Worldwide investments in CLUSTER MUNITIONS

2.2.40 Stichting Pensioenfonds APF (the Netherlands)
Stichting Pensioenfonds APF (APF Pension Fund) provides retirement benefits for AkzoNobel employees. 586
It has almost 6,000 active participants and over 18,000 pensioners. 587
Stichting Pensioenfonds APF’s responsible investment policy states that the pension fund does not invest
in companies that develop, produce or maintain controversial weapons or that have a significant stake
in a company that produces these weapons. Controversial weapons are defined as cluster munitions,
anti-personnel mines and biological, chemical and nuclear weapons. 588
The exclusion policy only applies to the pension fund’s direct investments in European, U.S. and Japanese
assets, and to fixed-income securities (corporate bond portfolios). Furthermore, Stichting Pensioenfonds APF
invests in Emerging Markets Funds that exclude cluster munitions, anti-personnel mines, depleted uranium
ammunition, and biological and chemical weapons. 589 Stichting Pensioenfonds APF states that the exclusion
policy encompasses all relevant asset and bond portfolios, except for a small part held by investment funds. 590
Excluded companies are added to the exclusion list, which is based on information from external research
organisation Ethix SRI Advisors. Stichting Pensioenfonds APF excludes the following companies for
involvement in cluster munitions: Aeroteh, Hanwha Corporation, Motovilikha Plants, Poongsan Corporation,
Poongsan Holdings Corporation, Orbital ATK, Singapore Technologies Engineering and Textron. 591
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, Stichting Pensioenfonds APF should instruct all asset managers to apply
its exclusion policy to all asset management activities.
2.2.41 Sumitomo Mitsui Trust Bank (Japan)
Sumitomo Mitsui Trust Bank (SMTB) is a Japanese financial services group focusing on commercial and
investment banking, asset management and real estate management. 592
SMTB excludes companies that develop or produce cluster munitions from the portfolio of active
management products. 593 Its policy is applied to all SMTB companies with activities in investment banking
and commercial banking. This means that SMTB does not provide loans or credits to cluster munitions
companies. The policy does not yet apply to subsidiaries Sumitomo Mitsui Trust Asset Management and
Nikko Asset Management that are active in asset management. SMTB is in discussion with these two
subsidiaries to implement SMTB’s policy in the future as well. 594
For passively managed products, SMTB encourages US-based and Asia-based cluster munitions companies
through engagement activities to suspend the manufacture of these weapons, rather than excluding them.
These engagement activities are not linked to a disinvestment time frame. 595
SMTB uses the red flag list of cluster munitions producers from this report as a research benchmark.
It recognises that this is a non-exhaustive list and rather a first step of information on cluster munitions
producers. 596
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, the policy should cover all of SMTB’s companies and all the financial
products it offers.
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