On 1 January 2013, a ban on investment in cluster munitions came into effect in the Netherlands. From 1 April this year the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten or 'AFM') will start to formally implement this ban.
The ban will affect a large number of Dutch financial institutions, including investment companies, investment institutions and pension funds, that invest or may invest in companies that are involved in the production, sales and distribution of cluster munitions or supply important parts for cluster munitions, or provide financing to such companies in other ways. This ban also applies to Robeco Institutional Asset Management B.V. (Robeco) and the Dutch and Luxembourg Robeco funds.
For a long time now, Robeco's exclusion policy has contained provisions to ensure that the company does not invest in listed companies that are involved in the cluster munitions business. In fact, Robeco's policy refers to the same international convention that forms the basis for the legislative ban.
In view of the legislative ban, the AFM has recently drawn up an indicative list of companies that are involved in the production, sales and distribution of cluster munitions or supply important parts for cluster munitions. This list is indicative and discussions are still underway between the sector and the AFM to come to a definitive, but still indicative list. The list is dynamic in the sense that it can be periodically adjusted when companies dispose of or even start up cluster munitions activities. The AFM's current indicative list will be regarded as a so-called risk radar and used for this purpose. In other words as a starting point for asking further questions if a Dutch company were to invest in any of the companies mentioned.
There are four companies on the indicative AFM list that are not on Robeco's current exclusion list. These are Aryt Industries, Ashot Ashkelon and Kaman Corp. The fourth company, Splav State Research, is not listed. Robeco can effectively substantiate and has documented why these names are not on Robeco's exclusion list. Furthermore, Robeco is still in discussion with the AFM (together with other asset managers) on this difference in interpretation. In the future, we will continue to have regular contact with the AFM to discuss the indicative list and will give new names consideration in establishing Robeco's own exclusion list.
If you are a Robeco institutional client and wish to ensure that, under the terms of your asset management agreement, investments can never be made in the three aforementioned listed companies, please contact your account manager.
Finally, it is important to mention - especially in respect to Robeco’s integrated asset management offering- that when Dutch financial institutions invest indirectly in index futures or index funds, these instruments or funds are permitted to have a maximum exposure of 5% to companies with cluster munitions activities. It is unlikely that this threshold will be achieved in our opinion. However, if the investment institution is Dutch or has a Dutch manager, it may not invest itself in cluster munitions at all.
The content displayed on this website is exclusively directed at qualified investors, as defined in the swiss collective investment schemes act of 23 june 2006 ("cisa") and its implementing ordinance, or at “independent asset managers” which meet additional requirements as set out below. Qualified investors are in particular regulated financial intermediaries such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks, regulated insurance companies, public entities and retirement benefits institutions with professional treasury or companies with professional treasury.
The contents, however, are not intended for non-qualified investors. By clicking "I agree" below, you confirm and acknowledge that you act in your capacity as qualified investor pursuant to CISA or as an “independent asset manager” who meets the additional requirements set out hereafter. In the event that you are an "independent asset manager" who meets all the requirements set out in Art. 3 para. 2 let. c) CISA in conjunction with Art. 3 CISO, by clicking "I Agree" below you confirm that you will use the content of this website only for those of your clients which are qualified investors pursuant to CISA.
Representative in Switzerland of the foreign funds registered with the Swiss Financial Market Supervisory Authority ("FINMA") for distribution in or from Switzerland to non-qualified investors is Robeco Switzerland AG, Josefstrasse 218, 8005 Zürich, and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich. Please consult www.finma.ch for a list of FINMA registered funds.
Neither information nor any opinion expressed on the website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Robeco/Robeco Switzerland AG product should only be made after reading the related legal documents such as management regulations, articles of association, prospectuses, key investor information documents and annual and semi-annual reports, which can be all be obtained free of charge at this website, at the registered seat of the representative in Switzerland, as well as at the Robeco/Robeco Switzerland AG offices in each country where Robeco has a presence. In respect of the funds distributed in Switzerland, the place of performance and jurisdiction is the registered office of the representative in Switzerland.
This website is not directed to any person in any jurisdiction where, by reason of that person's nationality, residence or otherwise, the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply must not access this website.