Stichting Pensioenfonds Openbaar Vervoer (the Netherlands)

Stichting Pensioenfonds Openbaar Vervoer (SPOV; Public Transport Pension Fund) offers pension plans to companies, employees and former employees from the Dutch public transport sector. The pension fund has a little over 10,500 members and more than 11,000 pensioners.[i] Spoorwegpensioenfonds and SPOV are both managed by SPF Beheer and have similar responsible investment policies.[ii]

SPOV’s Socially Responsible Investment policy states that the pension fund does not invest in companies that produce 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] SPOV’s exclusion policy applies to all asset management activities. External asset managers are instructed to fully apply the policy.[iv]

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

 


Sources:

[i]       Stichting Pensioenfonds Openbaar Vervoer, “Profile of Stichting Pensioenfonds Openbaar Vervoer”, Stichting Pensioenfonds Openbaar Vervoer website (www.spov.nl/EnglishSummary.aspx), viewed 21 October 2015.

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

[iii]      Stichting Pensioenfonds Openbaar Vervoer, “Profile of Stichting Pensioenfonds Openbaar Vervoer”, Stichting Pensioenfonds Openbaar Vervoer website (www.spov.nl/EnglishSummary.aspx), viewed 31 January 2017; SPF Beheer, written response to Profundo dated 10 November 2015.

[iv]      Stichting Pensioenfonds Openbaar Vervoer, “Profile of Stichting Pensioenfonds Openbaar Vervoer”, Stichting Pensioenfonds Openbaar Vervoer website (www.spov.nl/EnglishSummary.aspx), viewed 31 January 2017; Spoorwegpensioenfonds, written response to Profundo dated 21 May 2014; Stichting Pensioenfonds Openbaar Vervoer, “MVB-richtlijnen en MVB-restricties ten behoeve van investeringen door externe managers” (“SRI guidelines and SRI restrictions for investments made by external managers”), October 2014, available at www.spov.nl/Portals/2/Content/Over%20het%20SPOV/Documents/2015/Ethical%20Code%20SPOV%20-%20NL.pdf, last viewed 31 January 2017.

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

[vi]      Stichting Pensioenfonds Openbaar Vervoer, “Exclusions by the Public Transport Pension Fund”, 1 January 2017, available at www.spov.nl/Portals/2/Content/Over%20het%20SPOV/Documents/2016/Website%20SPOV%20uitsluitingenlijst%20bedrijven%208-12.pdf, last viewed 31 January 2017.