In recent times, the crisis concerning Ukraine has escalated into a war. Russia has invaded Ukraine from a number of locations and this has already resulted in many victims. The pension fund is deeply concerned about this situation and its thoughts are with the people of Ukraine.
In addition to major humanitarian ramifications, the conflict in Ukraine is having an economic impact. A number of countries and companies have imposed sanctions and developments follow each other in rapid succession. The exact consequences for the economy and financial markets cannot be predicted at present.
The pension fund does not invest in bonds issued by the Russian State. The pension fund has invested a very small part of its portfolio (less than 0.02%) in Russian and Ukrainian companies. This means that the direct impact on the portfolio is small.
The pension fund works with a long-term strategic investment policy. We have structured our investment portfolio to withstand various stress situations in the financial markets.
For PDN, it’s not only important that our members can enjoy a good retirement. We also want them to be able to do that in a world that is livable for everyone. We underpin this ambition with our sustainability policy.
As far as possible within the investment portfolio, PDN excludes companies and countries based on the risk of negative impact and conflict with our own norms and values.
We therefore exclude the following companies and countries:
The fund is closely following developments in Ukraine and the board will soon consider how to deal with this in a responsible manner. The sanctions being introduced from one side onto the other and vice versa as well as the market situation also play an important role.
For more information about our investment policy and what we as PDN invest in, please visit Sustainable and responsible investing on the PDN website.