ABP, the €405bn ($492bn) Dutch pension scheme, is to divest its entire holdings in tobacco and nuclear weapons, estimated to be worth €3.3bn, within a year. The move is part of a new assessment framework relating to sustainable and responsible investment for the fund. In an interview with Bloomberg News, the fund’s chief executive, Willem Buiter, said that it was “time to rethink our approach towards tobacco”. The divestment will relate to manufacturers, producers and associates throughout the supply chain.
ABP, the €405bn ($492bn) Dutch pension scheme, is to divest its entire holdings in tobacco and nuclear weapons, estimated to be worth €3.3bn, within a year. The move is part of a new assessment framework relating to sustainable and responsible investment for the fund. The framework will provide for divestment if a product is believed to be harmful to humans and if ABP, which is the largest fund in Europe, is unable to alter this as a shareholder. The divestment will relate to manufacturers, producers and associates throughout the supply chain.