been added to the Dutch pension’s exclusion list for failure to uphold ESG
2014) — The Dutch pension giant ABP has dropped its investments in the Tokyo
Electric Power Company (TEPCO), citing public safety violations by the Japanese company.
after the nuclear disaster in Fukushima, the Japanese company structurally
violated our standards [of responsible investing],” the €296
billion fund said. “They
have little regard for public safety. Repeated efforts by ABP have not led to a
change of behavior in TEPCO and we have therefore decided to close TEPCO from
the investment list.”
January 1, 2014, TEPCO has been added to the exclusion
list that also includes Walmart, PetroChina, and 13 other global companies.
the list, ABP said the Japanese company “breached the United Nations Global
Compact,” a policy initiative based on 10 principles of human rights, labor,
environment, and anti-corruption.
not invest in companies that are directly involved in the manufacture of
anti-personnel landmines, cluster bombs, chemical or biological weapons, or
nuclear weapons made in violation of the Non-Proliferation Treaty,” the asset owner said.
maintains a nine-person environmental, social, and governance team
responsible for implementing an integrated responsible investing approach
across all asset classes.
these efforts, ABP was named in the Don’t
Bank on the Bomb report, produced by peace movement IKV Pax Christi, the
International Campaign to Abolish Nuclear Weapons, and economic consultancy
Profundo, as a member of a “Hall
listed 298 investors with holdings of any of 27 nuclear weapon producers
including Boeing, Rolls-Royce, and Safran. The Dutch pension had over $700
million invested in such companies as of July 2013.
and Asset Managers Blasted for Nuclear Weapon Investments, A
Difficult Year for ABP