Pensioenfonds Horeca & Catering
Pensioenfonds Horeca & Catering is the mandatory pension fund for the Dutch hospitality and catering industry. Pensioenfonds Horeca & Catering has about 850,000 participants.121
After researching the importance of socially responsible investment to employers and employees from the hospitality and catering industry in 2007, Pensioenfonds Horeca & Catering started employing an active exclusion policy as of 2008.122 The policy is based on the recommendations made by the Council of Ethics of the Norwegian Government Pension Fund Global. As such, Pensioenfonds Horeca & Catering excludes producers and developers of nuclear weapons.
All Pensioenfonds Horeca & Catering’s investments are managed by external asset managers, to which the exclusion policy applies. Because Horeca & Catering uses the recommendations of the Council of Ethics of the Norwegian Government Pension Fund Global, it does not exclude (all) companies involved in maintenance of nuclear weapons, nor specifically designed delivery systems.123
Pensioenfonds Horeca & Catering improved its responsible investment policy since the 2013 ‘Don’t Bank on the Bomb’ report by terminating its investment in the passive US Small Cap Investment Fund. The exclusion policy now applies to 100% of the public equity investments.124 Furthermore, the pension fund decided in 2014 to strengthen the policy by no longer depending on the recommendations of the Norwegian Government Pension Fund: “The Fund will formulate its own exclusion policy where certain themes are excluded from the investment universe. One of these themes is controversial weapons, including cluster and nuclear weapons. An external research provider will be selected in 2014.”125
The pension funds’ exclusion list currently contains 11 companies that are involved in nuclear weapons: Babcock & Wilcox, Boeing, EADS Co126, EADS Finance BV127, GenCorp, Honeywell International, Jacobs Engineering, Lockheed Martin, Northrop Grumman, Safran and Serco.128
We commend Pensioenfonds Horeca & Catering for strengthening its nuclear weapons policy. For a place in the Hall of Fame, Pensioenfonds Horeca & Catering should exclude all companies involved in maintenance of nuclear weapons and companies involved in specifically designed delivery systems. We look forward to assessing Pensioenfonds Horeca & Catering’s revised policy and encourage it to further strengthen its policy, so that it may be listed in the Hall of Fame in our next report.
121 Pensioenfonds Horeca & Catering, “About us”, Pensioenfonds Horeca & Catering website (http://www.phenc.nl/en/About_us/About_us/About_Pension_Fund_Horeca_and_Catering/About_us), viewed 4 June 2014.
122 Pensioenfonds Horeca & Catering, “Maatschappelijk verantwoord beleggen”, Pensioenfonds Horeca & Catering website (http://www.phenc.nl/nl/Over_het_pensioenfonds/Vermogensbeheer/Vermogensbeheer/Maatschappelijk_verantwoord_beleggen), viewed 4 June 2014.
123 Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.
124 Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.
125 Pensioenfonds Horeca & Catering, written response to Profundo dated 14 May 2014.
126 EADS renamed itself in 2014 and is now known as Airbus Group.
127 EADS renamed itself in 2014 and is now known as Airbus Group.
128 Pensioenfonds Horeca & Catering, “List of excluded companies Stichting Pensioenfonds Horeca & Catering”, March 2014, available at http://www.phenc.nl/~/media/Phenc%202013/Download/Publicaties_algemeen/Divers/Uitsluitingenlijst.pdf, viewed 4 June 2014.