Worldwide investments in CLUSTER MUNITIONS
report-worldwide_investments_cluster_munitions-2016
report-worldwide_investments_cluster_munitions-2016
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As of 2016, La Banque Postale’s exclusion list conta<strong>in</strong>s 40 companies and is updated every quarter by an<br />
external service provider. The list is not published. 374<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, La Banque Postale would have to apply its exclusion policy to all passively<br />
managed funds. Furthermore, La Banque Postale would have to apply its policy to all externally managed<br />
funds follow<strong>in</strong>g an <strong>in</strong>dex.<br />
2.2.7 Barclays (United K<strong>in</strong>gdom)<br />
Barclays is an <strong>in</strong>ternational f<strong>in</strong>ancial services provider engaged <strong>in</strong> personal, corporate and <strong>in</strong>vestment<br />
bank<strong>in</strong>g, credit cards and wealth management with presence <strong>in</strong> Europe, the Americas, Africa and Asia.<br />
Barclays has 48 million customers and clients worldwide. 375<br />
Barclays’ Statement on the Defence Sector prohibits f<strong>in</strong>anc<strong>in</strong>g trade <strong>in</strong>, or manufacture of, landm<strong>in</strong>es,<br />
cluster bombs or any equipment designed to be used as an <strong>in</strong>strument of torture. 376 Consequently, Barclays<br />
excludes bus<strong>in</strong>ess relationships with companies that produce cluster munitions. 377 Barclays’ exclusion<br />
policy applies to its commercial bank<strong>in</strong>g and <strong>in</strong>vestment bank<strong>in</strong>g activities. 378<br />
Barclays Wealth and Investment Management holds shares on behalf of clients. The exclusion policy is not<br />
applied to these <strong><strong>in</strong>vestments</strong>, enabl<strong>in</strong>g Barclays to <strong>in</strong>vest <strong>in</strong> cluster munitions companies on behalf of its<br />
clients. 379<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, Barclays should apply its exclusion policy to all <strong><strong>in</strong>vestments</strong>, <strong>in</strong>clud<strong>in</strong>g<br />
the <strong><strong>in</strong>vestments</strong> made on behalf of clients.<br />
2.2.8 BBVA (Spa<strong>in</strong>)<br />
BBVA is a Spanish f<strong>in</strong>anc<strong>in</strong>g group that offers services <strong>in</strong> retail bank<strong>in</strong>g, bus<strong>in</strong>ess bank<strong>in</strong>g, <strong>in</strong>vestment<br />
bank<strong>in</strong>g, <strong>in</strong>surance and asset management. 380 It operates <strong>in</strong> more than 31 countries, serv<strong>in</strong>g about 51<br />
million customers worldwide. 381<br />
BBVA’s Rules of Conduct <strong>in</strong> Defence state that BBVA does not <strong>in</strong>vest <strong>in</strong> nor provide f<strong>in</strong>ancial services to<br />
companies that are <strong>in</strong>volved <strong>in</strong> arms that are considered controversial, <strong>in</strong>clud<strong>in</strong>g cluster munitions. 382<br />
The exclusion policy applies to BBVA’s commercial bank<strong>in</strong>g and <strong>in</strong>vestment bank<strong>in</strong>g activities. It also covers<br />
the <strong><strong>in</strong>vestments</strong> made for BBVA’s own account and its <strong>in</strong>ternal and external active funds. 383<br />
The policy does not cover all <strong><strong>in</strong>vestments</strong> made on behalf of third parties. Clients can request BBVA to <strong>in</strong>vest<br />
their assets <strong>in</strong> companies that do not meet the Rules of Conduct <strong>in</strong> Defence. This is the case for the<br />
management of exchange-traded funds (ETFs), funds that follow an <strong>in</strong>dex, pension funds and portfolios.<br />
Furthermore, the exclusion policy does not apply to discretionary mandates and passive funds managed by<br />
external asset managers.<br />
BBVA ma<strong>in</strong>ta<strong>in</strong>s an exclusion list to implement its policy based on research by Susta<strong>in</strong>alytics, but the list is<br />
not publicly available. 384<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To be listed <strong>in</strong> the Hall of Fame, BBVA would have to extend its exclusion policy to discretionary mandates<br />
and passive funds (such as funds that follow an <strong>in</strong>dex), managed both <strong>in</strong>ternally and externally.<br />
166