Pensioenfonds Metaal & Techniek has excluded tobacco, fur, weapons and adult entertainment sectors from its developed markets equity portfolioPaulina Pielichata
Pensioenfonds Metaal & Techniek, The Hague, Netherlands, has excluded tobacco, fur, weapons and adult entertainment sectors from its developed markets equity portfolio, a spokeswoman said.
Following two years of due diligence, the €71.8 billion ($81.3 billion) pension fund created an equity portfolio that meets the criteria of its environmental, social and governance policy. PMT developed its own benchmark in cooperation with its fiduciary manager, MN, and its money managers, BlackRock and J.P. Morgan, as well as market-index provider MSCI, resulting in the divestments.
The investible universe has decreased to 800 from 1,600 companies, a PMT spokeswoman said.
Investments in the tobacco, fur and adult entertainment industries, nuclear weapons, controversial weapons and civilian fire arms have been excluded from all of PMT’s developed markets portfolio. The pension fund will work on an internal benchmark for its emerging markets equity portfolio in the future, the spokeswoman said.