Worldwide investments in CLUSTER MUNITIONS

How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, Nykredit should extend its exclusion policy to its commercial banking
and investment banking activities. These are covered by Nykredit’s credit policy which has no specific focus
on cluster munitions.
2.2.32 Pensioenfonds Vervoer (the Netherlands)
Pensioenfonds Vervoer (Transport Industry Pension Fund) serves employers and employees in goods
transport, private bus transport, taxi transport, mobile crane hire and inland ferry services. 541 The pension
fund has almost 600,000 participants. 542
Pensioenfonds Vervoer excludes investments in companies that develop or produce cluster munitions. 543
The exclusion policy covers all asset management activities, as the Fund prefers to work via segregated
mandates in order to instruct its external asset managers to exclude cluster munitions companies. 544
The exclusion policy, however, does not apply to external asset manager investments in a country via an
exchange-traded fund (ETF). 545
Pensioenfonds Vervoer uses an exclusion list of companies in which it does not want to invest. As of 1
February 2016, the list contains the following companies for involvement in controversial weapons: Aeroteh,
Hanwha, Motovilikha Plants, Orbital ATK, Poongsan Corporation, Poongsan Holdings Corporation, S&T
Holdings, S&T Dynamics and Textron. 546
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, Pensioenfonds Vervoer should extend its policy to all investments, including
passively managed funds such as ETFs.
2.2.33 PKA (Denmark)
PKA is a one of the largest pension service providers for labour market pension funds in Denmark. It manages
the assets of three pension funds with a total of 265,000 members. 547
PKA has a policy not to invest in companies involved in controversial weapons as defined by international
conventions. The policy excludes companies involved with cluster munitions. The policy “also applies to
subcontractors who supply components, service or development, specially developed in relation to the final
product.” 548
PKA’s exclusion policy applies to all asset management activities, except for passively managed funds owned
by PKA and those managed by external asset managers. 549
PKA publishes a list of all its investments as well as an exclusion list. 550 The exclusion list is based on PKA’s
own research and the findings of data provider Sustainalytics 551 and contains the following companies for
involvement in cluster munitions: Aeroteh, Aryt Industries, Ashot Ashkelon, China Aerospace International
Holdings, China Spacesat, Hanwha, L-3 Communications, Norinco, Orbital ATK, Singapore Technologies
Engineering and Textron. 552
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, PKA should apply its policy to all funds, including externally managed
passive funds.
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