Worldwide Investments in CLUSTER MUNITIONS a Shared Responsibility
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November 2014 update Worldwide investments in CLUSTER MUNITIONS a shared responsibility November 2014 Utrecht, November 2014 PAX has strived to achieve the highest level of accuracy in our reporting. However, at this point, there is still a marked lack of official information available in the public domain about the use, production, 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 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 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. Authors Roos Boer (PAX) Anne Cukier (Profundo) Anniek Herder (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Research by Roos Boer (PAX) Anne Cukier (Profundo) Anniek Herder (Profundo) Barbara Kuepper (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Frank Slijper (PAX) Joeri de Wilde (Profundo) With thanks to Werner Anderson, Laura Boillot, Stan Brabant, Ningyu Cao, Cyrielle Chibaeff, Michelle Fahy, Eva Maria Fisher, Jan Willem van Gelder, Camille Gosselin, Paul Hannon, Barbara Happe, Katherine Harrison, Mark Hiznay, Erin Hunt, Ole Kirkelund, Thomas Küchenmeister, Martin Lagneau, Marion Libertucci, Amy Little, Richard MacCormac, Gro Nystuen, Lucy Pinches, Giuseppe Schiavello, Christophe Schreire, Petra Schroeter, Sigrid Rausing Trust, Susi Snyder, Miriam Struyk, Stijn Suijs, Lorel Thomas, Junko Utsumi, Esther Vanderbroucke, Hildegarde Vansintjan, Mary Wareham, Luc Weyn, Wilbert van der Zeijden, and all the representatives of the financial institutions who provided answers to our questions about their policy. Editor Isobel Mackie A publication by PAX, the Netherlands Lay out Studio het Mes, the Hague Cover photograph Germany, 15 October 2008 DM1348/155 mm artillery delivered cluster munitions. © Werner Anderson www.werneranderson.no For additional information please contact [email protected]. PAX (formerly IKV Pax Christi, the Netherlands) and FairFin (formerly Netwerk Vlaanderen, Belgium) published the first report on “Worldwide Investments in Cluster Munitions: a Shared Responsibility” in October 2009. It was a state - of - the - art report on financial institutions’ investment in companies that develop or produce cluster munitions, on financial institutions disinvesting from producers of cluster munitions and on states banning investments in cluster munitions. Updates of the report appeared in April 2010, May 2011, June 2012 and December 2013. This edition by PAX, dated November 2014, updates the earlier reports. 1 STATE - OF - THE - ART REPORT Contents Executive Summary, Recommendations and Methodology 8 Summary Tables 19 Introduction 30 Investing in Cluster Munitions: What’s at Stake? 30 Cluster Munitions and the Oslo Process 30 Financial Institutions’ Power and Responsibility 31 Our Research 32 Chapter 1 Hall of Shame: Financial Involvement and Investments 33 1.1 Red Flag List of Cluster Munitions Producers 33 1.1.0 Introduction and Methodology 33 1.1.1 ATK (United States) 35 1.1.2 China Aerospace Science and Technology (China) 36 1.1.3 Hanwha (South Korea) 36 1.1.4 Norinco (China) 38 1.1.5 Poongsan (South Korea) 38 1.1.6 Singapore Technologies Engineering (Singapore) 39 1.1.7 Textron (United States) 39 1.2 The Investments 42 1.2.0 Introduction and Methodology 42 1.2.1 Aberdeen Asset Management (United Kingdom) 44 1.2.2 Affiliated Managers Group (United States) 44 1.2.3 Aflac (United States) 44 1.2.4 Agricultural Bank of China (China) 45 1.2.5 AJO (United States) 45 1.2.6 Allianz (Germany) 45 1.2.7 Allstate Corporation (United States) 46 1.2.8 Amalgamated Bank of Chicago (United States) 46 1.2.9 American Beacon Advisors (United States) 46 1.2.10 American International Group (United States) 46 1.2.11 American United Mutual Insurance (United States) 47 1.2.12 Ameriprise Financial (United States) 47 1.2.13 APS Asset Management (Singapore) 47 1.2.14 Arovid Associates (United States) 47 1.2.15 Associated Banc-Corp (United States) 48 1.2.16 Banco de Sabadell (Spain) 48 1.2.17 BancPlus (United States) 48 1.2.18 Bank Hapoalim (Israel) 48 1.2.19 Bank of America (United States) 48 1.2.20 Bank of Beijing (China) 49 1.2.21 Bank of China (China) 50 1.2.22 Bank of Communications (China) 50 1.2.23 Bank of East Asia (China) 51 1.2.24 Bank of New York Mellon (United States) 51 2 1.2.25 Banner Bank (United States) 52 1.2.26 BB&T (United States) 52 1.2.27 BlackRock (United States) 52 1.2.28 California First National Bancorp (United States) 52 