APG has minimum standards and an exclusion policy built into its investment processes. On behalf of our clients we exclude companies that are involved in the production, sales and/or distribution of anti-personnel landmines, cluster munitions, chemical and biological weapons, and nuclear weapons made in violation of the Nuclear Non-Proliferation Treaty. APG also expects companies to operate in line with the UN Global Compact principles and, in its Responsible Investment Policy, APG also states that it may exclude companies that fail to act in accordance with the principles of the UN Global Compact and show no signs of changing their practices. The exclusion policy was last evaluated in 2015 and on a semi-annual basis we determine the latest exclusion list of companies. Per January 2018 we exclude 19 companies that are directly, or through ownership, involved in production of anti-personnel landmines, cluster munitions or nuclear weapons in violation of the NPT, we exclude 3 companies that we consider to be in violation of the UN Global Compact principles.