ABN Amro is a Dutch banking group that serves retail, private and commercial banking customers in The Netherlands and across the globe.[1] During the 2008 financial crisis, the Dutch state acquired ownership over ABN AMRO. The banking group is being privatized, but is still majority owned by the Dutch state as of September 2017.[2] In the third quarter of 2017, ABN Amro reported €407.6 billion in assets.[3]
ABN Amro’s Defence Policy states that the banking group seeks to avoid any involvement in activities relating to controversial weapons. The bank does not finance or invest in companies involved in the manufacture, maintenance and trade of nuclear weapons or delivery systems that are specifically designed for nuclear weapons[4], but exceptions can be made for companies that are based in France, UK and US.[5]
The exclusion policy applies to ABN Amro’s commercial banking, investment banking and asset management activities, except for its passively managed funds and third-party investments.[6] The exclusion policy “does not apply to assets managed by external parties for which ABN AMRO has developed a separate engagement strategy”.[7]
ABN Amro maintains a list of companies excluded from their investment universe, which is based on the findings of data provider Sustainalytics.[8] The list is not publicly available.[9]
ABN Amro was also found to have several below the threshold investments in nuclear weapon producing companies identified by this report.
We commend ABN Amro for adopting a public policy on nuclear weapons. As the Treaty on the Prohibition of Nuclear Weapons categorically prohibits all nuclear weapons- regardless of country of origin, we recommend ABN Amro extend its policy to include companies producing nuclear weapons in France, UK and US. In addition, ABN Amro should apply its policy to cover all financial products the bank offers, including passively managed funds. We look forward to engaging with ABN Amro, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] ABN Amro, “Our Company”, website ABN Amro (http://www.abnamro.com/en/about-abn-amro/our-company/index.html), viewed 23 January 2018 .
[2] Telegraaf, “Staat stoot belang ABN AMRO af”, 14 September 2017, available at https://www.telegraaf.nl/dft/bedrijven/abn_amro/29251956/__Staat_stoot_deel_ABN_af__.html, viewed 23 January 2018.
[3] ABN Amro, “ABN AMRO Quarterly Report Third quarter 2017”, p.14, available at https://www.abnamro.com/en/images/Documents/050_Investor_Relations/Financial_Disclosures/2017/ABN_AMRO_Quarterly_Report_2017-Q3.pdf, viewed 23 January 2018.
[4] ABN Amro, “Defence Policy”, April 2013, p.2, available at https://www.abnamro.com/en/images/040_Sustainability/040_Risk_Management/Attachments/Defence_Policy_-_April_2013.pdf, viewed 23 January 2018; ABN Amro, written response to Profundo dated 27 May 2014.
[5] ABN Amro, “Exclusion List”, available at https://www.abnamro.com/en/images/Documents/040_Sustainable_banking/060_Strategy/ABN_AMRO_Exclusion_list.pdf, viewed 23 January 2018.
[6] ABN Amro, “Summary- Defence Policy”, p.2, available at https://www.abnamro.com/en/images/Documents/040_Sustainable_banking/070_Sustainability_policy/030_Sector_specific_policy/ABN_AMRO_Defence_Policy_Summary.pdf, viewed 23 January 2018; ABN Amro, written response to Profundo dated 27 May 2014.
[7] ABN Amro, “Exclusion List”, available at https://www.abnamro.com/en/images/Documents/040_Sustainable_banking/060_Strategy/ABN_AMRO_Exclusion_list.pdf, viewed 23 January 2018.
[8] ABN Amro, “Sustainability Report 2013”, p.31, available at http://www.abnamro.com/en/images/040_Sustainabe_banking/Links_en_documenten/Documenten/Rapportage_-_Sustainability_Report_2013_(EN).pdf, viewed 23 January 2018; ABN Amro, “Human Rights Report 2016”, p. 35, available at https://www.abnamro.com/en/images/Documents/040_Sustainable_banking/080_Reporting/2016/ABN_AMRO_Human_Rights_Report_2016.pdf, viewed 23 January 2018.
[9] ABN Amro, written response to Profundo dated 27 May 2014.