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 70 affiliated companies.[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 currently contains 24 companies for activities related to nuclear weapons: Airbus; Alliant Techsystems; Babcock International; Babcock & Wilcox; BAE Systems; Boeing; Dassault Aviation; Fluor; GenCorp[v]; General Dynamics; Honeywell International; Huntington Ingalls; ITT Exelis[vi]; Jacobs Engineering; Lockheed Martin; Northrop Grumman; Raytheon; Rockwell Collins; Safran; Serco; Thales; United Technologies; URS[vii] and Walchandnagar.[viii]
We commend Spoorwegpensioenfonds for adopting a public policy on nuclear weapons. Investments in nuclear weapons producers listed in this report hold Spoorwegpensioenfonds back from entering the Hall of Fame. We recommend Spoorwegpensioenfonds divest from the remaining nuclear weapons associated companies in its portfolio, so that it may be listed in the Hall of Fame in a future update of this report.
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Congratulations Spoorwegpensioenfonds. 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 Don’t Bank on the Bomb report shows how you still invest in one nuclear weapons producer. I am concerned about this, because SPF 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 SPF would divest from the remaining nuclear weapons associated company in its portfolio.
With kind regards,
[i] Spoorwegpensioenfonds, “Ons profiel”, website Spoorwegpensioenfonds (https://www.spoorwegpensioenfonds.nl/Overons/Wiezijnwij/Onsprofiel.aspx), viewed 8 May 2015.
[ii] Spoorwegpensioenfonds, “Uitsluitingen door het Spoorwegpensioenfonds”, 1 November 2014, available at https://www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2014/2014%20nov%201%20SPF%20uitsluitingenlijst%20bedrijven.pdf, viewed 8 May 2015; 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] GenCorp has renamed itself in and is now known as Aerojet Rocketdyne.
[vi] Exelis, formerly ITT, has been acquired by Harris in May 2015. AIN Online, “Harris completes $4.6 billion acquisition of Exelis”, May 29 2015, website AIN Online (http://www.ainonline.com/aviation-news/aerospace/2015-05-29/harris-completes-46-billion-acquisition-exelis), viewed 14 September 2015.
[vii] URS has been bought by Aecom in October 2014.
[viii] Spoorwegpensioenfonds, “Uitsluitingen door het Spoorwegpensioenfonds”, 1 November 2014, available at https://www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2014/2014%20nov%201%20SPF%20uitsluitingenlijst%20bedrijven.pdf, viewed 8 May 2015.