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.

SPOV's policy on nuclear weapons is leaky. Tell them to fix it!

Congratulations SPOV!


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Congratulations SPOV. I saw on 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,

Or :

Tweet: Even @SPOV_NL knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes!


Website: Twitter: Facebook: @SPOV_NL


[i]           SPOV, “Ons Profiel”, website SPOV (, viewed 17 June 2015.

[ii]           SPOV, Profile of Stichting Pensioenfonds Openbaar Vervoer”, website SPOV (, viewed 17 June 2015.

[iii]          SPOV, written response to Profundo dated 21 May 2014.

[iv]          SPOV, Profile of Stichting Pensioenfonds Openbaar Vervoer”, website SPOV (, 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 (, viewed 14 September 2015.

[vii]          URS has been bought by Aecom in October 2014.

[viii]         SPOV, “Uitsluitingenlijst bedrijven”, 1 November 2014, available at, viewed 17 June 2015.

Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the thirteen financial institutions listed in the Hall of Fame, six publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Three other financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list. The remaining four do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 26 identified nuclear weapon producers.