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Worldwide Investments in Cluster Munitions 1 Utrecht, December 2018 Worldwide investments in cluster munitions 1 Utrecht, December 2018 PAX and FairFin published the first version of “Worldwide Investments in Cluster Munitions: a Shared Responsibility” in October 2009. It listed financial institutions’ investment in companies that develop or produce cluster munitions, financial institutions disinvesting from producers of cluster munitions and states banning investments in cluster munitions. The report was updated on an almost yearly basis since then, with this 2018 report being the most recent one. All reports are available on the website www.stopexplosiveinvestements.org/report. PAX has strived to achieve the highest level of accuracy in this report. However, there is still a marked lack of official information available in the public domain about the use, production, Worldwide Investments in transfer, and stockpiling of cluster munitions, as well as about investments in companies that produce cluster munitions. The information in this report therefore reflects official information cluster munitions: a shared available in the public domain known to PAX. We welcome comments, clarifications, and corrections from governments, companies, financial institutions and others, in the spirit of responsibility dialogue, and in the common search for accurate and reliable information on an important subject. If you believe you have found an inaccuracy in our report or if you can provide additional information, please contact us at [email protected]. Principal authors: Maaike Beenes | Michel Uiterwaal PAX, the Netherlands © Researchers: Maaike Beenes (PAX), Roos Boer (PAX), Hester Brink (Profundo), Anniek Herder (Profundo), Hessel Kroes (Profundo), Barbara Kuepper (Profundo), Omega Research Foundation, Suzanne Oosterwijk (PAX), Michel Riemersma (Profundo), Frank Slijper (PAX), Michel Uiterwaal (PAX), Joeri de Wilde (Profundo) With thanks to Firoz Alizada, Halla Al Mansouri, Werner Anderson, Laura Boillot, Stan Brabant, Jordi Calvo Rufanges, Amelie Chayer, Cyrielle Chibaeff, Bonnie Docherty, Jan Willem van Gelder, Paul Hannon, Barbara Happe, Katherine Harrison, Mark Hiznay, Erin Hunt, Wouter Kolk, Thomas Küchenmeister, Martin Lagneau, Marion Libertucci, Gro Nystuen, Eunjung Oh, Alma Al Osta, Giuseppe Schiavello, Christophe Schreire, Petra Schroeter, Sigrid Rausing Trust, Susi Snyder, Miriam Struyk, Esther Vanderbroucke, Mary Wareham, Luc Weyn, Ward Warmerdam, Wilbert van der Zeijden, and all the representatives of the financial institutions who provided answers to our questions about their policy. A publication by PAX, the Netherlands © Lay out Helma Bovens, Matthijs Sluiter (Studio Het Mes) Cover photograph Germany, 15 October 2008 DM1348/155 mm artillery delivered cluster munitions. © Werner Anderson www.werneranderson.no December 2018 update For additional information please contact [email protected]. 3.3.10 Banca Etica (Italy) 40 3.3.11 BankInvest (Denmark) 40 Table of contents 3.3.12 BpfBOUW (the Netherlands) 41 3.3.13 CCLA (United Kingdom) 41 3.3.14 The Co-operative Bank (United Kingdom) 41 3.3.15 DNB (Norway) 42 3.3.16 Eventide Asset Management (United States) 42 3.3.17 La Financière Responsable (France) 42 Executive summary 8 3.3.18 Fonds de Compensation (Luxembourg) 43 3.3.19 Fonds de Réserve pour les Retraites (France) 43 3.3.20 The Future Fund (Australia) 44 Introduction: 3.3.21 Future Super (Australia) 44 investing in cluster munitions: what’s at stake? 