Why a.s.r. does not invest in weapons directly

Since the war in Ukraine, peace in Europe can no longer be taken for granted. The so-called 'peace dividend' seems to be in decline, and European governments must do more to defend themselves—both militarily and economically.

We believe that a democracy and its citizens must be protected. A democratic rule of law must have access to the right resources, including weapons, to safeguard a free society. From this perspective, since the start of our sustainable investment policy in 2007, we have invested in governments that respect human rights and uphold democratic values and freedoms for their people.

Exclusion Policy

Since 2007, a.s.r. has excluded direct investments in the arms industry. This seemed self-evident until the beginning of the war in Ukraine. Since then, the sentiment appears to be shifting. Among others, the Dutch Minister of Defence, the Chief of Defence of the Dutch military, and NATO have called for investment in arms manufacturers not to be excluded. a.s.r. has also received questions about whether we should reconsider our policy of not investing in the arms industry. After all, why should we exclude investments in weapons needed to defend our freedoms and values?

These are legitimate questions. And because a.s.r. strives for a sustainable society in which people can live in peace and security, we have, through an extensive dialogue involving, among others, our own investment experts, an ethicist, and the Board of Directors, evaluated our position on investing in the arms industry. We recognize the necessity of weapons to defend national borders and the role they play in preventing countries from being attacked. However, there is the dilemma of how we, as investors, can finance the arms industry while ensuring that human rights are respected and that innocent civilian casualties are avoided when weapons fall into the wrong hands. As investors in the arms industry, we cannot guarantee that weapons will only be used for justified purposes, such as protecting freedom and democracy and upholding the rule of law.

Until recently, this argument was decisive, leading to the maintenance of the exclusion policy not to directly invest in commercial arms companies or companies dealing in weapons. Indirectly, this was still upheld through investments in democratic governments.

Change in Arms Policy

a.s.r. can, under strict conditions, deviate from its exclusion policy and has, after careful consideration, decided to adjust its Responsible Investment Policy to respond to the call from the Dutch government to provide investment capital to strengthen the European defense industry and contribute to a safer world and democratic values.

Read the press release about the change in our arms policy (in Dutch)