Worldwide investments in CLUSTER MUNITIONS

2.1.25 Pensioenfonds Horeca & Catering (the Netherlands)
Pensioenfonds Horeca & Catering (Pension Fund Horeca & Catering) is the occupational pension fund for
the Dutch hospitality and catering industries. It is an industry-wide fund with around one million participants,
which makes it one of the five largest pension funds in the Netherlands. 250
Since 2008, Pensioenfonds Horeca & Catering actively excludes companies whose corporate activities
conflict with the beliefs of workers and employers in the sector. 251 In line with these beliefs, Pensioenfonds
Horeca & Catering has been excluding companies that develop, manufacture or trade cluster munitions. 252
The pension fund reviewed its responsible investment policy in 2014. Part of this review included the
adoption of a revised exclusion policy based on the UN Global Compact Principles. Furthermore, public
and private companies that produce controversial weapons like cluster munitions, nuclear weapons and
landmines are excluded.
All the fund’s assets are managed by external asset managers, who have to comply with the exclusion
policy. 253 In 2014, Pensioenfonds Horeca & Catering terminated its investment in the passive US Small Cap
Investment Fund, because the fund did not comply with the exclusion policy. 254
The list of excluded companies shows Pensioenfonds Horeca & Catering’s fund managers which companies
to avoid. The list is based on recommendations made by an independent research provider, as well as
information from a data provider. 255 As of 15 September 2015, the list contains 39 public companies and 26
private companies for involvement in cluster munitions. The publicly listed companies excluded for
involvement in cluster munitions are: Aeroteh, Aryt Industries, Aselsan, Esterline Technologies, Hanwha
Corporation, Hanwha Techwin, Motovilikha Plants, Orbital ATK, Poongsan Corporation, Poongsan Holdings
Corporation and Textron. 256
2.1.26 Pensioenfonds Zorg en Welzijn (the Netherlands)
Pensioenfonds Zorg en Welzijn (PFZW; Pension Fund for Care and Well-Being) is a pension fund for the
Dutch care and welfare sector. It has more than 2.5 million participants and 22,400 employers are its
clients. 257 PFZW is the largest pension fund client of its asset manager PGGM. 258 The pension fund maintains
its own exclusion policy, which is consonant with that of PGGM. 259
PFZW’s responsible investment policy states that the pension fund excludes companies involved in cluster
munitions. 260 “Companies are involved when their activities include the production, development and sale
of the end product, but also of submunitions, specially adapted containers for such submunitions and
ignition mechanisms specially developed for these weapons.” 261
The exclusion policy covers all asset management activities, including passively managed funds. For private
investments, asset manager PGGM formally demands external managers to apply the exclusion policy. 262
PFZW maintains an exclusion list based on research by Sustainalytics and MSCI ESG Research that currently
contains the following companies for involvement in cluster munitions: Aeroteh, Aryt Industries, Hanwha
Corporation, L-3 Communications, Motovilikha Plants, Orbital ATK, Poongsan, Singapore Technologies
Engineering and Textron. 263
2.1.27 PFA Pension (Denmark)
PFA Pension is a Danish pension fund. It invests on behalf of approximately 800,000 individual customers. 264
PFA Pension’s Policy for Responsible Investment states that the pension fund does not wish to invest in
companies that produce controversial weapons, including cluster munitions. 265
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