Robeco's exclusion policy in relation to the new Dutch legislation on cluster munitions

Robeco's exclusion policy in relation to the new Dutch legislation on cluster munitions

04-02-2013 | インサイト

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.

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当資料は情報提供を目的として、Robeco Institutional Asset Management B.V.が作成した英文資料、もしくはその英文資料をロベコ・ジャパン株式会社が翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。

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運用を行う資産の評価額は、組入有価証券等の価格、金融市場の相場や金利等の変動、及び組入有価証券の発行体の財務状況による信用力等の影響を受けて変動します。また、外貨建資産に投資する場合は為替変動の影響も受けます。運用によって生じた損益は、全て投資家の皆様に帰属します。したがって投資元本や一定の運用成果が保証されているものではなく、投資元本を上回る損失を被ることがあります。弊社が行う金融商品取引業に係る手数料または報酬は、締結される契約の種類や契約資産額により異なるため、当資料において記載せず別途ご提示させて頂く場合があります。具体的な手数料または報酬の金額・計算方法につきましては弊社担当者へお問合せください。

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商号等: ロベコ・ジャパン株式会社  金融商品取引業者 関東財務局長(金商)第2780号

加入協会: 一般社団法人 日本投資顧問業協会

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