Aegon is an international provider of life insurance, pensions and asset management. Aegon is active in more than 20 countries around the world (and is known as Transamerica in the US). As of June 2017, Aegon is managing more than €815 billion assets.[1]
Aegon is an international provider of life insurance, pensions and asset management. Aegon is active in more than 20 countries around the world (and is known as Transamerica in the US). As of June 2017, Aegon is managing more than €815 billion assets.[2]
Aegon’s Responsible Investment Policy states: “Aegon recognizes international consensus in excluding investments from its GA [General Account] associated with: companies directly involved in the manufacture, development, trading and maintenance of: […] Nuclear weapons involving countries outside the scope of the Non-Proliferation Treaty.”[3] Aegon does not exclude companies for involvement with nuclear weapons if the activities are in NPT member states.
Aegon defines nuclear weapons as “an explosive device that derives its destructive force from nuclear reactions, either fission or a combination of fission and fusion and this category includes but is not limited to: nuclear warheads; intercontinental ballistic missiles and corresponding air- and land-based delivery platforms; and ballistic missile submarines which are capable of delivering nuclear warheads.”[4] Aegon thus also excludes specifically designed delivery systems.
The policy is applied to investments from Aegon’s General Account, which consists of funds held for the insurance company’s own account, and shareholders’ funds available for investment.[5]
In the Netherlands, the exclusion policy is applied to all asset classes.[6] In jurisdictions outside The Netherlands the policy is not applied to assets managed on behalf of customers (unless they mandate Aegon to do so). External asset managers are required to comply with the policy.[7]
Aegon uses a public exclusion list, based on research from external advisors MSCI ESG Research and Sustainalytics.[8] As of January 2018, Aegon excluded the following companies and their subsidiaries for association with controversial weapons: Aerojet Rocketdyne Holdings; Ashot Ashkelon Industries; China Aerospace International Holdings; China Energine International Holdings; China Spacesat; General Dynamics; Hanwha Corporation; Motovilikhinskiye Zavody; National Presto Industries; Norinco International; North Navigation Control technology; Orbital ATK; Poongsan; Poongsan Holdings and Textron.[9]
Aegon was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.
We commend Aegon for adopting a public policy on nuclear weapons. We recommend Aegon apply its policy to all nuclear weapons producing companies regardless of their country of origin. It should also apply the policy to all financial products including all asset classes in jurisdictions outside the Netherlands and apply its policy to all assets managed for customers globally. We look forward to engaging with Aegon, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] AEGON, “At a Glance”, website AEGON (http://www.aegon.com/en/Home/About/At-a-glance/), viewed 4 September 2017.
[2] AEGON, “At a Glance”, website AEGON (http://www.aegon.com/en/Home/About/At-a-glance/), viewed 23 January 2018.
[3] AEGON, “AEGON N.V. Responsible Investment Policy”, November 2011, page 6, available at https://www.aegon.com/siteassets/sustainable/aegon-n-v-responsible-investment-policy.pdf, viewed 23 January 2018.
[4] AEGON, written response to PAX dated 17 April 2015.
[5] AEGON, “AEGON N.V. Responsible Investment Policy”, November 2011, page 1, available at https://www.aegon.com/siteassets/sustainable/aegon-n-v-responsible-investment-policy.pdf, viewed 23 January 2018.
[6] AEGON, written response to PAX dated 17 April 2015.
[7] AEGON, “AEGON N.V. Responsible Investment Policy”, November 2011, page 2. Available at https://www.aegon.com/siteassets/sustainable/aegon-n-v-responsible-investment-policy.pdf, viewed 23 January 2018.
[8] AEGON, written response to PAX, dated 17 April 2015.
[9] AEGON, “AEGON N.V. Responsible Investment Policy – Exclusion July 2016” website AEGON (https://www.aegon.com/contentassets/a11467f650ae4f7087d9bdf75ab6217e/aegon-responsible-investment-policy-exclusions-list.pdf), viewed 23 January 2018.
Last updated March 2018