Exclusions & avoidance

We are convinced that focus on engagement in the long term will lead to the best results for our clients. However, companies and fund managers where engagement efforts have led to insufficient results can be excluded from any investment portfolio. Companies involved in the production of controversial weapons are directly excluded from the investment universe. Controversial weapons are defined as anti-personnel mines, cluster munitions, chemical and biological weapons, and nuclear weapons.

In addition to controversial weapons there are some companies we will not invest in either due to their conduct or due to their products or services. We put companies on our avoidance list - to avoid investments in these companies where possible - when they structurally violate international conventions/standards and have demonstrated no improvement over the last years. In order to determine which products and services should be avoided, we developed an exclusion criteria framework and applied this framework to tobacco. We have assessed Tobacco by using the principle based decision framework. Based on this, we decided that Kempen is put tobacco on our sector avoidance list and is excluded from the internal Kempen funds.

KCM only selects weapon related companies for investment if: 

1. these companies comply with the international weapon related conventions and treaties as mentioned in the Convention Library and 
2. these companies operate in compliance with local laws and regulations with regard to the production, storage, trading and use of weapons and 
3. weapons involved are not controversial weapons and 
4. weapons are not being provided to countries or people on the EU and/or UN sanction list, fragile or failing states, countries in civil war, suspicious and/or corrupt buyers, terrorist organizations and (organized) crime.

Exclusions and Avoidances

2022, 19 September

Avoidance list

2022, 19 September

Exclusion list

2022, 19 September

Tobacco list

2022, 19 September

Government bond exclusion list


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Our team

Narina Mnatsaka-nian
Danny Dekker
Eszter Vitorino-Füleky