Worldwide investments in CLUSTER MUNITIONS

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1.2.87 KDB Financial Group (South Korea) KDB Financial Group (South Korea) has made an estimated US$168 million available to the companies on the red flag list since June 2012. KDB Financial Group has underwritten bond issuances totalling approximately US$168 million for the companies since June 2012 (see table below). Holding company Hanwha Hanwha Hanwha Hanwha Hanwha Issuer Hanwha Corp Hanwha Corp Hanwha Corp Hanwha Corp Hanwha Corp Underwriting of bond issuances by KDB Financial Group Est. Use of Total value participation Interest Maturity Issue date proceeds (US$ mln) of this bank rate date (US$ mln) General 140 46 3.470 12-12-2012 12-12-2015 Refinance 182 46 3.070 3-5-2013 3-5-2016 Refinance 141 47 3.790 25-10-2013 25-10-2016 Refinance 197 20 3.707 29-8-2014 29-8-2017 Refinance 91 9 3.334 13-11-2014 13-11-2017 Source: Thomson Reuters Eikon, “Bond and share issue underwritings”, viewed March 2016; Bloomberg, “Bond and share issue underwritings”, viewed March 2016. 1.2.88 KeyCorp (United States) KeyCorp (United States) has made an estimated US$198 million available to the companies selected for this research project since June 2012. KeyCorp provided loans totalling approximately US$138 million to the companies (see table below). The table shows all loans closed since June 2012. Loans provided by KeyCorp Est. Holding Use of Total value participation Borrower company proceeds (US$ mln) of this bank (US$ mln) Closing date Maturity date Orbital ATK Orbital ATK Orbital ATK Orbital ATK Orbital ATK Alliant Techsystems Inc Acquisition 1,010 30 1-11-2013 1-11-2018 Alliant Techsystems Inc Acquisition 700 20 1-11-2013 1-11-2018 Alliant Techsystems Inc Orbital ATK Inc Orbital ATK Inc Refinancing, General 150 11 24-6-2014 24-12-2018 General, Working 800 34 29-9-2015 29-9-2020 capital General, Working 1,000 43 29-9-2015 29-9-2020 capital Source: Thomson Reuters Eikon, “Loans”, viewed March 2016; Bloomberg, “Loans”, viewed March 2016. 98
KeyCorp has underwritten bond issuances totalling approximately US$60 million for the companies since June 2012 (see table below). Holding company Orbital ATK Orbital ATK Orbital ATK Issuer Orbital ATK Inc Orbital ATK Inc Orbital ATK Inc Underwriting of bond issuances by KeyCorp Est. Use of Total value participation Interest Maturity Issue date proceeds (US$ mln) of this bank rate date (US$ mln) General Corporate Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance General Corporate Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance General Corporate Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance Source: Thomson Reuters Eikon, “Bond and share issue underwritings”, viewed March 2016; Bloomberg, “Bond and share issue underwritings”, viewed March 2016. 1.2.89 Kiwoom Securities (South Korea) Kiwoom Securities (South Korea) has made an estimated US$61 million available to the companies on the red flag list since June 2012. Kiwoom Securities has underwritten bond issuances totalling approximately US$61 million for the companies since June 2012 (see table below). Holding company Hanwha Hanwha Hanwha Hanwha Issuer Hanwha Corp Hanwha Corp Hanwha Corp Hanwha Corp Underwriting of bond issuances by Kiwoom Securities Est. Use of Total value participation Interest Maturity Issue date proceeds (US$ mln) of this bank rate date (US$ mln) Refinance 197 10 3.707 29-8-2014 29-8-2017 Refinance 91 9 3.334 13-11-2014 13-11-2017 Refinance 130 17 3.318 3-12-2015 3-12-2018 Unknown 82 25 3.053 17-2-2016 17-2-2019 Source: Thomson Reuters Eikon, “Bond and share issue underwritings”, viewed March 2016; Bloomberg, “Bond and share issue underwritings”, viewed March 2016. 99
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June 2016 update Worldwide investme
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PAX (formerly IKV Pax Christi, the
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1.2.24 BB&T (United States) 61 1.2.
