BpfBOUW is the industry-wide pension fund for the Dutch construction industry. It administers pensions for over 783,000 participants from nearly 13,000 companies. At the end of 2018, it held €74 billion in invested assets.[1]
In 2018, BpfBouw expanded its responsible investment policy on nuclear weapons to cover all nuclear weapon producers. The new responsible investment and stewardship policy excludes companies involved in the production, sale or distribution of cluster munitions, anti-personnel mines, chemical and biological weapons and nuclear weapons from investment.[2]
The exclusion policy is applied to all of bpfBOUW’s investments, as carried out by APG and other external asset managers.[3]
As of June 2019, bpfBOUW excluded the following companies from investment for involvement in nuclear weapons: AECOM; Aerojet Rocketdyne Holdings; Airbus; Babcock International; BAE Systems; Bharat Dynamics; Boeing; BWX Technologies; China Aerospace International Holdings; China National Nuclear Power; China Shipbuilding Industry Company; China Shipbuilding Industry Corporation (CSIC); 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; Serco; SGL Carbon; SUFA Technology Industry; Tata Communications; Tata Power; Textron; Thales and Walchandnagar Industries.[4]
Website: https://www.bpfbouw.nl/
Twitter: https://twitter.com/bpfBOUW
[1] bpfBOUW, “Jaarverslag bpfBOUW 2018” (Annual report bpfBOUW 2018), page 12, available at https://www.bpfbouw.nl/images/Jaarverslag-bpfBOUW-2018-website.pdf, last viewed 27 August 2019.
[2] bpfBOUW, “Verantwoord Beleggen & Stewardshipsbeleid” (Responsible Investment & Stewardship polict) page 12, available at https://www.bpfbouw.nl/images/Beleid_Verantwoord_Beleggen_Stewardship.pdf, last viewed 8 March 2019.
[3] bpfBOUW, “Verantwoord Beleggen & Stewardshipsbeleid” (Responsible Investment & Stewardship polict), available at https://www.bpfbouw.nl/images/Beleid_Verantwoord_Beleggen_Stewardship.pdf, last viewed 8 March 2019; APG, written response to PAX dated 11 July 2019.
[4] bpfBOUW, “Lijst van Uitsluitingen” (List of Exclusions), June 2019; available at https://www.bpfbouw.nl/images/BpfBOUW%20-%20Lijst%20met%20uitsluitingen%20juni%202019.pdf, last viewed 27 August 2019.