Credits: Maike Hildebrandt/ Shutter-stock

Metal Industry Scheme Cuts Ties with the Porn, Tobacco and Fur Industry

by | December 6, 2018

A €72bn metal industry scheme will no longer invest in the pornography and fur industry. PMT, the Dutch metal industry scheme declared on Monday that it had sold all its interests in companies that don’t meet its own ethical, sustainable and governance standards. The welcoming move came after the scheme decided to give its members a say in the policy. The pension fund scheme has also decided to cut investments in the weapon and tobacco segments.

Credits: Trigubova Irina/ Shutter-stock

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Metal Industry Scheme Cuts Ties With Porn and Fur Industry

The decision to develop their own criteria for its €16bn developed markets equity allocation came about after they gave their members a survey and checked against companies’ long-term financial viability as well as ESG criteria. The pension fund has divested shares worth a total of €6bn, lowering the number of companies it invests in, by half, to 800. The scheme would no longer get associated with tobacco, weapon, porn and fur industry in any direct or indirect ways. 

fur industry
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The fund, which is one of the largest in the Netherlands, says it has been working on the strategy change for the last two years and has taken the opinion of its participants into account. Going forward, PMT has said that they will only invest in ‘solid companies which perform well, carry out their business responsibly and which are accountable for what they do,’ the pension fund said in a statement. 

PMT also intends to use the same approach with regards to its €3bn equity holdings in emerging markets, and that they would aslo consiously select investments in the remainder of their portfolio.

The metal workers pension fund said it had already developed a benchmark with financial and ESG criteria, which applied to its €4bn stake in emerging market debt.

Other Dutch pension funds, such as, the multi-sector fund PGB, the pension fund for the retail sector (Detailhandel) and the fund for the hospitality industry (Horeca & Catering) have also made changes to their investment strategies following feedback from their members.

The decision to cut ties with porn, tobacco, weapon and fur industry is indeed a welcome move. 

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Julie Nealon

Associate Editor, USA | Contactable via Julie@raisevegan.com

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