New nuclear weapon producers excluded from Norway’s Government Pension Fund!

The Government Pension Fund Global added new companies to the nuclear weapons exclusion list for the first time since 2013. The decision is to exclude AECOM, BAE Systems, Fluor Corp and Huntington Ingalls Industries Inc because of their involvement in the production of nuclear weapons.

The 8,435 billion NOK (1,069 billion USD/ 876 billion Euro) fund does not invest “in companies which themselves, or through entities they control, produce weapons that violate fundamental humanitarian principles through their normal use”, and nuclear weapons have been specifically included in that category since a decision by the Norwegian Parliament in 2004.

Susi Snyder, Don’t Bank on the Bomb coordinator welcomed the decision to exclude these additional companies, saying “this is an excellent move in the right direction, demonstrating that any type of investment in any type of nuclear weapons associated company is an investment against the survival of humanity. With growing threats to use nuclear weapons, and the recent information about the United States efforts to produce more usable nuclear weapons (as well as possibly resume full scale nuclear testing), this announcement is a timely reminder of the choice we all face- nuclear weapons or our collective future. We welcome this decision by the Council of Ethics, and hope that the last few investments can be removed just as quickly.”

The companies the council has chosen to exclude from the investment universe are linked directly to the ongoing modernization efforts of the US, UK and French nuclear arsenals.

Aecom is responsible for managing the US nuclear weapons laboratories and nuclear weapons test site, critical facilities for the modernisation of US nuclear weapons. Aecom is also involved in the design and fabrication of electronic, mechanical and structural systems necessary to maintain the readiness of the US to conduct subcritical nuclear weapons testing and maintain readiness to resume full scale nuclear weapons testing, a possibility envisioned in the new US nuclear posture review. According to information filed with international financial databases at the end of 2016, Norges bank held 43.48 million USD in shares in Aecom.

BAE Systems provides logistics, systems, and readiness support for the US and UK Navy Trident and US Air Force Minuteman missiles programmes. According to information filed in the third quarter 2017, Norges bank was holding 386.20 million USD in shares of BAE Systems.

Fluor is the lead partner in Savannah River Nuclear Solutions, the US nuclear weapons facility that is the only source of new tritium produced for nuclear warheads, as well as other management tasks related to the US nuclear arsenal. According to information filed at the end of 2016, Norges Bank held 74.96 million USD in shares in Fluor.

Huntington Ingalls Industries is a partner with Fluor in managing the Savannah River site, as well as a partner with Aecom (and others) responsible for the US nuclear weapons test site (known a the National Nuclear Security Site). According to information filed at the end of 2016, Norges Bank held 87.42 million USD in shares in Huntington Ingalls Industries.

Research from the forthcoming Don’t Bank on the Bomb report indicates that Norges Bank continues to hold shares in other companies associated with the production of nuclear weapons, notably Larsen & Toubro (116 million USD in shares in this producer of missiles for the Indian nuclear weapons arsenal), Moog (34 million USD in shares for this company that produces Minuteman III and Trident (D5) missile key components), Raytheon (348 million USD in shares in this company that produces key command, control and communications components for US nuclear weapon arsenals), and Thales (235 million USD in shares in this producer of key components for French nuclear missiles).

The current list of companies excluded by the fund for involvement with nuclear weapons is:

• AECOM (16 January 2018)
• BAE Systems (16 January 2018)
• Fluor Corp (16 January 2018)
• Huntington Ingalls Industries Inc (16 January 2018)
• Orbital ATK Inc (after merger with Alliant Techsystems Inc) (21 August 2013)
• Lockheed Martin Corp (21 August 2013)
• BWX Technologies Inc (formerly Babcock & Wilcox Co) (11 January 2013)
• Jacobs Engineering Group Inc (11 January 2013)
• Serco Group Plc (11 January 2008)
• Aerojet Rocketdyne Holdings, Inc (formerly GenCorp, Inc) (11 January 2008)
• Safran SA (5 January 2006)
• Northrop Grumman Corp (5 January 2006)
• Honeywell International Inc (5 January 2006)
• Airbus Finance BV (formerly EADS Finance BV) (2 September 2005)
• Airbus SE (formerly EADS NV) (2 September 2005)
• Boeing Co/The (5 January 2006)

Read more about nuclear weapon producers.

written by

Susi Snyder is the Nuclear Disarmament Programme Manager for Pax in the Netherlands. Mrs. Snyder has coordinated the research, publication and campaigning activities surrounding the annually updated Don’t Bank on the Bomb report since 2013. She has published numerous reports and articles, including Dealing with a ban (2015); The Rotterdam Blast: The immediate humanitarian consequences of a 12 kiloton nuclear explosion (2014); and Withdrawal Issues: What NATO countries say about the future of tactical nuclear weapons in Europe (2011). She is an International Steering Group member of the International Campaign to Abolish Nuclear Weapons, and a 2016 Nuclear Free Future Award Laureate. Previously, Mrs. Snyder served as the Secretary General of the Women's International League for Peace and Freedom at their Geneva secretariat.

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