2019 Hall of Fame


The Hall of Fame profiles financial institutions that have adopted, implemented and published a policy that comprehensively prevents any financial involvement in nuclear weapon producing companies. 36 financial institutions have a public policy that is comprehensive in scope and application. The financial institutions in the Hall of Fame are based in Australia, Denmark, Germany, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, the United Kingdom and the United States.

Each institution’s policy profiled in the Hall of Fame undergoes a rigorous assessment. Only financial institutions with group level public policies are eligible for inclusion. Only when policies are applied to all types of nuclear weapon producers from all locations excluding them from all of the institutions’ financial services may an institution qualify for the Hall of Fame.  Investments are not neutral. Financing and investing are active choices, based on a clear assessment of a company and its plans. Financial institutions, by adopting public policies prohibiting investment in the nuclear weapons industry, actively demonstrate the stigma associated with these weapons of mass destruction. We hope the Hall of Fame will be inspirational to many more financial institutions.

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All Hall of Fame institutions:

  1. ABP (the Netherlands)
  2. Andra AP-Fonden (AP2) (Sweden)
  3. Alternative Bank Schweiz (Switzerland
  4. APG (the Netherlands)
  5. ASR (Netherlands)
  6. Australian Ethical (Australia)
  7. Banca Etica (Italy)
  8. Bank Australia (Australia)
  9. Bank fur Kirche und Caritas (Germany)
  10. bpfBOUW (the Netherlands)
  11. The Co-operative Bank (United Kingdom)
  12. DNB (Norway)
  13. Ethos (Switzerland)
  14. Fjarde AP-Fonden (AP4) (Sweden)
  15. Fonds de Compensation (Luxembourg)
  16. Forsta AP-Fonden (AP1) (Sweden)
  17. Future Super (Australia)
  18. Government Pension Fund – Norway (Norway)
  19. Green Century (United States)
  20. KLP (Norway)
  21. Menzis (the Netherlands)
  22. MP Pension (Denmark)
  23. NIBC (The Netherlands)
  24. Pensioenfonds Horeca & Catering (the Netherlands)
  25. PenSam (Denmark)
  26. Philips Pension Fund (The Netherlands)
  27. PFA (Denmark)
  28. Pensioenfonds Zorg en Welzijn (the Netherlands)
  29. PNO Media (the Netherlands)
  30. Spoorwegpensioenfonds (the Netherlands)
  31. Stichting Pensioenfonds Openbaar Vervoer (the Netherlands)
  32. Stichting Pensioenfonds voor de Woningcorporaties (the Netherlands)
  33. Storebrand Group (Norway)
  34. Triodos Bank (the Netherlands)
  35. De Volksbank (the Netherlands)
  36. Zevin Asset Management (US)

14 new Hall of Fame institutions:

The total number of financial institutions in the Hall of Fame went from 23 in the 2018 report to 36 in this report.

9 financial institutions are completely new to the report:

  • ABP (the Netherlands)
  • Alternative Bank Schweiz (Switzerland)
  • APG (the Netherlands)
  • Bank Australia (Australia)
  • Bank für Kirche und Caritas (Germany)
  • bpfBOUW (the Netherlands)
  • Ethos (Switzerland)
  • Stichting Pensioenfonds voor de Woningcorporaties (the Netherlands)
  • Zevin Asset Management (United States)

5 institutions have moved up from the Runners-Up.

These institutions were moved up after an implementation check found they no longer have any financial relations with identified nuclear weapon producers.

  • Andra AP-Fonden (AP2) (Sweden)
  • DNB (Norway)
  • Fjärde AP-Fonden (AP4) (Sweden)
  • Första AP-Fonden (AP1) (Sweden)
  • KLP (Norway)


To identify financial institutions with a policy on nuclear weapons, a variety of sources were used: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. The list of institutions in the Hall of Fame and Runners-Up is not an exhaustive overview of all financial institutions with policies on nuclear weapons worldwide. We welcome additional information and recommended policies to profile from those able to provide them.

Minimum requirements
To qualify for inclusion in the report, there are a number of minimum requirements. If these criteria are met, additional criteria determine whether a financial institution is listed in the Hall of Fame or Runners-Up section.

  • Publicly available policy or policy summary
    The financial institutions listed in this report all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons companies. 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.
  • Policy at group level
    We research the group policies only, since the group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries.
  • Participation in research
    Each financial institution included in the report has been contacted to verify the scope and content of their policies. For institutions that are included in the report for the first time, or those with larger policy changes, this included a standardised detailed questionnaire. For others that were already included in previous reports, contact focused on any changes and possible impact of those changes. This research was conducted between November 2018 and September 2019. Financial institutions that did not respond are not included.

Hall of Fame and Runners-Up
If these requirements are met, the following criteria are used to determine whether a financial institution’s policy is comprehensive and therefore merits a place in the Hall of Fame. Policies that do not meet one or more of the criteria are listed in the Runners-Up.

  • 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 of their country of operation
  • 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.
    - delivery systems such as missiles, that are speci􀃫 cally 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.
  • Apply to all the institution’s products and services
    Theinstitution applies the policy:
    - across all entities within the group, including all subsidiaries
    - in all markets
    - to all types of 􀃫 nancing and investments, including passive and active, internally and externally managed assets.
    - to all existing and future investments.
  • Implementation check
    Each of the financial institutions listed in the Hall of Fame underwent an implementation check to find out whether the institution has any investments in any nuclear weapon producers, as any investment in a nuclear weapon producer can be evidence of poor implementation of the exclusion policy. When evidence of financial links with nuclear weapon producers was found, the institution was contacted to check the findings. Outstanding investments in nuclear weapon producing companies require reclassification to the Runners-Up.

What’s included
Each financial institution proile in the Hall of Fame includes a brief description of the institution. To give an estimate of the money being kept away from the nuclear weapons industry, we show the total amount of assets under management for each of the financial institutions in the Hall of Fame. Each profile also includes a summary of the policy. Many financial institutions use exclusion lists as a way to implement their exclusion policy, and publicly available exclusion lists are included in the relevant profiles.

Finally, each profile lists relevant website and social media accounts where an institution may be contacted.