NETHERLANDS -     Dutch pension giants ABP and PGGM, who together have nearly €300bn in assets, have stopped investing in firms that produce landmines.

PGGM has also divested firms that produce cluster bombs, the fund told Dutch media on Friday. ABP however for now will continue to invest in the companies, a spokesman said.

The funds came under scrutiny last month when it appeared in a television programme that ABP and PGGM, among others, invested in several US firms that produce cluster bombs and landmines.

Though its board still needs to approve the decision, PGGM said that it stopped investing in the firms soon after the programme was aired. The fund received around 1,000 complaints from its members following the programme.

ABP has ceased its investments in the production of landmines, as Holland has signed an international treaty against landmines.

No such treaty exists about cluster munitions. The board still needs to decide whether it will divest from cluster bombs.

PGGM today also announced that in 2006 it booked an investment return of 11% in 2006, while capital invested increased from €71.8bn at the end of 2005 to €81.2bn at the end of 2006.

The coverage ratio improved from 118% in 2005 to 134% at the end of 2006, the fund said.

The fund also said that it intends to listen more closely to the concerns of its members with regard to responsible investments.

"By keeping in close touch with its clients' ethical standards, PGGM will be able to respond more alertly to them."

From today the fund has published a list of the quoted companies in which it holds shares on its website.

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