TNO Pension Fund does not invest in certain countries. The country exclusion policy was further refined in December 2023, resulting in the exclusion of an additional 51 countries.

In addition to not investing in government bonds issued by countries sanctioned by the European Union and/or United Nations for violating international treaties, TNO Pension Fund also no longer invests in all countries and territories classified as ‘not free’ according to the Freedom House ‘Freedom in the World’ report. We were already using the Freedom House report, but until December this only concerned countries identified as being the ‘worst of the worst’. The extension of the country exclusion policy for investment portfolios held in the name of the pension fund excluded 51 additional countries from investment.

You can read more about this in the memorandum.