12 3.3.22 KLP (Norway) 44 3.3.23 Laegernes Pensionskasse (Denmark) 45 3.3.24 LBBW (Germany) 45 Chapter 1 Cluster munitions producers 17 3.3.25 Menzis (the Netherlands) 45 3.3.26 MN Services (the Netherlands) 46 1.1 Introduction 17 3.3.27 MP Pension (Denmark) 46 3.3.28 NIBC (the Netherlands) 47 1.2 Methodology 18 3.3.29 PenSam (Denmark) 47 3.3.30 Pensioenfonds Horeca & Catering (the Netherlands) 47 1.3 Red Flag List of cluster munitions producers 20 3.3.31 Pensioenfonds Zorg en Welzijn (the Netherlands) 48 1.3.1 Avibras (Brazil) 20 3.3.32 PensionDanmark (Denmark) 48 1.3.2 Bharat Dynamics Limited (India) 21 3.3.33 PFA Pension (Denmark) 49 1.3.3 China Aerospace Science and Industry (China) 21 3.3.34 PGGM (the Netherlands) 49 1.3.4 Hanwha (South Korea) 22 3.3.35 Philips Pension Fund (the Netherlands) 49 1.3.5 LIG Nex1 (South Korea) 23 3.3.36 PKA (Denmark) 49 1.3.6 Norinco (China) 24 3.3.37 PME (the Netherlands) 50 1.3.7 Poongsan (South Korea) 25 3.3.38 PNO Media (the Netherlands) 50 3.3.39 Sparinvest (Luxembourg) 51 1.4 Note of caution: Elbit Systems 25 3.3.40 Spoorwegpensioenfonds (the Netherlands) 51 3.3.41 Stichting Pensioenfonds Huisartsen (the Netherlands) 51 1.5 Companies no longer on the Red Flag List of cluster munitions producers 26 3.3.42 Stichting Pensioenfonds Openbaar Vervoer (the Netherlands) 52 1.5.1 Orbital ATK / Northrop Grumman (United States) 26 3.3.43 Stichting Pensioenfonds voor de Woningcorporaties (the Netherlands) 52 1.5.2 Textron (United States) 26 3.3.44 Storebrand Group (Norway) 53 3.3.45 Swedish Pension Funds AP1-4 (Sweden) 53 3.3.46 Swedish Pension Fund AP7 (Sweden) 53 Chapter 2 Hall of Shame 29 3.3.47 Triodos Bank (the Netherlands) 54 3.3.48 De Volksbank (the Netherlands) 54 2.1 Introduction 29 2.2 Methodology and definitions 30 Chapter 4 Runners-Up: policies with room for improvement 55 2.3 Hall of Shame table 32 4.1 Introduction 55 Chapter 3 Hall of Fame: 4.2 Methodology 57 financial institutions pioneering in divestment 34 4.3 Financial institutions listed in the Runners-Up 58 3.1 Introduction 34 4.3.1 ABN AMRO (the Netherlands) 58 4.3.2 Achmea (the Netherlands) 59 3.2 Methodology 36 4.3.3 Aegon (the Netherlands) 59 4.3.4 Alm Brand (Denmark) 60 3.3 Financial institutions listed in the Hall of Fame 36 4.3.5 AMP Capital (Australia) 60 3.3.1 ABP (the Netherlands) 37 4.3.6 Aviva (United Kingdom) 60 3.3.2 Alecta (Sweden) 37 4.3.7 AXA (France) 61 3.3.3 Alternative Bank Schweiz (Switzerland) 37 4.3.8 Azzad Asset Management (United States) 62 3.3.4 AMF (Sweden) 38 4.3.9 La Banque Postale (France) 62 3.3.5 APG (the Netherlands) 38 4.3.10 Barclays (United Kingdom) 63 3.3.6 A.S.R. (the Netherlands) 38 4.3.11 BBVA (Spain) 63 3.3.7 ATP (Denmark) 39 4.3.12 Belfius (Belgium) 64 3.3.8 Australian Ethical (Australia) 39 4.3.13 BNP Paribas (France) 64 3.3.9 Aviso Wealth (Canada) 40 4.3.14 BPCE Group (France) 65 Worldwide investments in cluster munitions 4 Table of contents 5 4.3.15 Carmignac Gestion (France) 66 5.2.9 Samoa 105 4.3.16 CFB (United Kingdom) 66 5.2.10 Spain 107 4.3.17 Commerzbank (Germany) 66 5.2.11 Switzerland 108 4.3.18 Crédit Agricole (France) 67 4.3.19 Credit Suisse (Switzerland) 67 5.3 Divestment – parliamentary initatives 110 4.3.20 Danske Bank (Denmark) 68 5.3.1 Canada draft legislation 110 4.3.21 Deutsche