Stichting Pensioenfonds Openbaar Vervoer (SPOV)
Stichting Pensioenfonds Openbaar Vervoer (SPOV- Public Transportation Pension Fund) is the Dutch mandatory pension fund for present and former employees of the Dutch public transport sector. The pension fund has somewhat less than 11,000 members, over 5,000 former members and over 10,000 pensioners. SPOV has €3.5 billion assets under management.[i]
SPOV does not invest in controversial weapons, which the pension fund defines as those weapons that cause a disproportionate number of human casualties. Nuclear weapons are among the examples of controversial weapons explicitly mentioned by SPOV.[ii] SPOV excludes all companies involved in the development, production or maintenance of “key components of a nuclear weapon and/or components that are specifically designed to be used for/in nuclear weapons.” SPOV also excludes companies involved in the trade of nuclear weapons.[iii]
The exclusion policy applies to all asset management activities. External asset managers are instructed to fully apply the policy.[iv]
The pension fund publishes the complete exclusion list, which currently contains 37 companies for involvement with nuclear weapons: Aecom; Aerojet Rocketdyne Holdings; Airbusgroup; Babcock International Group; BAE Systems Plc; Boeing Corporation; BWX Technologies Inc.; China Aerospace International Holdings; China National Nuclear Corporation (CNNC); China National Nuclear Power Co (CNNP); China Shipbuilding Industry Company Ltd (CSIC); China Shipbuilding Industry Group Power Co Ltd; China Spacesat Co Ltd; CNNC International Ltd; Construction Industrielles de la Méditerranée (CNIM); Dassault Aviation; Ducommun Incorporated; Fluor Corporation; General Dynamics Corp; Harris Corporation; Honeywell International, Inc; Huntington Ingalls Industries, Inc; Jacobs Engineering Group, Inc; Larsen & Toubro Ltd.; Leonardo-Finmeccanica; 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 SPOV was listed in the Runners-Up category for below the threshold investments in Moog. We commend SPOV for divesting from the remaining nuclear weapons producer in its portfolio in 2016 and welcome it to the Hall of Fame.
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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,
[iii] SPOV, written response to Profundo dated 21 May 2014.
[v] SPOV, “Exclusions by the Public Transport Pension Fund”, 1 July 2016, available at http://www.spov.nl/Portals/2/Content/Over%20het%20SPOV/Documents/2016/Website%20ENG%20SPOV%20uitsluitingenlijst-%2026-7.pdf, viewed 31 August 2016.