Based on its vision Sustainable Living Together, ICMIF member Achmea (Netherlands) invests in a socially responsible way with respect for the world and for future generations. By integrating ESG criteria into the cooperative insurer’s investment process, Achmea believes it can create more long-term value for its clients, employees, the company and society. From 1 January 2023, a new exclusions list applies to Achmea’s investments.
As part of its socially responsible investment (SRI) policy, Achmea chooses to exclude investments if they go against generally recognised social standards and the company’s convictions, such as the tobacco industry, coal or companies making controversial weapons. Achmea says it also looks at countries and considers whether there is extensive corruption or violation of human rights and no expectation of improvement. Such countries would then also be excluded.
From 1 January, a new exclusions list applies to Achmea’s investments
The list shows changes resulting from two adjustments in Achmea’s SRI policy. The criteria on which the cooperative assesses investments in countries have been tightened, reflecting the fact that more countries and state-owned companies are now excluded. Also, companies are now assessed more quickly if they violate international standards in areas such as human rights, labour standards or environmental standards (as flagged by an external agency).
Criteria for excluding countries tightened up
Achmea excludes countries that systematically grossly violate human rights. This also applies to countries that violate the non-proliferation treaty. In practice, excluding countries means that Achmea no longer invests in government bonds of that country. Achmea also no longer invests in state-owned companies of that country. A company qualifies as a state-owned company if the state owns more than 50% of the shares. An important tool for the exclusion of countries is the Sanctions Act 1977. In addition, Achmea’s policy aims to ensure that countries meet a number of minimum standards. To this end, it uses the Freedom in the World index, the ITUC Global Rights index and the Corruption Perception Index. These indexes indicate how countries perform in terms of human rights, labour rights and corruption. Achmea has decided to tighten the standards it uses on these three indexes.
Direct assessment of companies that violate standards
Achmea has also tightened its policy around assessing so-called norm violators. These are companies where there are verified violations of international standards on human rights, labour standards or environmental standards as mentioned in the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human rights. From now on, Achmea says it will immediately assess whether the company is put on the exclusion list if there is a verified violation. Previously, a company was first placed on a so-called watchlist for two years.
New exclusions list as of 1 January 2023
The translation of these tightened standards is reflected in Achmea’s new exclusions list. The list is evaluated every six months and adjusted as necessary.
More information on Achmea’s SIR approach and policy can be found here.
The new list can be found here (in Dutch).
