Worldwide investments in CLUSTER MUNITIONS
report-worldwide_investments_cluster_munitions-2016
report-worldwide_investments_cluster_munitions-2016
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2.2.38 Société Générale (France)<br />
Société Générale is a French bank offer<strong>in</strong>g services <strong>in</strong> retail bank<strong>in</strong>g, corporate and <strong>in</strong>vestment bank<strong>in</strong>g,<br />
f<strong>in</strong>ancial services, <strong>in</strong>surance, private bank<strong>in</strong>g and asset management. 576 It operates <strong>in</strong> 76 countries and<br />
has 30 million customers worldwide. 577<br />
Société Générale’s Defence Sector Policy states that the bank will not know<strong>in</strong>gly XXXVIII provide f<strong>in</strong>ancial<br />
services to companies <strong>in</strong>volved <strong>in</strong> the development, manufacture, production, acquisition, storage,<br />
retention, (offer<strong>in</strong>g for) sale, import, export, trade, brokerage, transfer and use of anti-personnel m<strong>in</strong>es,<br />
cluster bombs or their key components. 578<br />
The policy applies to all bank<strong>in</strong>g and f<strong>in</strong>ancial services provided by the Société Générale Group entities to its<br />
clients. The policy also applies to active asset management for own account and for third parties <strong>in</strong> securities<br />
of companies that are <strong>in</strong>volved <strong>in</strong> the defence sector. The exclusion policy does not cover all discretionary<br />
mandates and passively managed funds such as funds that follow an <strong>in</strong>dex. Although external asset managers<br />
are encouraged to adopt the same standards as Société Générale, the bank does not apply its policy to them. 579<br />
Société Générale uses a black list compiled by an external consultant to implement its policy. The list is not<br />
publicly available. 580<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, Société Générale should extend its policy to all its products, <strong>in</strong>clud<strong>in</strong>g<br />
discretionary mandates, passively managed funds such as funds follow<strong>in</strong>g an <strong>in</strong>dex, and the externally<br />
managed funds.<br />
2.2.39 Standard Chartered (United K<strong>in</strong>gdom)<br />
Standard Chartered is a British bank<strong>in</strong>g group offer<strong>in</strong>g a wide range of products and services for personal<br />
and bus<strong>in</strong>ess clients. 581 Standard Chartered operates <strong>in</strong> 71 countries across the globe. 582<br />
Standard Chartered’s Defence Goods – Policy Summary states that Standard Chartered “will not under any<br />
circumstances support the manufacture or distribution of any weapons or munitions <strong>in</strong>clud<strong>in</strong>g cluster<br />
munitions.” 583 Accord<strong>in</strong>g to Standard Chartered, this means that it excludes companies that are <strong>in</strong>volved<br />
<strong>in</strong> cluster munitions. 584<br />
The exclusion policy applies to Standard Chartered’s commercial bank<strong>in</strong>g and <strong>in</strong>vestment bank<strong>in</strong>g<br />
activities. However, Standard Chartered policy does not apply to its <strong><strong>in</strong>vestments</strong> for own account or to<br />
its <strong><strong>in</strong>vestments</strong> on behalf of third parties. 585<br />
Standard Chartered does not use an exclusion list.<br />
How to ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame?<br />
To ga<strong>in</strong> a place <strong>in</strong> the Hall of Fame, Standard Chartered would have to apply its exclusion policy to<br />
all <strong><strong>in</strong>vestments</strong> for own account and to all <strong><strong>in</strong>vestments</strong> on behalf of third parties.<br />
XXXVIII The term know<strong>in</strong>gly means that if f<strong>in</strong>ancial services would be provided to companies produc<strong>in</strong>g cluster munitions, it would<br />
breach Société Générale’s compliance processes.<br />
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