Worldwide investments in CLUSTER MUNITIONS

2.2.38 Société Générale (France)
Société Générale is a French bank offering services in retail banking, corporate and investment banking,
financial services, insurance, private banking and asset management. 576 It operates in 76 countries and
has 30 million customers worldwide. 577
Société Générale’s Defence Sector Policy states that the bank will not knowingly XXXVIII provide financial
services to companies involved in the development, manufacture, production, acquisition, storage,
retention, (offering for) sale, import, export, trade, brokerage, transfer and use of anti-personnel mines,
cluster bombs or their key components. 578
The policy applies to all banking and financial services provided by the Société Générale Group entities to its
clients. The policy also applies to active asset management for own account and for third parties in securities
of companies that are involved in the defence sector. The exclusion policy does not cover all discretionary
mandates and passively managed funds such as funds that follow an index. Although external asset managers
are encouraged to adopt the same standards as Société Générale, the bank does not apply its policy to them. 579
Société Générale uses a black list compiled by an external consultant to implement its policy. The list is not
publicly available. 580
How to gain a place in the Hall of Fame?
To be listed in the Hall of Fame, Société Générale should extend its policy to all its products, including
discretionary mandates, passively managed funds such as funds following an index, and the externally
managed funds.
2.2.39 Standard Chartered (United Kingdom)
Standard Chartered is a British banking group offering a wide range of products and services for personal
and business clients. 581 Standard Chartered operates in 71 countries across the globe. 582
Standard Chartered’s Defence Goods – Policy Summary states that Standard Chartered “will not under any
circumstances support the manufacture or distribution of any weapons or munitions including cluster
munitions.” 583 According to Standard Chartered, this means that it excludes companies that are involved
in cluster munitions. 584
The exclusion policy applies to Standard Chartered’s commercial banking and investment banking
activities. However, Standard Chartered policy does not apply to its investments for own account or to
its investments on behalf of third parties. 585
Standard Chartered does not use an exclusion list.
How to gain a place in the Hall of Fame?
To gain a place in the Hall of Fame, Standard Chartered would have to apply its exclusion policy to
all investments for own account and to all investments on behalf of third parties.
XXXVIII The term knowingly means that if financial services would be provided to companies producing cluster munitions, it would
breach Société Générale’s compliance processes.
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