We don't invest in...
We invest in many different categories. But certainly not in everything. We do not put money in oil, gas, tar sands and coal. Or in countries that are subject to sanctions. You can read more about this below.
Companies we do not invest in
There are some companies in which PME is not allowed to invest and some in which it does not wish to invest. We exclude such companies from our operations. There are several reasons why. Firstly, we do not wish to invest in some companies because they are involved in activities that have major adverse effects on people, the environment or society. We do so out of principle. Secondly, we exclude companies that do not wish to enter a dialogue and those with whom the dialogue proves unsuccessful after lengthy insistence on our part. Thirdly, we are not allowed to invest in some companies because we are legally prohibited from doing so. This is the case with producers of cluster munitions.
What do we exclude?
Illegal weapons, also known as controversial weapons, are not common weapons. They differ from common defence equipment in that they inflict more damage than necessary, do not distinguish between soldiers and civilians, and often have a major negative impact long after use. This category includes:
- Chemical and biological weapons
- Cluster weapons
- Landmines
- Depleted uranium weapons
- White phosphorus weapons
- Nuclear weapons
Gun ownership and use by civilians is a problem. It is the government’s job to maintain peace, security and order. This means that we do not invest in weapons for civilian use. Such weapons include the following types:
- Small arms and pistols
- Guns and carbines
- Shotguns and hunting rifles
- Machine pistols and machine guns
We are keen for our investments to contribute to the objectives of the Paris Agreement. Companies in the fossil fuel industry refuse to do the same, even though we and many other investors have been calling for them to do so for years. This is why we no longer invest in coal, fossil oil or fossil gas.
Smoking and second-hand smoking are unhealthy. Besides, smoking is addictive, and not everyone can resist the temptation or tobacco marketing. This is why we exclude tobacco and smoking products. This also applies to e-cigarettes (vapes).
The sex industry and pornography carry a high risk of human trafficking, forced labour, exploitation and abuse. This is why we do not invest in these industries.
The processing of animal fur involves serious animal suffering and is extremely harmful to the environment. This is why we do not invest in companies involved in the production or processing of fur.
Countries in which we do not invest
We do not put money into government loans to countries subject to sanctions, such as an arms embargo. Countries subject to a travel ban are also blacklisted, as are countries whose assets have been frozen. Often, these are countries waging an unjust war.
Below is a list of countries in which we don't invest in and why not.
| Country | Reason |
|---|---|
| Afghanistan | Arms embargo, Asset freeze, Travel ban |
| Belarus | Arms embargo, Asset freeze, Travel ban |
| Central African Republic | Arms embargo, Asset freeze, Travel ban |
| Democratic People's Republic of Korea | Arms embargo, Asset freeze, Travel ban |
| Eritrea | Asset freeze, Travel ban |
| Iran (Islamic Republic of) | Arms embargo, Asset freeze, Travel ban |
| Libya | Arms embargo, Asset freeze, Travel ban |
| Mali | Asset freeze, Travel ban |
| Myanmar | Arms embargo, Asset freeze, Travel ban |
| Russian Federation | Arms embargo, Asset freeze, Travel ban |
Take a closer look
Want to know more about the exclusions above? Please read the full explanation in our Sustainable and Responsible Investment Policy (in Dutch).
We also choose our investments based on other considerations. These include how companies and countries treat people and nature. Find out what we do invest in.