Pensioenfonds APF is a Dutch mandatory pension fund for employees of AkzoNobel.[1] It serves over 35,000 clients (including active participants, former participants and pensioners.)[2] At the end of 2016, APF managed over €5 billion in invested assets.[3]
Pensioenfonds APF excludes companies involved in the development, testing, production, maintenance, selling or distribution of nuclear weapons.[4] The exclusion criteria also prohibit investment in companies involved in the development, manufacture and maintenance of missiles that are primarily used for carrying nuclear munitions and of submarines equipped with ballistic missiles.[5]
The exclusion policy applies to all investments made by the pension fund’s external asset manager Syntrus Achmea, including direct investments in European, U.S. and Japanese assets. Pensioenfonds APF also invests in several Emerging Markets Funds, for which nuclear weapons are not an exclusion criterion. Pensioenfonds APF’s exclusion policy regarding nuclear weapons applies to approximately 93% of its investment portfolio.[6]
The exclusion list, which is based on the findings of external research organisation Ethix SRI Advisors, contained 49 companies for involvement with controversial weapons as of 1 July 2017: AECOM Aerojet Rocketdyne Holdings; Aeroteh; Airbus Group; Aryt Industries; Babcock International; BAE Systems; The Boeing Company; Booz Allen Hamilton; BWX Technologies; CACI International; China Shipbuilding Industry; Cohort; Constructions Industrielles de la Mediterranee; Engility Holdings; Exelis; Fluor; Fortive; General Dynamics; GP Strategies; GrafTech International; Hanwha; Harris; Honeywell International; Huntington Ingalls; Jacobs Engineering; L-3 Communications Holdings; Larsen & Toubro; Leidos Holdings; Leonardo-Finmeccanica; Lockheed Martin; Moog; Motovilihinskie zavody; Northrop Grumman; Orbital ATK; Poongsan; Poongsan Holdings; Premier Explosives; Raytheon; Rolls-Royce Holdings; S&T Dynamics; S&T Holdings; Safran; Serco; SGL Carbon; Textron; Tata Power; Thales; Toshiba; Ultra Electronics Holdings; United Technologies and Walchandnagar Industries. [7]
We commend Pensioenfonds APF for adopting a public policy on nuclear weapons. We recommend Pensioenfonds APF apply the policy to all of its financial products including investments in Emerging Markets Funds . We look forward to engaging with Pensioenfonds APF, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] Pensioenfonds APF, “Organisatie”, website Pensioenfonds APF (https://www.pensioenfondsapf.nl/over-ons/organisatie/), viewed 23 January 2018.
[2] Pensioenfonds APF, “Jaarverslag 2016”, page 5, available at https://www.pensioenfondsapf.nl/apf/assets/File/Jaarverslag_2016.PDF, viewed 23 January 2018.
[3] APF, “Jaarverslag 2016”, page 20, available at https://www.pensioenfondsapf.nl/apf/assets/File/Jaarverslag_2016.PDF, viewed 23 January 2018.
[4] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, page 1, available at https://www.pensioenfondsapf.nl/apf/assets/File/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 23 January 2018; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[5] Pensioenfonds APF, “Stichting Pensioenfonds APF Uitsluitingsbeleid”, available at https://www.pensioenfondsapf.nl/apf/assets/File/Stichting%20Pensioenfonds%20APF%20Uitsluitingsbeleid.pdf, viewed 23 January 2018.
[6] Pensioenfonds APF, “Stichting Pensioenfonds APF Verantwoord beleggen beleid”, p.2, available at https://www.pensioenfondsapf.nl/apf/assets/File/02-2012_Stichting_Pensioenfonds_APF_Verantwoord_beleggen_beleid.pdf, viewed 23 January 2018; Pensioenfonds APF, written response to Profundo dated 7 July 2014.
[7] Pensioenfonds APF, “Rapportage Verantwoord Beleggen. Eerste halfjaar 2017”, p.6, available at https://www.pensioenfondsapf.nl/apf/assets/File/Verantwoord-Beleggen-2017-H1.pdf, viewed 23 January 2018.
Last updated March 2018