PFA Pension is a Danish pension fund. It invests on behalf of more than one million customers.[i] In 2015, PFA handled 545,266 DKK million (€73,320 million) in assets.[ii]

PFA Pension’s Policy for Responsible Investment states that the pension fund does not wish to invest in companies that produce controversial weapons, including nuclear weapons.[iii]

PFA Pension’s policy applies to all asset management activities, including those managed by external asset managers.[iv] Until 2014, individual clients were allowed to invest in an externally managed fund that was not covered by the pension fund’s responsible investment policy. PFA Pension closed this loophole in its policy in 2014 when it introduced index-linked funds managed by PFA Pension that do not invest in nuclear weapons producers.[v]

PFA uses an exclusion list based on the research of GES and other sources. The exclusion list is available online and currently contains the following companies for involvement with nuclear weapons: Aecom Technology; Aerojet Rocketdyne; Airbus; BAE Systems; Boeing; Finmeccanica; Fluor; General Dynamics; Honeywell International; Huntington Ingalls; Jacobs Engineering; Lockheed Martin; Northrop Grumman; Orbital ATK; Raytheon; Safran and Serco.[vi]

Congratulations PFA!


Congratulations PFA!

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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 @PFA_Pension for having a policy limiting investment in #nuclear weapons and saying #goodbyenukes!


Website: Twitter: Facebook @PFA_Pension


[i] PFA, “PFA in brief”, website PFA (, viewed 22 September 2016.

[ii] PFA, “PFA Holding Annual Report”, page 14, website PFA (, viewed 22 September 2016.

[iii] PFA, “Policy for Responsible Investment”, page 2, May 2014, available at, viewed 22 September 2016.

[iv] PFA, written response to PAX dated 2 June 2015.

[v] PFA Pension, “PFA’s policy for responsible investments – read about the scope of the policy”, website PFA (, viewed 22 September 2016; PFA Pension, written response to Profundo dated 29 July 2014; PFA Pension, written response to PAX dated 2 October 2014.

[vi] PFA, “PFA’s exclusion list”, website PFA ( , viewed 22 September 2016.

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.