ASR is a Dutch insurance company offering a broad range of insurance savings and investment products and bank savings products.[i] The Netherlands was been ASR’s only shareholder from October 2008 until it began trading on 10 June 2016 on the Amsterdam market of Euronext after its successful Initial Public Offering (IPO).[ii] In 2015, ASR handled over €53 billion in investments.[iii]


ASR’s Socially Responsible Investment policy states that the insurance company “always excludes companies that produce and/or sell controversial weapons”, including nuclear weapons.[iv] The policy also excludes companies involved in the production of specifically designed delivery systems.[v]

ASR applies its exclusion policy to all asset management activities. External asset managers are also required to comply with ASR’s criteria.[vi]


The criteria in ASR’s policy are consistent with Forum Ethibel’s SRI criteria. Forum Ethibel is a non-profit organization promoting responsible investments and certified by ARISTA quality standards.

ASR’s investment portfolio is screened twice a year by Eiris[vii] for companies not complying with its responsible investment policy. The exclusion list is not publicly available[viii].

Congratulations ASR!


Congratulations ASR!

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I saw on 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,

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Tweet: Congratulations @asr for having a policy limiting investment in #nuclear weapons and for saying #goodbyenukes!


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[i] ASR, “About a.s.r.”, website ASR (, viewed 3 August 2016.

[ii] ASR, “ËuroNEXT welcome a.s.r.”, website a.s.r. (, viewed 3 August 2016

[iii] ASR,  “2015 Investor Presentation”, page 11, available at (, viewed 3 August 2016

[iv]           ASR, “Socially Responsible Investment (SRI) Policy”, page 6, dated 2013, available at, viewed 22 September 2016.

[v]           ASR, written response to PAX dated 2 June 2015.

[vi]           ASR, written response to PAX dated 2 June 2015.

[vii] ASR, “Socially Responsible Investment (SRI) Policy”, page 6, dated 2013, available at, viewed 22 September 2016.”, written response to PAX dated 17 May 2016.

[viii] ASR, written response to PAX dated 2 June 2015.

Hall of Fame Institutions

ASN Bank, The Netherlands

ASR, The Netherlands

Australian Ethical, Australia

Banca Etica, Italy

The Co-operative Bank, United Kingdom

DNB, Norway

Menzis, The Netherlands

NIBC, The Netherlands

Pensioenfonds Horeca & Catering, The Netherlands

Philips Pension Fund, The Netherlands

PFA, Denmark

PNO Media, The Netherlands

SNS Bank N.V., The Netherlands

Spoorwegpensioenfonds, The Netherlands

Stichting Pensioenfonds Openbaar Vervoer (SPOV), The Netherlands

Storebrand Group, Norway

Swedish Pension Fund AP7, Sweden

Triodos Bank, The Netherlands

Criteria and Methodology

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 not previously reported on 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 financial institutions listed in the Hall of Fame, several 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. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others 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 27 identified nuclear weapon producers.