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Socially responsible investment

We take investing in a socially responsible way very seriously.

View our film of socially responsible investing:


Pensioenfonds PGB considers it essential that our investments offer a good return but are, at the same time, socially responsible. Consequently, we invest in accordance with the United Nation’s Global Compact Principles.

We would, for example, never invest in companies which fail to comply with internationally recognised human rights or manufacture controversial armaments. Since 2017, we expanded our policy on the basis of a survey of our members.


Active consultation and voting practices
As an investor, we want to be able to rely on the fact that companies take due account of the interests of their investors. If it is necessary we will, therefore, actively enter into discussions with the companies in which we invest and cast our vote at shareholders’ meetings. We also deem it important to enter into discussions about subjects which our participants consider very important, such as working conditions and remuneration policies. We do this via a specialist agency. 


Excluding companies

Pensioenfonds PGB will never invest in companies which fail to comply with the United Nation’s Global Compact Principles. Every quarter, Sustainanalytics sends us a list of the companies which are failing to comply with these principles.

If, at that time, we are directly investing in any of the companies on this list, we’ll sell the shares and/or bonds; unless we felt it was worth while talking to the company first. The interests of our participants are paramount in this context. If we are investing in such a company through an investment fund, then we speak to the fund.

In 2017 and in 2018, we expanded the list of companies in which we did not want to invest. A survey of our participants revealed that they would prefer their pension money not to be used for investments in armaments and tobacco. Consequently, we  do not invest in companies which manufacture either tobacco or armaments. Nor do we invest in any companies manufacturing cluster bombs or chemical and biological weapons, or in companies using child labour. Since 2017, the manufacturers of nuclear weapons have also been partially excluded.

See the list of companies that have been excluded

Affiliation with the IMVB covenant

In 2018, Pensioenfonds PGB affiliated itself with the pension sector’s initiative to invest in a way which is socially responsible. By affiliating ourselves with the IMVB covenant, we promise to investigate whether the companies in which we invest are adhering to international agreements in the areas of human rights, working conditions and the environment, and to take account of the results of these investigations. IMVB is a Dutch acronym for ‘Internationaal Maatschappelijk Verantwoord Beleggen’ (international socially responsible investment) and is an initiative of the Organization for Economic Cooperation and Development (OECD).


Signatory of UNPRI
Pensioenfonds PGB also complies with the UNPRI, the Principles for Responsible Investing. Via these principles of the United Nations, we promise to take the environment, human rights, labour rights and good governance into account when investing. And to provide information on this in an open way. Both the pension fund and most asset managers who work for us have signed the UNPRI.