Rabobank Group, based in The Netherlands, is one of the world’s leading financial institutions. It offers services in the field of banking, asset management, leasing, insurance and real estate.[i] In June 2016, Rabobank held over EUR 685 billion in assets.[ii]

According to its Armaments Industry Policy, Rabobank does not provide financial services to companies involved in controversial armaments, nor does it invest its own funds in any activity related to these weapons. The financial group considers nuclear weapons to be controversial weapons.[iii] Involvement includes the development, manufacture, maintenance, distribution, and selling of nuclear weapons or key components thereof, and of delivery systems that are specifically designed for nuclear weapons.[iv]

The exclusion policy applies to Rabobank’s commercial banking, investment banking, and all asset management activities, including passively managed funds distributed by Rabobank.[v] The policy is also applicable to Rabobank’s direct investments.[vi] For its investments in passively managed funds, Rabobank has introduced a range of eight responsible equity trackers from two external fund providers. These trackers explicitly exclude controversial weapons producers. These trackers do not make use of the exception that producers might represent less than 5% of the index. The trackers are actively used to replace conventional trackers as the core part of model portfolios and discretionary mandates. This means that Rabobank has further implemented its armaments industry policy into its investment offerings. As of early 2016, not all index trackers have been replaced.[vii] Rabobank is in dialogue with external asset managers who do not yet exclude nuclear weapons.[viii]

Rabobank’s exclusion list, which is based on external research, is not publicly available.[ix]

We commend Rabobank for adopting a public policy on nuclear weapons. We welcome Rabobank’s progress in applying the exclusion policy to external fund managers. We recommend Rabobank extend its policy to fully exclude all passively managed funds that contain nuclear weapon producers and to cover all external asset managers. We look forward to engaging with Rabobank, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

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

To send Rabobank 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 Rabobank. I saw on www.dontbankonthebomb.com 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 Rabobank 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 Rabobank made the following change to make the policy airtight:
• Apply the policy to all financial products, including all passively managed funds.

With kind regards,

Or :

Tweet: Even @Rabobank knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes! http://ctt.ec/aoUu6+


Website: Twitter: Facebook:
www.rabobank.com @Rabobank www.facebook.com/rabobank


[i] Rabobank, “Profile”, website Rabobank Group (https://www.rabobank.com/en/products-services/index.html), viewed 30 October 2016.

[ii] Rabobank, “Key Figures Interim Report 2016”, page 1, available at https://www.rabobank.com/en/images/interim-results-2016-keyfigures-rabobank-group.pdf, viewed 30 October 2016.

[iii] Rabobank, “Sustainability Policy Framework”, November 2015, p.54, available at https://www.rabobank.com/en/images/sustainability-policy-framework.pdf, viewed 30 October 2016.

[iv] Rabobank, written response to Profundo dated 26 May 2014.

[v] Rabobank, “Sustainability Policy Framework”, November 2015, p.54, available at https://www.rabobank.com/en/images/sustainability-policy-framework.pdf, viewed 30 October 2016; Rabobank Group, written response to Profundo dated 26 May 2014.

[vi] Rabobank, “Sustainability Policy Framework”, November 2015, p.54, available at https://www.rabobank.com/en/images/sustainability-policy-framework.pdf, viewed 30 October 2016.

[vii] Rabobank, written response to Profundo dated 23 November 2015; Rabobank, written response to Profundo dated 17 February 2016.

[viii] Rabobank, written response to Profundo dated 26 May 2014.

[ix] Rabobank, written response to Profundo dated 26 May 2014.



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.