Previously called SNS Bank, De Volksbank is a Dutch retail banking group with a focus on mortgages, savings and payments. The group has around 3 million customers and has €62 billion on its balance sheet.[1]
SNS Bank was renamed De Volksbank on 1 January 2017.[2] In previous updates of the Don’t Bank on the Bomb report, SNS subsidiary ASN Bank was included in the Hall of Fame as an independent bank, because of its separate banking licence. Since 2017, ASN Bank no longer holds that separate banking licence, and therefore ASN is no longer included separately in this report.
In July 2016, De Volksbank announced that the ASN Bank’s sustainability policy will become leading for all De Volksbank activities.[3] The responsible investment policy applies to all commercial banking activities and prohibits investments in companies involved in the trade or production of nuclear weapons.[4]
De Volksbank’s external asset manager ACTIAM applies its own responsible investment policy, which excludes nuclear weapon producers from all types of assets, to the SNS investment funds. This will remain the case until De Volksbank draws up its own policy.[5] ACTIAM also manages investment funds for ASN. ASN Beleggingsinstellingen Beheer remains responsible for setting the sustainable investment policy and for deciding which companies it approves for these funds. All companies involved in weapons are excluded.[6]
In sum, nuclear weapon producers are excluded from all investments by the entire Volksbank Group. The exclusion policies are applied to all asset management activities, including assets managed externally.
As of January 2018, ACTIAM’s exclusion list, which is based on the findings of data provider Sustainalytics, contains 39 companies for involvement in weapons: Aerojet Rocketdyne; Aeroteh; Airbus Group Finance; Airbus Group; Aryt Industries; Ashot Ashkelon Industries; AviChina Industry & Technology; Babcock International; BAE Systems; Bharat Heavy Electricals; BWX Technologies; the Boeing Company; Compagnie Financière Richemont; Daicel; Dassault Aviation; Dick’s Sporting Goods; Federal State Unitary Enterprise SPLAV State Research & Production Association; Fluor; General Dynamics; Hanwha; Hanwha Techwin; Harris; Honeywell International; Huntington Ingalls; Jacobs Engineering Group; the Kroger Company; Larsen & Toubro; Leonardo Finmeccanica; Lockheed Martin; Motovilikha Plants; Norinco; Northrop Grumman; Orbital ATK; Poongsan; Raytheon, Rheinmetall; Rockwell Collins; Rolls Royce Holdings; Safran; Serco; Singapore Technologies Engineering; Textron; Thales and the Kroger Company.[7] ASN Bank publishes an inclusion list of companies approved for investment, for which companies involved in weapons production or trade are not eligible.[8]
[1] De Volksbank, “Jaarverslag 2016”, website De Volksbank (https://www.devolksbank.nl/web/file?uuid=842c7920-04e1-4bcd-bed5-ca1c2f82f80b&owner=ccfc9a47-a6c0-4190-81eb-68b77153b203&contentid=1717), last viewed 23 January 2018.
[2] SNS Bank “SNS Bank N.V. gaat verder als de Volksbank”, 27 September 2016, website SNS Bank (https://forum.snsbank.nl/sns-nieuws-99/sns-bank-n-v-gaat-verder-als-de-volksbank-10586#), last viewed 23 January 2018.
[3] De Volksbank, “Verantwoord Investeren”, website De Volksbank (https://www.devolksbank.nl/verantwoord-ondernemen/verantwoord-investeren.html), last viewed 23 January 2018.
[4] ASN Bank, “Guide ASN Sustainability Criteria”, 13 December 2016, website ASN Bank (https://www.asnbank.nl/web/file?uuid=5fc10aee-1969-491d-9381-5de239f4a466&owner=6916ad14-918d-4ea8-80ac-f71f0ff1928e&contentid=673), last viewed 23 January 2018.
[5] SNS Bank, written response to PAX dated 12 January 2017.
[6] ASN Bank, written response to PAX dated 11 April 2017.
[7] Actiam, “Overzicht Uitsluitingen”, October 2017, Actiam website (www.actiam.nl/nl/documenten/verantwoord/Documents/Overzicht_Uitsluitingen_Bedrijven.pdf), last viewed 23 January 2018.
[8] ASN Bank, “Goedgekeurd voor beleggingen”, October 2017, ASN Bank website (www.asnbank.nl/particulier/beleggen/goedgekeurd-voor-beleggingen.html), last viewed 23 January 2018.
Last modified March 2018