Worldwide investments in CLUSTER MUNITIONS

In 2007, PME strengthened its own guidelines for responsible investments and set up its investment
guidelines. It established ten PME Principles for Responsible Investing. One of them states that PME will not
invest in companies involved in products that breach international agreements that the Dutch government
has signed. 283 Consequently, PME excludes companies involved in the development, production or
maintenance of cluster munitions as prohibited by the Convention on Cluster Munitions. 284
PME outsources the management of its portfolio to its asset manager MN. MN has to apply the exclusion
policy to all the investments that it manages on PME’s account. These investments consist of discretionary
mandates and one actively managed fund. 285
PME maintains a publicly available exclusion list, which is based on the findings of data provider
Sustainalytics. The following companies are excluded for involvement in cluster munitions: Aeroteh, Aryt
Industries, Ashot Ashkelon, China Aerospace International Holdings, China Spacesat, Hanwha Chemical
Corporation, Hanwha Corporation, Hanwha E&C, Hanwha Hotels & Resorts, Hanwha Techwin, Motovilikha
Plants, Norinco, Orbital ATK, PMX Industries, Poongsan Corporation, Poongsan Holdings Corporation and
Textron Financial Corporation. 286
2.1.31 PNO Media (the Netherlands)
PNO Media manages pensions for companies and organisations from the Dutch media industry. PNO Media
serves about 450 media companies and 15,250 active participants and 9000 pensioners. 287
PNO Media’s Socially Responsible Investment Code states that the pension fund does not want to be
involved in the production of arms or arms systems, or vital elements thereof, which are banned by
international law or which use harm fundamental humanitarian principles. This covers chemical and
biological weapons, nuclear weapons, anti-personnel mines and cluster munitions. 288 Consequently, PNO
Media does not invest in companies that are involved in activities banned by the Convention on Cluster
Munitions.
The exclusion policy applies to all PNO Media’s asset management activities, including those managed by
external asset managers. 289
PNO Media publishes an exclusion list, which is based on the advice of Hermes Equity Ownership Services.
The exclusion list currently contains the following companies for their involvement in cluster munitions or
anti-personnel mines: Aeroteh, Aryt Industries, Aselsan, Ashot Ashkelon, China Aerospace International
Holdings, China Spacesat, Esterline Technologies, Hanwha Corporation, Hanwha Chemichal Corporation,
Hanwha Life Insurance, Motovilikha Plants, Norinco, Orbital ATK, Poongsan Corporation, Poongsan
Holdings Corporation, Samsung Techwin, Singapore Technologies Engineering and Textron. 290
2.1.32 SNS Bank (the Netherlands)
Until 1 January 2015, SNS Bank was part of SNS REAAL. SNS REAAL’s banking and insurance activities
demerged. The bank brands were placed under SNS Bank NV and the insurance brands under REAAL NV
(trading under the name VIVAT Verzekeringen). 291 In 2015, Vivat Verzekeringen was acquired by Chinese
insurance group Anbang. 292 SNS Bank operates in the Dutch retail market with a focus on mortgages,
savings and payments.
SNS Bank’s responsible investment policy applies to all commercial banking activities and prohibits
investments in companies involved in the trade or production of cluster munitions. 293
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