Dutch pension giant ABP divests Japan’s TEPCO over Fukushima disaster

Author: Daniel Brooksbank, Responsible Investor, Published on: 8 January 2014

ABP, the Dutch civil service pension fund with assets of €292bn, has divested its €18m stake in Japanese nuclear power firm TEPCO (Tokyo Electric Power Company), making it the latest investor to exit after the Fukushima nuclear disaster in 2011. ABP has taken a step also taken by investors such as Norway’s KLP and the New Zealand Superannuation fund in deciding to get out of TEPCO over safety concerns. The giant fund said TEPCO did not respond to repeated requests to discuss public safety and environmental concerns...The decision means ABP now excludes 15 companies as of the start of this month: Cluster munitions: Aeroteh (Romania); Alliant Techsystems (US); Aryt Industries (Israel); Ashot Ashkelon (Israel); China Aerospace International (China); China Spacesat (China); Hanwha Corp. (S. Korea); Norinco International (China); Poongsan Corp. (S.Korea); Poongsan Holdings (S.Korea); Singapore Technologies (Singapore); Textron (US). Breaching UN Global Compact: PetroChina (China); TEPCO (Japan); Walmart (US).

Read the full post here

Related companies: PetroChina (part of China National Petroleum Corporation) Tokyo Electric Power (TEPCO) Walmart