Worldwide investments in CLUSTER MUNITIONS

As of 2016, La Banque Postale’s exclusion list contains 40 companies and is updated every quarter by an
external service provider. The list is not published. 374
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, La Banque Postale would have to apply its exclusion policy to all passively
managed funds. Furthermore, La Banque Postale would have to apply its policy to all externally managed
funds following an index.
2.2.7 Barclays (United Kingdom)
Barclays is an international financial services provider engaged in personal, corporate and investment
banking, credit cards and wealth management with presence in Europe, the Americas, Africa and Asia.
Barclays has 48 million customers and clients worldwide. 375
Barclays’ Statement on the Defence Sector prohibits financing trade in, or manufacture of, landmines,
cluster bombs or any equipment designed to be used as an instrument of torture. 376 Consequently, Barclays
excludes business relationships with companies that produce cluster munitions. 377 Barclays’ exclusion
policy applies to its commercial banking and investment banking activities. 378
Barclays Wealth and Investment Management holds shares on behalf of clients. The exclusion policy is not
applied to these investments, enabling Barclays to invest in cluster munitions companies on behalf of its
clients. 379
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, Barclays should apply its exclusion policy to all investments, including
the investments made on behalf of clients.
2.2.8 BBVA (Spain)
BBVA is a Spanish financing group that offers services in retail banking, business banking, investment
banking, insurance and asset management. 380 It operates in more than 31 countries, serving about 51
million customers worldwide. 381
BBVA’s Rules of Conduct in Defence state that BBVA does not invest in nor provide financial services to
companies that are involved in arms that are considered controversial, including cluster munitions. 382
The exclusion policy applies to BBVA’s commercial banking and investment banking activities. It also covers
the investments made for BBVA’s own account and its internal and external active funds. 383
The policy does not cover all investments made on behalf of third parties. Clients can request BBVA to invest
their assets in companies that do not meet the Rules of Conduct in Defence. This is the case for the
management of exchange-traded funds (ETFs), funds that follow an index, pension funds and portfolios.
Furthermore, the exclusion policy does not apply to discretionary mandates and passive funds managed by
external asset managers.
BBVA maintains an exclusion list to implement its policy based on research by Sustainalytics, but the list is
not publicly available. 384
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, BBVA would have to extend its exclusion policy to discretionary mandates
and passive funds (such as funds that follow an index), managed both internally and externally.
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