VDK Spaarbank

Financial Institutions, Report 2018, Runners-Up

VDK Spaarbank is a Belgian savings bank with a focus on sustainability.[1] As of the end of 2016, VDK held over €3.8 billion in assets on balance.[2]

VDK Spaarbank excludes the entire armaments industry from its investment universe including all types of nuclear weapons producers.[3] However, companies involved in a joint venture producing nuclear weapons or key components thereof are not covered by the exclusion policy.[4]

At this moment, the exclusion policy applies to all types of investments and services offered by VDK. However, the policy does not apply to investments and services by external asset managers. VDK does not actively terminate existing contracts.[5]

VDK follows the exclusion list of the Norwegian Government Pension Fund – Global. The exclusion list is not available on the VDK website.[6]

How to improve the policy:

We commend VDK Spaarbank for adopting a public policy on nuclear weapons. We recommend VDK Spaarbank apply its policy to all financial products, including investments made by external asset managers. VDK should also exclude all nuclear weapons producing companies, including those involved in joint ventures. VDK should actively divest from existing contracts with nuclear weapons producing companies. We look forward to engaging with VDK Spaarbank, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

[1] VDK Spaarbank, “Visie, missie en beleid”, website VDK (https://www.vdk.be/over-vdk/visie-missie-en-beleid), viewed 23 January 2018.

[2] VDK Spaarbank, “Kerncijfers”, website VDK (https://www.vdk.be/over-vdk/kerncijfers), viewed 23 January 2018.

[3] VDK Spaarbank, “De policy van onze bank met betrekking tot financiering van controversiële activiteiten”, website VDK (https://www.vdk.be/over-vdk/duurzaam-bankieren/policy), viewed 23 January 2018.

[4] VDK Spaarbank, written response to PAX dated 15 June 2015.

[5] VDK Spaarbank, written response to PAX dated 15 June 2015.

[6] VDK Spaarbank, written response to PAX dated 15 June 2015.

Last updated March 2018

About Maaike Beenes

Maaike Beenes works for the humanitarian disarmament program for PAX in the Netherlands. She researches investments by financial institutions in producers of controversial weapons, notably nuclear weapons and cluster munitions, and is co-author of the reports ‘Don’t Bank on the Bomb’ and ‘Worldwide Investments in Cluster Munitions’. As part of the Don’t Bank on the Bomb campaign of PAX and ICAN, she works together with campaigners around the world to hold banks and other investors accountable for their investments in nuclear and other controversial weapons. She was involved in the negotiations for the Treaty on the Prohibition on Nuclear Weapons on behalf of PAX and ICAN.