industries, Inc.; Jacobs Engineering Group Inc; Larsen & Toubro Ltd.; Lockheed Martin; MOOG Inc; Northrop Grumman Corp; Oceaneering International Inc; Orbital ATK; Raytheon; Rockwell Collins Inc.; Safran; Serco Group; Thales; United Technologies Corporation, and Walchandnagar Industries Ltd. [v]
In the previous update of this report Spoorwegpensioenfonds was listed in the Runners-Up category for below the threshold investments in Moog. We commend Spoorwegpensioenfonds for divesting from the remaining nuclear weapons producer in its portfolio in 2016 and welcome it to the Hall of Fame.
Congratulations Spoorwegpensioenfonds!Read the petition
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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] Spoorwegpensioenfonds, “Profile of Spoorwegpensioenfonds”, website Spoorwegpensioenfonds (https://www.spoorwegpensioenfonds.nl/English-summary), viewed 31 August 2016.
[ii] Spoorwegpensioenfonds, “Uitsluitingen door het Spoorwegpensioenfonds”, 1 March 2016, available at https://www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2016/Website%20SPF%20uitsluitingenlijst%20bedrijven.pdf, viewed 14 June 2016; Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014.
[iii] Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014.
[iv] Spoorwegpensioenfonds, “Profile of Spoorwegpensioenfonds”, website Spoorwegpensioenfonds (http://www.spoorwegpensioenfonds.nl/EnglishSummary.aspx), viewed 8 May 2015; Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014.
[v] Spoorwegpensioenfonds, “Uitsluitingen door het Spoorwegpensioenfonds”, 1 March 2016, available at https://www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2016/Website%20SPF%20uitsluitingenlijst%20bedrijven.pdf, viewed 31 August 2016.