PGGM excludes US and French companies over nuclear weapons and cluster bombs links

Dutch pension giant now excludes 33 firms in total.

PGGM, the investment manager of the €90.8bn Dutch healthcare fund, Pensioenfonds Zorg en Welzijn, has excluded a further four companies from its investment universe because of their involvement in nuclear weapons and cluster munitions.
Marcel Jeucken, PGGM’s head of responsible investment, said the companies are ITT Corp., Jacobs Engineering and Moog Inc. of the US, and France’s Zodiac Aerospace.
ITT, Jacobs and Moog are excluded over their involvement in nuclear weapons manufacture, while Zodiac, based near Paris, is barred over connections with cluster bomb production.
PGGM now excludes a total of 33 companies – 17 of them from the US. It bases its exclusions on publiclyavailable information and information provided by the companies upon request.
At the end of 2009, 33 companies and the government bonds of five countries (North Korea, Iran, Myanmar/Burma, Somalia and Sudan) were excluded, the Zeist-based fund said.
In its annual report for 2009, published this week, the pension fund said its responsible investment programme had also seen it achieve a higher percentage of voting at shareholders’ meetings, more self-initiated dialogue projects and more targeted ESG investments.
PGGM will publish the English version of its Responsible Investing report next week. This week it reported a 5.2% return on its investments in the first quarter of 2010.
PGGM’s latest exclusion list is available here