Pensioenfonds APF is a Dutch mandatory pension fund for employees of AkzoNobel.[i] It serves over 35,000 clients (including active participants, former participants and pensioners.)[ii] At the end of 2015, APF held EUR112,8 million in assets.[iii]
Pensioenfonds APF excludes companies involved in the development, testing, production, maintenance, selling or distribution of nuclear weapons.[iv] The exclusion criteria also prohibit investment in companies involved in the development, manufacture and maintenance of missiles that are primarily used for carrying nuclear munitions and of submarines equipped with ballistic missiles.[v]
The exclusion policy applies to all investments made by the pension fund’s external asset manager Syntrus Achmea, including direct investments in European, U.S. and Japanese assets. Pensioenfonds APF also invests in several Emerging Markets Funds, for which nuclear weapons are not an exclusion criterion. Pensioenfonds APF’s exclusion policy regarding nuclear weapons applies to approximately 93% of its investment portfolio.[vi]
The exclusion list, which is based on the findings of external research organisation Ethix SRI Advisors, currently contains 49 companies for involvement with controversial weapons: AECOM; Aerojet Rocketdyne Holdings; Aeroteh; Airbus Group; Areva; Aryt Industries; Babcock International Group; BAE Systems; The Boeing Corporation; Booz Allen Hamilton Holding; Brookfield Asset Management; Brookfield Business Partners; BWX Technologies; CACI International; China Shipbuilding Industry; Cohort; Constructions Industrielles de la Mediterranee; Engility Holdings; Exelis; Fluor; General Dynamics; GrafTech International; Hanwha; Harris; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering Group Inc; L-3 Communications Holdings; Larsen & Toubro; Leidos Holdings; Leonardo-Finmeccanica; Lockheed Martin; Moog; Motovilihinskie zavody; Northrop Grumman; Orbital ATK; Poongsan; Poongsan Holdings; Premier Explosives; Raytheon; Rolls-Royce Holdings; S&T Dynamics; S&T Holdings; Safran ; Serco Group ; SGL Carbon ; Textron; Thales; Ultra Electronics Holdings; United Technologies Corp; Walchandnagar Industries. [vii]
We commend Pensioenfonds APF for adopting a public policy on nuclear weapons. We recommend Pensioenfonds APF apply the policy to all of its financial products including investments in Emerging Markets Funds . We look forward to engaging with Pensioenfonds APF, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
Pension fund APF’s policy on nuclear weapons is leaky; send them a message and tell them to fix it!
To send APF a message, please go to this contact form:
Send this email!
You can write your own message, or copy this message into the contact form.
Congratulations APF. 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 policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because APF 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 APF made the following change to make the policy airtight:
• Apply the policy to all of its financial products including investments in Emerging Markets Funds.
With kind regards,
[i] Pensioenfonds APF, “Organisatie”, website Pensioenfonds APF (https://www.pensioenfondsapf.nl/over-ons/organisatie/), viewed 17 October 2016.
[ii] Pensioenfonds APF, “Jaarverslag 2015 in vogelvlucht”, website Pensioenfonds APF (https://www.pensioenfondsapf.nl/apf/assets/File/APF_bericht_juli_inlegvel.PDF), viewed 17 October 2016.
[iii] APF, “Jaarverslag 2015”, page 25, available at https://www.pensioenfondsapf.nl/apf/assets/File/Jaarverslag%202015.pdf, viewed 30 October 2016.
[iv] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, page 1, available at https://www.pensioenfondsapf.nl/apf/assets/File/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 17 October 2016; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[v] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, available at https://www.pensioenfondsapf.nl/apf/assets/File/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 17 October 2016.
[vi] Pensioenfonds APF, “Stichting Pensioenfonds APF Verantwoord beleggen beleid”, p.2, available at https://www.pensioenfondsapf.nl/apf/assets/File/02-2012_Stichting_Pensioenfonds_APF_Verantwoord_beleggen_beleid.pdf, viewed 17 October 2015; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[vii] Pensioenfonds APF, “Rapportage Verantwoord Beleggen. Eerste halfjaar 2016”, p.6, available at https://www.pensioenfondsapf.nl/apf/assets/File/Rapportage_verantwoord_beleggen_20161.pdf, viewed 17 October 2016.