Consider the social value as well, and you will immediately see which companies are important to the Netherlands

Together with Wander Marijnissen from strategic consultancy firm ftrprf, he examined 23 AEX-listed companies. In a nutshell, they subtracted the ecological damage from the firms' economic growth and added their social value. Philips and NS scored well in this respect, while Tata Steel and Heineken did not.

'Do not invest 2 billion euros in Tata Steel'

Tata Steel is at the bottom of the list, comprised of 23 companies, with a score of -12. What does that mean? Schoenmaker explains: 'The damage to society costs 12 times as much as the total financial value of the firm. Tata Steel emits CO2 and particulate matter. Particulate matter causes people to die earlier. Our conclusion: do not invest 2 billion euros in subsidies for Tata Steel. Steel is necessary, but not in this manner.'

Heineken also dangles at the bottom with a score of -0,97. Here, the researchers have examined the shadow price of alcohol. The shadow price is the social cost or benefit of a particular unit. Marijnissen notes: 'Many shadow prices are available from research. The shadow price of a litre of alcohol was not yet present. We derived this ourselves from various studies. We have looked at: what does alcohol consumption cost for the Netherlands? Consider absenteeism at work, reduced production, illness and crime.'

The researchers know that the results have been discussed extensively by Heineken's management team. 'I am happy that the study is being used', says Schoenmaker. 'I hope that they can see that alcohol has side effects as well as positive effects.'

NS en Philips in green

Philips is at the top of the list of 23 AEX-listed companies. You read about problems with apnoea devices in the media, but Philips still scores well. How come? 'Their strategy states that they want to help two billion people with their health. They are worth much more than their financial value because they manufacture medical equipment that prolongs life. And in Africa, they sell the devices at cost price,' explains Schoenmaker.

In addition to AEX-listed companies, the researchers also examined the Dutch Railways (NS). If you consider the financial value, NS makes a loss of 141 million euros. Once you take social value into account, the profit for NS is 1,33 billion euros. 'At NS, we looked at the value of transport: for people with reduced mobility, enabling people to get to work, or to study at a place that is further away. You consider the social effects in addition to the financial outcomes. Then, you arrive at a different final amount,' elaborates Professor Schoenmaker.

Schoenmaker: 'NS receives little money from the government to keep tickets cheap. That is why train tickets are expensive. Not everyone can afford them. We call this transport poverty. Actually, this should be a reason to make public transport cheaper for people on a low income. Precisely because of the social value of the railways.'

Is this the moment to move away from privatisation? And leave everything to the market? 'Absolutely! 100%, because the market does not price this correctly. Nobody thinks that ProRail and NS are separate entities. They should be merged and made part of the government. The logic is simply that the government can take control again where it is useful and let private companies do their thing, but that they should take a broader view,' adds Schoenmaker.