NETHERLANDS - PGGM, the €86bn healthcare scheme, is considering its position as a shareholder in companies which are active in Burma.

"A recent screening of our investments has shown that we have invested in dozens of companies which are operating in Burma. After we have refined the details, we will actively engage them, in order to change their behaviour," spokesman David Uitdenbogaard told IPE.

"If the companies ignore our advice, the ultimate consequence could be the withdrawal of our investments," he added.

PNO Media, the €2.7bn industry-wide pension fund for the broadcasting sector, is also considering its investments in companies with interests in Burma.

"We expect that companies which are active in Burma will consider how they might discourage the present government from acting against the local population, and whether it is desirable to keep on doing business there," the scheme stated on its website.

"Together with other institutional investors, we will use our influence as a shareholder in these companies and start discussions with them. Based on the outcome, we will consider our investments", PNO added.

The scheme declined to further clarify its statement but recently published a list of companies it has invested in. Among them is oil giant Total, which has extensive investments in Burma.

Last month, it made clear it will seek members' feedback on its revised socially-responsible investment (SRI) policy later this year, after at least one employer threatened to withdraw membership unless the scheme changed its stance.

As a result, the pension fund has now excluded eight manufacturers of landmines and cluster ammunitions from its investment portfolio, some which included General Dynamics, Lockheed Martin, Raytheon and Singapore Technologies Engineering.

In September, PNO Media said it was intending to test its SRI code and procedures against the "conception of standards and values of society", and on its participants.
However, little information was given as to how the new standards and policy will be tested.

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