Bank (Germany) 68 5.3.2 European Parliament 112 4.3.22 DIP (Denmark) 69 4.3.23 Domini Impact Investments (United States) 70 5.4 Statements on investments in cluster munitions 113 4.3.24 EdenTree Investment Management (United Kingdom) 70 5.4.1 Australia 113 4.3.25 Ethias (Belgium) 71 5.4.2 Bosnia and Herzegovina 113 4.3.26 Finex (United Kingdom) 71 5.4.3 Cameroon 114 4.3.27 Folksam (Sweden) 71 5.4.4 Canada 114 4.3.28 Generali (Italy) 72 5.4.5 Chad 114 4.3.29 Government Pension Fund Global (Norway) 72 5.4.6 Colombia 115 4.3.30 Handelsbanken (Sweden) 73 5.4.7 Congo, the Democratic Republic of 115 4.3.31 HSBC (United Kingdom) 73 5.4.8 Congo, the Republic of 115 4.3.32 ING (the Netherlands) 74 5.4.9 Costa Rica 115 4.3.33 Intesa Sanpaolo (Italy) 74 5.4.10 Croatia 115 4.3.34 Ireland Strategic Investment Fund (Ireland) 75 5.4.11 The Czech Republic 116 4.3.35 KBC (Belgium) 75 5.4.12 Denmark 116 4.3.36 KD Bank (Germany) 76 5.4.13 France 116 4.3.37 Länsförsäkringar (Sweden) 76 5.4.14 The Gambia 117 4.3.38 Lloyds Banking Group (United Kingdom) 77 5.4.15 Ghana 117 4.3.39 Mitsubishi UFJ Financial Group (Japan) 78 5.4.16 Guatemala 117 4.3.40 Mizuho Financial Group (Japan) 78 5.4.17 The Holy See 117 4.3.41 National Provident Fund (New Zealand) 79 5.4.18 Hungary 117 4.3.42 New Zealand Superannuation Fund (New Zealand) 79 5.4.19 Lao PDR 118 4.3.43 Nordea (Sweden) 80 5.4.20 Lebanon 118 4.3.44 Nykredit (Denmark) 80 5.4.21 Madagascar 118 4.3.45 ONVZ (the Netherlands) 81 5.4.22 Malawi 118 4.3.46 Pensioenfonds Vervoer (the Netherlands) 81 5.4.23 Malta 119 4.3.47 Rabobank (the Netherlands) 81 5.4.24 Mauritania 119 4.3.48 Royal Bank of Canada (Canada) 82 5.4.25 Mexico 119 4.3.49 Royal Bank of Scotland (United Kingdom) 83 5.4.26 Montenegro 119 4.3.50 SEB (Sweden) 83 5.4.27 Niger 120 4.3.51 Société Générale (France) 84 5.4.28 Norway 120 4.3.52 Standard Chartered (United Kingdom) 84 5.4.29 Peru 120 4.3.53 Stichting Pensioenfonds APF (the Netherlands) 84 5.4.30 Rwanda 120 4.3.54 Sumitomo Mitsui Financial Group (Japan) 85 5.4.31 Senegal 121 4.3.55 Sumitomo Mitsui Trust Bank (Japan) 85 5.4.32 Slovenia 121 4.3.56 Swedbank (Sweden) 86 5.4.33 Trinidad and Tobago 121 4.3.57 Toronto-Dominion Bank (Canada) 87 5.4.34 United Kingdom 121 4.3.58 UBS (Switzerland) 87 5.4.35 Zambia 122 4.3.59 UniCredit Group (Italy) 88 4.3.60 Van Lanschot Kempen (the Netherlands) 88 4.3.61 VDK Bank (Belgium) 89 Appendix 1 Investments in Elbit Systems 124 4.3.62 Vontobel (Switzerland) 89 Appendix 2 Investments in Orbital ATK and Textron 125 Chapter 5 Countries’ best practices 90 5.1 Introduction and methodology 90 Appendix 3 Glossary 128 5.2 Divestment – legislation 91 5.2.1 Belgium 92 Appendix 4 References 130 5.2.2 Ireland 94 5.2.3 Italy 96 5.2.4 Liechtenstein 97 5.2.5 Luxembourg 99 5.2.6 The Netherlands 101 5.2.7 New Zealand 103 5.2.8 Saint Kitts & Nevis 104 Worldwide investments in cluster munitions 6 Table of contents 7 7 Producers of cluster munitions Worldwide Investments in • Avibras (Brazil) – NEW • Bharat Dynamics Limited (India) – NEW • China Aerospace Science and Industry [CASIC] (China) Cluster Munitions: a shared • Hanwha (South Korea) • LigNex1 (South Korea) – NEW • Norinco (China) responsibility • Poongsan (South Korea) The report identifies 7 companies from 4 countries that are involved in the production of cluster munitions and that we find financial links with.
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