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ABP is the pension fund for employers and employees working for the Dutch government and education sector. It provides income security in cases of disability, death and retirement and is based on the principles of solidarity and non-profit. ABP is one of the largest pension funds in the world.[1] The fund is under management of APG, while ABP holds shares (92.16%) in APG. At the end of 2018, ABP held €398.6 billion in assets under management [2].

ABP announced in January 2018 it would exclude companies involved in nuclear weapons from investment. The fund said the adoption of the Treaty on the Prohibition of Nuclear Weapons in 2017 was a key factor in the decision.[3]

The new policy framework adopted in January 2018 excludes companies when their products by definition are harmful to humans, shareholder engagement cannot change that, there would be no negative consequences if the product no longer existed and there is a global treaty prohibiting the product. Based on this framework, ABP excludes companies that are involved in the production of nuclear weapons, cluster bombs, anti-personnel mines, and chemical or biological weapons”.[4]

The policy is applied to all of ABP’s investments.[5] In January 2019, ABP confirmed it had fully divested from all nuclear weapon producers.[6]

ABP uses an exclusion list to implement its policy. As of 1 June 2019, it excludes the following companies for involvement in nuclear weapons: AECOM; Aerojet Rocketdyne Holdings; Airbus; Babcock International; BAE Systems; Bharat Dynamics; Boeing Company; BWX Technologies; China Aerospace International Holdings, China National Nuclear Power; China Shipbuilding Industry Company; China Shipbuilding Industry Corporation; China Spacesat, CNIM; CNNC International; Cohort; Dassault Aviation; Ducommun; Engility Holdings; Fluor; General Dynamics; GP Strategies; Harris; Honeywell Automation India; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering; L&T Finance Holdings; L&T Technology Services; Larsen & Toubro; Larsen & Toubro Infotech; Leonardo; Lockheed Martin; Moog; Northrop Grumman; Raytheon; Safran; Science Applications International; Serco; SGL Carbon; Steel Partners; SUFA Technology Industry; Tata Communications; Tata Power; Textron; Thales and Walchandnagar Industries.[7]

Website: https://www.abp.nl/

Facebook: https://www.facebook.com/abppensioenfonds

Twitter: https://twitter.com/abppensioen

LinkedIn: https://www.linkedin.com/company/pensioenfonds-abp/

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Notes

[1] ABP, “About Us”, ABP website (www.abp.nl/english/about-us.aspx), viewed 5 February 2019; Towers Watson, “Pensions & Investments / Thinking Ahead Institute world 300”, 19 September 2018; p. 37, available at https://www.thinkingaheadinstitute.org/-/media/Pdf/TAI/Research-Ideas/PI-300_2017.pdf), last viewed 5 February 2019.

[2] ABP, “PRI Reporting Framework 2019”, UNPRI website (https://reporting.unpri.org/surveys/PRI-reporting-framework-2019/868610F2-DED1-4E67-9873-47168F7486D9/79894dbc337a40828d895f9402aa63de/html/2/?lang=en&a=1), viewed 20 September 2019; APG, “Jaarverslag 2018” (“Annual Report 2018”), p. 43, available at https://www.apg.nl/en/publication/Jaarverslag%20APG%202018/1070, last viewed 20 September 2019.

[3] ABP, “ABP Pension Fund excludes tobacco and nuclear weapons”, 11 January 2018, ABP website (https://www.abp.nl/english/press-releases/abp-pension-fund-excludes-tobacco-and-nuclear-weapons.aspx), viewed 5 February 2019; ABP, “Verslag Duurzaam en verantwoord beleggen 2017” (Sustainable and Responsible Investment Report 2017), p. 21, available at http://jaarverslag.abp.nl/docs/ABP_JV_2017/pdfs/web_6318_abp_duurzaam_beleggen_2017.pdf last viewed 5 February 2019.

[4] ABP, “Verslag Duurzaam en verantwoord beleggen 2017” (Sustainable and Responsible Investment Report 2017), p. 21, available at http://jaarverslag.abp.nl/docs/ABP_JV_2017/pdfs/web_6318_abp_duurzaam_beleggen_2017.pdf last viewed 5 February 2019.

[5] APG, written response to Profundo dated 13 August 2014; ABP, written response to PAX dated 20 February 2017

[6] ABP, “Missie volbracht” (Mission accomplished), ABP website (https://www.abp.nl/over-abp/actueel/nieuws/abp-belegt-niet-meer-in-tabak-en-kernwapens.aspx), viewed 20 September 2019.

[7] ABP, “Uitgesloten bedrijven en staatsobligaties per 1 juni 2019” (Excluded companies and government bonds as of 1 June 2019), available at https://www.abp.nl/images/Uitsluitingslijst-juni-2019.pdf, last viewed 27 August 2019.

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Last updated: 2020-07-01 18:56:10