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 16,000 members and over 10,000 pensioners.[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 24 companies for involvement with 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 SPOV for adopting a public policy on nuclear weapons. Investments in nuclear weapons producers listed in this report hold SPOV back from entering the Hall of Fame. We recommend SPOV 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 SPOV. 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 that you still invest in one nuclear weapons producer. I am concerned about this, because SPOV 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 SPOV would divest from the remaining nuclear weapons associated company in its portfolio.
With kind regards,
[i] SPOV, “Ons Profiel”, website SPOV (http://www.spov.nl/Over-SPOV/Wie-zijn-wij/Ons-profiel), viewed 17 June 2015.
[ii] SPOV, Profile of Stichting Pensioenfonds Openbaar Vervoer”, website SPOV (http://www.spov.nl/English-summary), viewed 17 June 2015.
[iii] SPOV, written response to Profundo dated 21 May 2014.
[iv] SPOV, Profile of Stichting Pensioenfonds Openbaar Vervoer”, website SPOV (http://www.spov.nl/English-summary), viewed 17 June 2015
[v] GenCorp renamed itself in 2015 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] SPOV, “Uitsluitingenlijst bedrijven”, 1 November 2014, available at http://www.spov.nl/Portals/2/Content/Over%20het%20SPOV/Documents/2014/2014%20nov%201%20SPOV%20uitsluitingenlijst%20bedrijven.pdf, viewed 17 June 2015.