PNO Media

PNO Media is a Dutch mandatory pension plan for employees in the Dutch media industry. It serves 420 media companies and 52,800 clients, and handles around €5.3 billion in assets.[i]

In December 2012, PNO Media updated its responsible investment code and its exclusion list. Based on the nuclear Non-Proliferation Treaty, involvement in nuclear weapons was added as an exclusion criterion.[ii] PNO Media therefore excludes companies involved in the production, trade or maintenance of nuclear weapons. The 2012 Annual Report Responsible Investment lists several examples that would qualify for exclusion: a company that develops nuclear weapons; a company that is responsible for the maintenance of nuclear weapons; and a company that produces components that are specifically designed for nuclear weapons.[iii]

PNO Media’s exclusion policy applies to all its asset management activities, regardless of whether they are managed internally or by external asset managers.[iv]

PNO Media publishes an exclusion list, which is based on the advice of Hermes Equity Ownership Services. The latter makes use of the findings of external research organisation Sustainalytics.[v] The exclusion list of PNO Media currently contains 43 companies for involvement with manufactures of weapons systems that are disproportionate or cannot distinguish between military and civil targets, like biological, chemical or nuclear weapons: AECOM Technology; Airbus; Alliant Techsystems; Areva; Aryt Industries; Ashot Ashkelon Industries; Babcock & Wilcox Co; Babcock International; BAE Systems; Boeing; CACI International; CNIM; CNNC International; Dassault Aviation; Elbit Systems; Exelis; Fluor; GenCorp[vi]; General Dynamics; Guangdong Orient Zirconic Ind Sci & Tech; Honeywell International; Huneed Technologies; Huntington Ingalls Industries; Jacobs Engineering; Kratos Defense & Security Solutions; L&T Finance Holdings; Larsen & Toubro; Lockheed Martin; ManTech International; Norinco International; Northrop Grumman; Oceaneering International; Raytheon; Rheinmetall AG; Rockwell Collins; Rolls-Royce; Safran SA; Salzer Electronics; Serco; Singapore Technologies Engineering; SUFA Technology Industry; Technofan, and Thales.[vii]

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


Website: Twitter: @PNO_Media


[i] PNO Media, “Wie we zijn”, website PNO Media (, viewed 23 May 2016; PNO Media written response to PAX dated 12 August 2016.

[ii] PNO Media, “Our SRI Code”, website PNO Media (, viewed 22 September 2016.

[iii] PNO Media, “Our SRI Code”, website PNO Media ( , viewed 22 September 2016; PNO Media, “Jaarverslag 2012 Verantwoord Beleggen”, 3 June 2013, p. 32, available at, viewed 22 September 2016; PNO Media, written response to Profundo dated 29 April 2014.

[iv] PNO Media, “Our SRI Code”, website PNO Media (, viewed 8 May 2015.

[v] PNO Media, written response to Profundo dated 29 April 2014.

[vi] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne

[vii] PNO media, ” Exclusion list Pension Funds PNO Media as from 1st of August 2015″, website PNO media (, viewed 23 May 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.