PGGM wants to avoid making any investments which we or our clients deem unsuitable. Consequently, in the PGGM mutual funds and in mandates we manage internally for individual clients (hereinafter ‘PGGM funds’) we refrain from investing in controversial weapons and tobacco. In addition, in the PGGM funds we can also exclude companies that violate human rights or that cause serious environmental damage. In such instances, we first attempt to realise improvements by engaging in dialogue with the company. If that fails, we can proceed with exclusion.