PGGM develops and operates an exclusions policy for its clients, which is designed to prevent investments that are incompatible with their identity. This means that choices have to be made. Through the exclusions policy, PGGM advises its clients on setting explicit ethical constraints on its investments. PGGM pursues a transparent policy at both the advice and implementation phases.

Exclusions lists
The exclusions list of listed companies reflects PGGM’s assessment of companies’ involvement of the companies concerned in the activities that are defined in our Exclusions Policy. This assessment is based on publicly available information and information provided by the companies upon request.
The list states the names of the companies and the activities which the client considers to be grounds for not investing.
Our clients are free to publish this list themselves.

The exclusions list Government Bonds provides the results of our application of the Exclusions Policy targeting the asset class government bonds. We concluded that the countries on this exclusions list comply with the criteria of our Exclusions Policy. The effect of the listing of these countries is exclusion of the government bonds (and other government debt, like inflation linked bonds, without a predefined goal) that are emitted by these countries. All other investments in these countries are exempt from this exclusion.

Link to exclusions list Companies
Link to exclusions list Government bonds