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Dutch pension fund for the care and welfare sector, Pensioenfonds Zorg en Welzijn (PFZW) has added tobacco products to the list of companies it excludes from its investments.
The move follows discussions with companies from the tobacco sector relating to the way in which tobacco is produced, including employment conditions and the use of child labour. In addition, PFZW objected to the way the marketing and selling of tobacco products is aimed at young people.
Peter Borgdorff, director of PFZW commented: “Although smoking is a personal choice, we have always recognised and highlighted the associated problems. We could not come to any other conclusion other than that these investments are unsuitable for us. Excluding tobacco producers was, therefore, the only correct option in respect of both our policy and the care and welfare sector in which our participants are active.“
The PFZW pension pot is estimated at €135bn.
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