Worldwide investments in CLUSTER MUNITIONS

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Loans provided by Sumitomo Mitsui Financial 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 Orbital ATK Orbital ATK Orbital ATK Alliant Techsystems Inc Acquisition 250 14 1-11-2013 1-11-2020 Alliant Techsystems Inc Acquisition 1,010 9 1-11-2013 1-11-2018 Alliant Techsystems Inc Acquisition 1,010 38 1-11-2013 1-11-2018 Alliant Techsystems Inc Acquisition 700 6 1-11-2013 1-11-2018 Alliant Techsystems Inc Acquisition 700 26 1-11-2013 1-11-2018 Alliant Techsystems Inc Orbital ATK Inc Orbital ATK Inc Refinancing, General 150 15 24-6-2014 24-12-2018 General, Working capital 800 34 29-9-2015 29-9-2020 General, 1,000 43 29-9-2015 29-9-2020 Working capital Textron Textron Inc General 1,000 80 4-10-2013 4-10-2018 Textron Textron Inc Acquisition 500 75 23-1-2014 23-1-2019 Source: Thomson Reuters Eikon, “Loans”, viewed March 2016; Bloomberg, “Loans”, viewed March 2016. Sumitomo Mitsui Financial has underwritten bond issuances totalling approximately US$122 million for the companies since June 2012 (see table below). Underwriting of bond issuances by Sumitomo Mitsui Financial Est. Holding Use of Total value participation Interest Maturity Issuer Issue date company proceeds (US$ mln) of this bank rate date (US$ mln) General Orbital ATK Orbital ATK Corporate Inc Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance Orbital ATK General Orbital ATK Corporate Inc Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance Orbital ATK General Orbital ATK Corporate Inc Purposes, 400 20 5.500 29-9-2015 1-10-2023 Refinance Textron Textron Inc Refinancing, General 250 10 3.650 23-1-2014 1-3-2021 Textron Textron Inc Refinancing, General 350 14 4.300 23-1-2014 1-3-2024 Textron Textron Inc General 350 19 3.875 23-10-2014 1-3-2025 Textron Textron Inc General 350 19 4.000 4-3-2016 15-3-2026 Source: Thomson Reuters Eikon, “Bond and share issue underwritings”, viewed March 2016; Bloomberg, “Bond and share issue underwritings”, viewed March 2016. 130
1.2.142 Sun Life Financial (Canada) Sun Life Financial (Canada) has made an estimated US$62 million available to the companies on the red flag list since June 2012. Sun Life Financial owns or manages shares of the companies to the amount of US$62 million (see table below). Only holdings of at least 1.0% for US producers and 0.1% for Asian producers of the outstanding shares at the most recent available filing date are included. Shareholdings managed by Sun Life Financial Holding company Country Number of shares % Outstanding Total value (US$ mln) Filing date Orbital ATK United States 684,132 1.16 62 31-1-2016 Source: Thomson Reuters Eikon, “Share ownership: most recent filings”, viewed March 2016; Bloomberg, “Equity holdings: most recent filings”, viewed March 2016. 1.2.143 SunTrust (United States) SunTrust (United States) has made an estimated US$526 million available to the companies on the red flag list since June 2012. SunTrust provided loans totalling approximately US$297 million to the companies (see table below). The table shows all loans closed since June 2012. Holding company Orbital ATK Orbital ATK Orbital ATK Orbital ATK Borrower Alliant Techsystems Inc Alliant Techsystems Inc Alliant Techsystems Inc Alliant Techsystems Inc Loans provided by SunTrust Est. Use of Total value participation proceeds (US$ mln) of this bank Closing date Maturity date (US$ mln) Refinancing, General 200 25 3-9-2012 3-9-2017 Acquisition 250 25 1-11-2013 1-11-2020 Acquisition 1,010 65 1-11-2013 1-11-2018 Acquisition 700 45 1-11-2013 1-11-2018 Orbital ATK Alliant Techsystems Inc Refinancing, General 150 15 24-6-2014 24-12-2018 Orbital ATK Orbital ATK Inc General, Working capital 800 46 29-9-2015 29-9-2020 Orbital ATK Orbital ATK Inc General, Working capital 1,000 57 29-9-2015 29-9-2020 Textron Textron Inc Acquisition 500 20 23-1-2014 23-1-2019 Source: Thomson Reuters Eikon, “Loans”, viewed March 2016; Bloomberg, “Loans”, viewed March 2016. SunTrust has underwritten bond issuances totalling approximately US$229 million for the companies since June 2012 (see table below). 131
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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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• Results The following contains
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Norinco Norinco Norinco Norinco Chi
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1.2.8 AQR Capital Management (Unite
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1.2.13 BancPlus (United States) Ban
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Orbital ATK Orbital ATK Inc General
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Norinco Norinco Norinco Norinco Nor
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1.2.21 Bank of New York Mellon (Uni
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1.2.24 BB&T (United States) BB&T (U
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1.2.28 California First National Ba
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1.2.32 Central Pacific Financial Co
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1.2.35 China Development Bank (Chin
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1.2.38 China Investment Securities
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1.2.41 China Minsheng Banking (Chin
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1.2.44 CITIC (China) CITIC (China)
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1.2.47 Comerica (United States) Com
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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 and 100: 1.2.86 KB Financial Group (South Ko
Page 101 and 102: KeyCorp has underwritten bond issua
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: 1.2.139 State Street (United States
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
Page 151 and 152: 2.1.10 Swedish Pension Fund AP7 (Sw
Page 153 and 154: 2.1.14 A.S.R. (the Netherlands) A.S
Page 155 and 156: DNB’s Group Policy Corporate Soci
Page 157 and 158: 2.1.25 Pensioenfonds Horeca & Cater
Page 159 and 160: In 2007, PME strengthened its own g
Page 161 and 162: 2.1.35 Stichting Pensioenfonds Huis
Page 163 and 164: 2.2 Runners-up Financial Institutio
Page 165 and 166: 2.2.1 ABN Amro (the Netherlands) AB
Page 167 and 168: Retail investment funds are beyond
Page 169 and 170: 2.2.9 Belfius (Belgium) Belfius is
Page 171 and 172: Since 2011, all investment recommen
Page 173 and 174: Deutsche Bank’s Policy on Cluster
Page 175 and 176: HSBC’s Defence Equipment Sector P
Page 177 and 178: 2.2.24 KBC (Belgium) KBC Group is a
Page 179 and 180: How to gain a place in the Hall of
Page 181 and 182: 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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How to gain a place in the Hall of
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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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