Stichting Pensioenfonds Openbaar Vervoer (SPOV- Public Transportation Pension Fund) is the Dutch pension fund for present and former employees of the Dutch public transport sector. The pension fund serves around 26,500 clients. SPOV has approximately €3.5 billion assets under management.[1]
SPOV does not invest in controversial weapons, which the pension fund defines as those weapons that cause a disproportionate number of human casualties. Nuclear weapons are among the examples of controversial weapons explicitly mentioned by SPOV.[2] SPOV excludes all companies involved in the development, production, modernisation or maintenance of “key components of a nuclear weapon and/or components that are specifically designed to be used for/in nuclear weapons.” SPOV also excludes companies involved in the trade of nuclear weapons.[3]
The exclusion policy applies to all asset management activities. External asset managers are instructed to fully apply the policy.[4]
The pension fund publishes the complete exclusion list, which as of July 2017 contains the following companies for involvement with nuclear weapons: AECOM; Aerojet Rocketdyne Holdings; Airbus Group; Babcock International; BAE Systems; Boeing; BWX Technologies; China Aerospace International Holdings; China National Nuclear Corporation (CNNC); China National Nuclear Power; China Shipbuilding Industry; China Shipbuilding Industry Group Power; China Spacesat; CNNC International; Constructions Industrielles de la Mediterranee; Dassault Aviation; Ducommun; Fluor; General Dynamics; Harris; Honeywell International; Huntington Ingalls; Jacobs Engineering; L&T Technology Services; Larsen & Toubro; Leonardo- Finmeccanica; Lockheed Martin; Moog; Northrop Grumman; Oceaneering; Orbital ATK; Raytheon; Rockwell Collins; Safran; Serco; Textron; Thales; United Technologies and Walchandnagar Industries.[5]
Website: http://www.spov.nl/
Twitter: @SPOV_NL
Facebook: https://www.facebook.com/SPOV-185235114903203/?ref=hl
[1] SPOV, “Ons profiel”, website SPOV (http://www.spov.nl/Over-SPOV/Wie-zijn-wij/Ons-profiel), viewed 23 January 2018.
[2] SPOV, “Uitsluitingenlijst”, website SPOV (http://www.spov.nl/Over-SPOV/Verantwoord-beleggen-MVB/Uitsluitingenlijst), viewed 23 January 2018.
[3] SPOV, written response to PAX dated 13 November 2017.
[4] SPOV, Profile of Stichting Pensioenfonds Openbaar Vervoer”, website SPOV (http://www.spov.nl/English-summary), viewed 23 January 2018
[5] SPOV, “Exclusions by the Public Transport Pension Fund”, 1 July 2017, available at http://www.spov.nl/Portals/2/Content/Over%20het%20SPOV/Documents/2017/Website%20SPOV%20uitsluitingenlijst%20bedrijven.pdf, viewed 29 August 2017. SPOV written response to PAX dated 23 January 2018.
Last modified March 2018