1.2.29 Capital Group (United States) 53 1.2.30 Carlyle Group (United States) 53 1.2.31 Cascade Bancorp (United States) 53 1.2.32 Causeway Capital Management (United States) 53 1.2.33 Central Pacific Financial Corporation (United States) 54 1.2.34 Cheonanbukil Foundation School (South Korea) 54 1.2.35 China Construction Bank (China) 54 1.2.36 China Development Bank (China) 54 1.2.37 China Everbright Group (China) 55 1.2.38 China Life Insurance (China) 55 1.2.39 China Merchants Bank (China) 55 1.2.40 China Minsheng Bank (China) 56 1.2.41 China Securities (China) 56 1.2.42 CITIC Group (China) 56 1.2.43 Citigroup (United States) 57 1.2.44 CNO Financial (United States) 57 1.2.45 Comerica (United States) 58 1.2.46 Consus Asset Management (South Korea) 58 1.2.47 Crédit Mutuel (France) 58 1.2.48 Credit Suisse (Switzerland) 58 1.2.49 Daewoo Securities (South Korea) 59 1.2.50 Davis Advisors (United States) 59 1.2.51 DBS (Singapore) 59 1.2.52 Deutsche Bank (Germany) 59 1.2.53 Dimensional Fund Advisors (United States) 60 1.2.54 Discovery Capital Management (United States) 60 1.2.55 Dongbu Group (South Korea) 60 1.2.56 E.SUN Financial (Taiwan) 60 1.2.57 Eastern Bank (United States) 61 1.2.58 Eaton Vance (United States) 61 1.2.59 Eugene Investment & Securities (South Korea) 61 1.2.60 Fidelity Investments (United States) 62 1.2.61 Fidelity Worldwide Investment (United Kingdom) 62 1.2.62 Fifth Third Bancorp (United States) 62 1.2.63 First Eagle Investment Management (United States) 63 1.2.64 First Niagara Financial (United States) 63 1.2.65 Fubon Group (Taiwan) 63 1.2.66 Gamco Investors (United States) 63 1.2.67 Genworth Financial (United States) 63 1.2.68 Goldman Sachs (United States) 64 1.2.69 Grantham, Mayo, Van Otterloo & Co. (GMO) (United States) 64 1.2.70 Groupe BPCE (France) 65 1.2.71 Guotai Junan Securities (China) 65 1.2.72 Haitong Securities (China) 65 1.2.73 Hana Financial (South Korea) 65 1.2.74 Hanwha Group (South Korea) 66 1.2.75 Hanyang Securities (South Korea) 67 1.2.76 Hartford Financial Services (United States) 67 1.2.77 Hong Yuan Securities (China) 67 3 1.2.78 Hua Nan Financial (Taiwan) 67 1.2.79 Hyundai Group (South Korea) 67 1.2.80 Hyundai Heavy Industries (South Korea) 68 1.2.81 Industrial Bank (China) 68 1.2.82 Industrial & Commercial Bank of China (ICBC) (China) 68 1.2.83 Invesco (United Kingdom) 69 1.2.84 JP Morgan Chase (United States) 69 1.2.85 KB Financial (South Korea) 70 1.2.86 KDB Financial Group (South Korea) 71 1.2.87 Keycorp (United States) 72 1.2.88 Knights of Columbus (United States) 72 1.2.89 Korea Investment Holdings (South Korea) 72 1.2.90 Land Bank of Taiwan (Taiwan) 73 1.2.91 LSV Asset Management (United States) 73 1.2.92 Macquarie Group (Australia) 73 1.2.93 MassMutual Financial (United States) 74 1.2.94 Matthews International Capital Management (United States) 74 1.2.95 MetLife (United States) 74 1.2.96 Mirae Asset Financial Group (South Korea) 75 1.2.97 Mitsubishi UFJ Financial (Japan) 75 1.2.98 Mizuho Financial (Japan) 76 1.2.99 Morgan Stanley (United States) 76 1.2.100 National Pension Service (South Korea) 76 1.2.101 Nationwide (United States) 77 1.2.102 Neuberger Berman (United States) 77 1.2.103 New York Life Insurance Company (United States) 77 1.2.104 Northern Trust (United States) 77 1.2.105 Old Mutual (United Kingdom) 78 1.2.106 Oversea-Chinese Banking Corporation (Singapore) 78 1.2.107 People’s Insurance Company (Group) of China (PICC) (China) 78 1.2.108 People’s United Financial (United States) 78 1.2.109 PNC Financial (United States) 79 1.2.110 Point72 Asset Management (United States) 79 1.2.111 Prudential (United Kingdom) 80 1.2.112 Prudential Financial (United States) 80 1.2.113 Raymond James Financial (United States) 80 1.2.114 Regions Financial (United States) 80 1.2.115 Royal Bank of Canada (Canada) 81 1.2.116 Samsung Group (South Korea) 81 1.2.117 Schroders (United Kingdom) 81 1.2.118 Sealand Securities (China) 82 1.2.119 Shenyin & Wanguo Securities (China) 82 1.2.120 Shinhan Financial Group (South Korea) 82 1.2.121 Shinyoung Asset Management (South Korea) 83 1.2.122 Siemens Financial Services (Germany) 83 1.2.123 SK Securities (South Korea) 83 1.2.124 Standard Life (United Kingdom) 84 1.2.125 State Bank of India (India) 84 1.2.126 State Street (United States) 84 1.2.127 Stifel Financial (United States) 84 1.2.128 Sumitomo Mitsui Financial Group (Japan) 85 1.2.129 Sun Life Financial (Canada) 85 1.2.130 SunTrust Bank (United States) 86 4 1.2.131 Synovus Financial Corporation (United States) 86 1.2.132 T.