Pensioenfonds Zorg en Welzijn is a pension fund for the Dutch healthcare and social sector. It has more than 2.5 million participants and 22,400 employers are its clients.[1] At the end of 2017, PfZW managed €197.2 billion worth of assets on behalf of its clients.[2]
PfZW has its own exclusion policy, which is executed by its asset manager PGGM.[3] PfZW’s responsible investment policy excludes “companies if they are involved in the production of and trading in controversial weapons, including nuclear weapons and cluster munitions.”[4] Nuclear weapons are defined as “any device which can discharge nuclear energy in an uncontrolled way and which has a number of characteristics making it suitable for use as a weapon”, in line with the UN Treaty for the Prohibition of Nuclear Weapons in Latin America and the Caribbean. PfZW also excludes specifically designed delivery systems.[5]
PfZW’s asset manager PGGM’s exclusion policy applies to all asset management activities, regardless of whether they are managed internally or by external asset managers.[6]
PfZW maintains an exclusion list that is available online. The list is based on research by Sustainalytics and MSCI. As of 1 January 2018, companies excluded for involvement with nuclear weapons are AECOM Technology; Airbus; Aerojet Rocketdyne Holdings; Babcock International; BAE Systems; Boeing; BWX Technologies; CNIM; Leonardo; Fluor; General Dynamics; Harris; Honeywell; Huntington Ingalls Industries; Jacobs Engineering; Larsen & Toubro; Lockheed Martin; MOOG; Northrop Grumman; Raytheon; Rockwell Collins; Safran; Serco; Thales and Walchandnager Industries.[7]
Website: https://www.pfzw.nl/about-us/
Twitter: @PFZWnieuws
Facebook: https://www.facebook.com/PFZWpensioen
[1] PfZW “Jaarverslag 2015”, page 8, available at http://www.jaarverslagpfzw.nl/FbContent.ashx/pub_0/Downloads/PFZW_jaarverslag_2015.pdf, viewed 23 January 2018.
[2] PfZW “Kwartaalberichten”, PfZW website (https://www.pfzw.nl/over-ons/dit-presteren-we/Paginas/Kwartaalberichten.aspx), viewed 23 January 2018.
[3] PfZW, Written response to PAX dated 23 April 2014.
[4] PfZW “Responsible Investment Annual Report 2012”, page 53, available at http://www.pfzw.nl/Documents/About-us/responsible-investment-annual-report-2012.pdf, viewed 23 January 2018.
[5] PfZW, written response to PAX dated April 23, 2015.
[6] PfZW, written response to PAX dated April 23 2015; PGGM, “Responsible Investment Implementation Framework”, May 2014, page 16, available at https://www.pggm.nl/english/what-we-do/Documents/responsible-investment-implementation-framework_may-2014_pggm.pdf, viewed 23 January 2018.
[7] PfZW, “Uitsluitingen Ondernemingen”, website PfZW (https://www.pfzw.nl/over-ons/over-ons/pensioenbeleggen/Paginas/Uitsluitingen-ondernemingen.aspx), viewed 23 January 2018.
Last modified March 2018