Spoorwegpensioenfonds (the Netherlands)

Spoorwegpensioenfonds (Railway Workers’ Pension Fund) (SPF) offers pension plans to companies and past and present employees from the Dutch railway transport industry. The pension fund has more than 29,000 active participants and 25,000 pensioners from 69 affiliated companies.[i] Spoorwegpensioenfonds and Stichting Pensioenfonds Openbaar Vervoer (SPOV) are both managed by SPF Beheer and have similar responsible investment policies.[ii]

Under its Socially Responsible Investment Policy, the Spoorwegpensioenfonds’ board decided in 2007 not to invest in certain companies, including developers and producers of controversial weapons. The fund defines controversial weapons as cluster munitions, anti-personnel mines, weapons with depleted uranium, nuclear, biological and chemical weapons and white phosphorous.[iii] Spoorwegpensioenfonds’ exclusion policy applies to all asset management activities. External asset managers are instructed to fully apply the policy.[iv]

The Spoorwegpensioenfonds uses an exclusion list to implement its Policy. The list, which is based on the findings of external research provider Sustainalytics in combination with internal research,[v] contains the following companies excluded for cluster munitions involvement as of July 2016: Aselsan, China Aerospace International Holdings, China Spacesat, Hanwha Corporation, Larsen & Toubro, Motovilikha Plants, Norinco, Orbital ATK, Poongsan, Poongsan Holdings Corporation, Raytheon and Textron.[vi]

 


Sources:

[i]       Spoorwegpensioenfonds, “Ons profiel” (“Our Profile”), Spoorwegpensioenfonds website (www.spoorwegpensioenfonds.nl/Overons/Wiezijnwij/Onsprofiel.aspx), viewed 31 January 2017.

[ii]       SPF Beheer, written response to Profundo dated 21 May 2014; SPF Beheer, written response to Profundo dated 10 November 2015.

[iii]      Spoorwegpensioenfonds, “Profile of Spoorwegpensioenfonds”, Spoorwegpensioenfonds website (www.spoorwegpensioenfonds.nl/EnglishSummary.aspx), viewed 31 January 2017; Spoorwegpensioenfonds, written response to Profundo dated 4 June 2014.

[iv]      Spoorwegpensioenfonds, “Profile of Spoorwegpensioenfonds”, Spoorwegpensioenfonds website (www.spoorwegpensioenfonds.nl/EnglishSummary.aspx), viewed 31 January 2017; Spoorwegpensioenfonds, “Ethical Code for external managers”, October 2014, p. 2, available at  www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2015/Ethical%20Code%20SPF%20-%20NL2.pdf, last viewed 31 January 2017; Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014.

[v]      Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014.

[vi]      Spoorwegpensioenfonds, “Uitsluitingen door het Spoorwegpensioenfonds” (“Spoorwegpensioenfonds’ exclusions”), 1 January 2017, available at www.spoorwegpensioenfonds.nl/Portals/1/Content/Over%20het%20SPF/Documents/2016/Website%20SPF%20uitsluitingenlijst%20bedrijven%208-12.pdf, last viewed 31 January 2017.