Worldwide investments in CLUSTER MUNITIONS
report-worldwide_investments_cluster_munitions-2016
report-worldwide_investments_cluster_munitions-2016
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How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, Nykredit should extend its exclusion policy to its commercial bank<strong>in</strong>g<br />
and <strong>in</strong>vestment bank<strong>in</strong>g activities. These are covered by Nykredit’s credit policy which has no specific focus<br />
on cluster munitions.<br />
2.2.32 Pensioenfonds Vervoer (the Netherlands)<br />
Pensioenfonds Vervoer (Transport Industry Pension Fund) serves employers and employees <strong>in</strong> goods<br />
transport, private bus transport, taxi transport, mobile crane hire and <strong>in</strong>land ferry services. 541 The pension<br />
fund has almost 600,000 participants. 542<br />
Pensioenfonds Vervoer excludes <strong><strong>in</strong>vestments</strong> <strong>in</strong> companies that develop or produce cluster munitions. 543<br />
The exclusion policy covers all asset management activities, as the Fund prefers to work via segregated<br />
mandates <strong>in</strong> order to <strong>in</strong>struct its external asset managers to exclude cluster munitions companies. 544<br />
The exclusion policy, however, does not apply to external asset manager <strong><strong>in</strong>vestments</strong> <strong>in</strong> a country via an<br />
exchange-traded fund (ETF). 545<br />
Pensioenfonds Vervoer uses an exclusion list of companies <strong>in</strong> which it does not want to <strong>in</strong>vest. As of 1<br />
February 2016, the list conta<strong>in</strong>s the follow<strong>in</strong>g companies for <strong>in</strong>volvement <strong>in</strong> controversial weapons: Aeroteh,<br />
Hanwha, Motovilikha Plants, Orbital ATK, Poongsan Corporation, Poongsan Hold<strong>in</strong>gs Corporation, S&T<br />
Hold<strong>in</strong>gs, S&T Dynamics and Textron. 546<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, Pensioenfonds Vervoer should extend its policy to all <strong><strong>in</strong>vestments</strong>, <strong>in</strong>clud<strong>in</strong>g<br />
passively managed funds such as ETFs.<br />
2.2.33 PKA (Denmark)<br />
PKA is a one of the largest pension service providers for labour market pension funds <strong>in</strong> Denmark. It manages<br />
the assets of three pension funds with a total of 265,000 members. 547<br />
PKA has a policy not to <strong>in</strong>vest <strong>in</strong> companies <strong>in</strong>volved <strong>in</strong> controversial weapons as def<strong>in</strong>ed by <strong>in</strong>ternational<br />
conventions. The policy excludes companies <strong>in</strong>volved with cluster munitions. The policy “also applies to<br />
subcontractors who supply components, service or development, specially developed <strong>in</strong> relation to the f<strong>in</strong>al<br />
product.” 548<br />
PKA’s exclusion policy applies to all asset management activities, except for passively managed funds owned<br />
by PKA and those managed by external asset managers. 549<br />
PKA publishes a list of all its <strong><strong>in</strong>vestments</strong> as well as an exclusion list. 550 The exclusion list is based on PKA’s<br />
own research and the f<strong>in</strong>d<strong>in</strong>gs of data provider Susta<strong>in</strong>alytics 551 and conta<strong>in</strong>s the follow<strong>in</strong>g companies for<br />
<strong>in</strong>volvement <strong>in</strong> cluster munitions: Aeroteh, Aryt Industries, Ashot Ashkelon, Ch<strong>in</strong>a Aerospace International<br />
Hold<strong>in</strong>gs, Ch<strong>in</strong>a Spacesat, Hanwha, L-3 Communications, Nor<strong>in</strong>co, Orbital ATK, S<strong>in</strong>gapore Technologies<br />
Eng<strong>in</strong>eer<strong>in</strong>g and Textron. 552<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, PKA should apply its policy to all funds, <strong>in</strong>clud<strong>in</strong>g externally managed<br />
passive funds.<br />
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