PNO Media is a Dutch voluntary pension plan for employees in the Dutch media industry. It serves 420 media companies and 54,500 clients, and handles around €5.5 billion in assets.[1]
In June 2017, PNO Media published a new Social Responsible Investment Code.[2] The code explicitly states that “PNO Media does not want to be involved in the production of arms or arms systems, or vital elements therein which are banned by international law or use of which violates fundamental humanitarian principles.” The code recognises the nuclear Non-Proliferation Treaty, and the responsibility of the recognised nuclear armed countries to disarm under that agreement. PNO Media therefore does not invest in companies that are involved in the production of nuclear weapons for any country.[3]
PNO Media’s exclusion policy applies to all its asset management activities, regardless of whether they are managed internally or by external asset managers, and PNO Media considers external asset management companies contractually obligated to comply with the PNO SRI Code.[4]
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.[5] The exclusion list of PNO Media currently contains the following 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; Aerojet Rocketdyne Holdings; Airbus; Areva; Aryt Industries; Ashot Ashkelon Industries; Babcock International; BAE Systems/ BAE Systems Canada; Boeing; BWX Technologies; CACI International; China Aerospace International Holdings; China National Nuclear Power; China Shipbuilding Industry; China Shipbuilding Industry Group Power; China Spacesat; CNIM; CNNC International; Dassault Aviation; Ducommun; Elbit Systems; Fluor; General Dynamics; Guangdong Orient Zirconic Ind Sci & Tech; Harris; Honeywell; Huneed Technologies; Huntington Ingalls Industries; Jacobs Engineering; Kratos Defense & Security Solutions; L&T Finance Holdings; Larsen & Toubro; Leonardo; Lockheed Martin; ManTech International; Norinco International; Northrop Grumman; Oceaneering International; Orbital ATK; Raytheon; Rheinmetall; Rockwell Collins; Rolls Royce Holdings; Safran; Serco; Singapore Technologies Engineering; SUFA Technology Industry; Technofan; Thales and Walchandnagar Industries.[6]
Website: http://www.pnomedia.nl/
Twitter: @PNO_Media
Facebook: https://www.facebook.com/pnomedia/
[1] PNO Media, “Wie we zijn”, website PNO Media (https://www.pnomedia.nl/Over-PNO-Media/Wie-we-zijn), viewed 23 January 2018.
[2] PNO Media, “PNO Media publishes a new SRI Code”, website PNO Media (http://pnomediaverantwoordbeleggen.nl/pno-media-publishes-a-new-sri-code/?lang=en), viewed 23 January 2018.
[3] PNO Media, “The PNO Media Pension Fund Code for Responsible Investing”, p.8, available at: http://pnomediaverantwoordbeleggen.nl/wp-content/uploads/2017/06/2017-06-SRI-Code-2017-PNO-Media-English-1705032.pdf, viewed 23 January 2018.
[4] PNO Media, “The PNO Media Pension Fund Code for Responsible Investing”, p.15, available at: http://pnomediaverantwoordbeleggen.nl/wp-content/uploads/2017/06/2017-06-SRI-Code-2017-PNO-Media-English-1705032.pdf, viewed 29 August 2017.
[5] PNO Media, written response to PAX dated 23 January 2018.
[6] PNO Media, written response to PAX dated 9 November 2017.
Last modified March 2018