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1.2.130 Sealand Securities (China)
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2.2.29 NIBC (the Netherlands) 177 2
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9
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in place, financial institutions ha
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In the research period, these 158 f
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Worthy of mention here are two fina
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Methodology: Questions and Answers
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Sources Of Information For The Hall
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Summary Tables Hall of Shame The fo
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Financial institution in the Hall o
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Financial institution in the Hall o
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Country of origin of financial inst
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PFA Pension Denmark X X X X X PGGM
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NIBC The Netherlands X X X Nordea S
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Introduction Investing in Cluster M
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arise from two arguments: the contr
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We define a cluster munitions produ
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1.1.3 Hanwha (South Korea) Hanwha C
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for surveillance and component test
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Textron argues that the weapon cont
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1.2 The Investments 1.2.0 Introduct
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Page 51 and 52: Norinco Norinco Norinco Norinco Chi
Page 53 and 54: 1.2.8 AQR Capital Management (Unite
Page 55 and 56: 1.2.13 BancPlus (United States) Ban
Page 57 and 58: Orbital ATK Orbital ATK Inc General
Page 59 and 60: Norinco Norinco Norinco Norinco Nor
Page 61 and 62: 1.2.21 Bank of New York Mellon (Uni
Page 63 and 64: 1.2.24 BB&T (United States) BB&T (U
Page 65 and 66: 1.2.28 California First National Ba
Page 67 and 68: 1.2.32 Central Pacific Financial Co
Page 69 and 70: 1.2.35 China Development Bank (Chin
Page 71 and 72: 1.2.38 China Investment Securities
Page 73 and 74: 1.2.41 China Minsheng Banking (Chin
Page 75 and 76: 1.2.44 CITIC (China) CITIC (China)
Page 77 and 78: 1.2.47 Comerica (United States) Com
Page 79 and 80: Hanwha Hanwha Hanwha Hanwha Corp Ha
Page 81 and 82: 1.2.56 Donghai Securities (China) D
Page 83 and 84: Eaton Vance owns or manages bonds o
Page 85 and 86: 1.2.65 Fifth Third Bancorp (United
Page 87 and 88: Shareholdings managed by Franklin R
Page 89 and 90: Goldman Sachs owns or manages share
Page 91 and 92: Hanwha Hanwha Hanwha Hanwha Corp Ha
Page 93 and 94: 1.2.79 Huatai Securities (China) Hu
Page 95 and 96: 1.2.82 Industrial and Commercial Ba
Page 97 and 98: Invesco owns or manages bonds of th
Page 99: 1.2.86 KB Financial Group (South Ko
Page 103 and 104: 1.2.91 Kyobo AXA Investment Manager
Page 105 and 106: 1.2.95 LIG Group (South Korea) LIG
Page 107 and 108: 1.2.99 Manulife Financial (Canada)
Page 109 and 110: 1.2.103 Midas International Asset M
Page 111 and 112: Mitsubishi UFJ Financial has underw
Page 113 and 114: 1.2.108 National Pension Service (S
Page 115 and 116: 1.2.113 Northern Trust (United Stat
Page 117 and 118: 1.2.117 People’s Insurance Compan
Page 119 and 120: 1.2.120 Piper Jaffray (United State
Page 121 and 122: 1.2.123 Prudential (United Kingdom)
Page 123 and 124: Regions Financial has underwritten
Page 125 and 126: 1.2.129 Samsung Group (South Korea)
Page 127 and 128: 1.2.132 Shenwan Hongyuan Group (Chi
Page 129 and 130: 1.2.135 Siemens (Germany) Siemens (
Page 131 and 132: 1.2.139 State Street (United States
Page 133 and 134: 1.2.142 Sun Life Financial (Canada)
Page 135 and 136: 1.2.145 T. Rowe Price (United State
Page 137 and 138: 1.2.150 US Bancorp (United States)
Page 139 and 140: 1.2.152 Viking Global Investors (Un
Page 141 and 142: Wells Fargo has underwritten bond i
Page 143 and 144: 1.2.157 WisdomTree Investments (Uni
Page 145 and 146: financial institutions listed are o
Page 147 and 148: This means that “any loan or fina
Page 149 and 150: In September 2010, the FDC’s Admi
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2.1.10 Swedish Pension Fund AP7 (Sw
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2.1.14 A.S.R. (the Netherlands) A.S
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DNB’s Group Policy Corporate Soci
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2.1.25 Pensioenfonds Horeca & Cater
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In 2007, PME strengthened its own g
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2.1.35 Stichting Pensioenfonds Huis
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2.2 Runners-up Financial Institutio
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2.2.1 ABN Amro (the Netherlands) AB
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Retail investment funds are beyond
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2.2.9 Belfius (Belgium) Belfius is
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Since 2011, all investment recommen
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Deutsche Bank’s Policy on Cluster
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HSBC’s Defence Equipment Sector P
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2.2.24 KBC (Belgium) KBC Group is a
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How to gain a place in the Hall of
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2.2.36 Royal Bank of Scotland (Unit
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2.2.40 Stichting Pensioenfonds APF
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The policy only covers project fina
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2.3 Countries’ Best Practices 2.3
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“Also prohibited is the financing
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2.3.2 Ireland BACKGROUND Ireland wa
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2.3.3 Italy BACKGROUND Italy signed
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2 Direct financing within the meani
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COMMENTARY What does the legislatio
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A Dutch financial institution in vi
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The legislation was unanimously ado
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2.3.9 Spain BACKGROUND The Kingdom
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“Art. 35b Offences against the pr
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DISINVESTMENT - MINISTERIAL AND INT
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2.3.19 Croatia The Republic of Croa
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On 1 June 2011, a Ministry of Forei
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2.3.34 Rwanda The Republic of Rwand
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Conclusion and recommendations As t
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Funds following an index 789 A fund
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16 Article 1: “General Obligation
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34 Hanwha Corporation, “130 mm Mu
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61 Federal Procurement Data System,
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90 Textron Systems, “Textron Syst
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115 AFP, “S’pore says no to clu
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146 Fonds de Compensation, “Socia
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180 ABP, “Uitgesloten bedrijven e
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216 Delta Lloyd Asset Management,
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248 PenSam, written response to Pro
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283 PME, “De 10 PME Principes voo
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313 SPH, “Maatschappelijk Verantw
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342 Achmea, “Uitsluitingsbeleid
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374 La Banque Postale, “Registrat
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411 Commerzbank, written response t
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448 Ethias, “Resultaten 2014” (
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481 Intesa Sanpaolo, “About Us”
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514 New Zealand Superannuation Fund
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548 PKA, “Vi Tager Ansvar” (“
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583 Standard Chartered, “Defence
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616 UniCredit Group, “UniCredit P
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647 “Wet houdende regeling van ec
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672 Landmine & Cluster Munition Mon
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694 “Cluster Munitions Prohibitio
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717 Curia Vista, “Interdiction du
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Worldwide investments in CLUSTER MUNITIONS

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