Pensioenfonds Metalektro (PME) is the Dutch mandatory pension fund for the Dutch metal industry. PME administers pensions for more than 1,300 companies and approximately 147,000 participants.[i] At the end of 2015, PME held over USD40 billion in assets under management.[ii]

One of PME’s ten Principles for Responsible Investing states that PME will not invest in companies involved in products that breach international agreements that the Dutch government has signed.[iii] Consequently, PME excludes companies that produce nuclear weapons in violation of the Non-Proliferation Treaty. However, this also means that PME does not exclude companies that produce nuclear weapons for the five recognised nuclear armed countries under the treaty.[iv]

PME outsources the management of its portfolio to its asset manager MN. PME requires MN to apply the exclusion policy to all the investments that it manages on PME’s behalf. These investments consist of discretionary mandates and one actively managed fund. An exception is made for some pooled vehicles or derivatives that date back to before PME’s Responsible Investment-policy was implemented.[v]

PME maintains a publicly available exclusion list, which is based on the findings of data provider Sustainalytics.[vi] As of the fourth quarter of 2016, PME excludes Larsen & Toubro,  L&T Finance; L&T InfraStructure Finance; and Walchandnagar Industries for involvement in nuclear weapons.[vii]

We commend PME for adopting a public policy on nuclear weapons. We recommend PME apply its policy to all nuclear weapons associated companies regardless of their country of origin. In addition, PME should comprehensively apply the policy to both past and future investments. We look forward to engaging with PME, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

Pension fund PME’s policy on nuclear weapons is leaky; send them a message and tell them to fix it!

To send PME 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 PME. I saw on 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 PME 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 PME made the following changes to make the policy airtight:
• Apply the policy to all nuclear weapons associated companies regardless of their country of   origin;
• Comprehensively apply the policy to both past and future investments.

With kind regards,

Or :

Tweet: Even @PME_pensioen knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes.

Website: Twitter: Facebook: @PME_pensioen


[i] PME, “Over PME”, website PME (, viewed 30 October 2016.

[ii] PME, “PRI reporting framework 2016”, available at, viewed 30 October 2016.

[iii] PME, “De tien PME-principes voor verantwoord beleggen”, Principle 4, available at, viewed 30 October 2016.

[iv] PME, “RI Transparency Report 2013/2014 Pensionfund Metalelektro”, page 15, UN PRI website (, viewed 14 June 2016.

[v] PME, “RI Transparency Report 2013/2014 Pensionfund Metalelektro”, page 17, UN PRI website (, viewed 30 October 2016.

[vi] PME, written response to PAX dated 30 April 2015.

[vii] PME, “Uitsluitingslijst/Exclusion List”, valid during 4th Quarter 2016, website PME (, viewed 30 October 2016.


Who divests?

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.