Worldwide investments in CLUSTER MUNITIONS

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Utrecht, June 2016 PAX has strived to achieve the highest level of accuracy in our reporting. However, at this point, there is still a marked lack of official information available in the public domain about the use, production, transfer, and stockpiling of cluster munitions, as well as about investments in companies that produce cluster munitions. The information in this report therefore reflects official information available in the public domain known to PAX. We welcome comments, clarifications, and corrections from governments, companies, financial institutions and others, in the spirit of dialogue, and in the common search for accurate and reliable information on an important subject. If you believe you have found an inaccuracy in our report or if you can provide additional information, please contact us. Authors Roos Boer (PAX) Hester Brink (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Research by Maaike Beenes (PAX) Roos Boer (PAX) Hester Brink (Profundo) Anniek Herder (Profundo) Hassel Kroes (Profundo) Barbara Kuepper (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Frank Slijper (PAX) With thanks to Firoz Alizada, Werner Anderson, Laura Boillot, Stan Brabant, Jordi Calvo Rufanges, Amelie Chayer, Cyrielle Chibaeff, Bonnie Docherty, Jan Willem van Gelder, Paul Hannon, Barbara Happe, Katherine Harrison, Mark Hiznay, Erin Hunt, Wouter Kolk, Thomas Küchenmeister, Martin Lagneau, Marion Libertucci, Gro Nystuen, Alma Al Osta, Giuseppe Schiavello, Christophe Schreire, Petra Schroeter, Sigrid Rausing Trust, Susi Snyder, Miriam Struyk, Esther Vanderbroucke, Mary Wareham, Luc Weyn, Joeri de Wilde, Ward Warmerdam, Wilbert van der Zeijden, and all the representatives of the financial institutions who provided answers to our questions about their policy. Editor Isobel Mackie A publication by PAX, the Netherlands Lay out Helma Bovens (Studio het Mes) Cover photograph Germany, 15 October 2008 DM1348/155 mm artillery delivered cluster munitions. © Werner Anderson www.werneranderson.no For additional information please contact info@paxforpeace.nl.
PAX (formerly IKV Pax Christi, the Netherlands) and FairFin (formerly Netwerk Vlaanderen, Belgium) published the first report on “Worldwide Investments in Cluster Munitions: a Shared Responsibility” in October 2009. It was a state-of-the-art report on financial institutions’ investment in companies that develop or produce cluster munitions, on financial institutions disinvesting from producers of cluster munitions and on states banning investments in cluster munitions. Updates of the report appeared in April 2010, May 2011, June 2012, December 2013 and November 2014. This edition by PAX, dated June 2016, updates the earlier reports.
Page 1: June 2016 update Worldwide investme
Page 5 and 6: 1.2.24 BB&T (United States) 61 1.2.
Page 7 and 8: 1.2.130 Sealand Securities (China)
Page 9 and 10: 2.2.29 NIBC (the Netherlands) 177 2
Page 11 and 12: 9
Page 13 and 14: in place, financial institutions ha
Page 15 and 16: In the research period, these 158 f
Page 17 and 18: Worthy of mention here are two fina
Page 19 and 20: Methodology: Questions and Answers
Page 21 and 22: Sources Of Information For The Hall
Page 23 and 24: Summary Tables Hall of Shame The fo
Page 25 and 26: Financial institution in the Hall o
Page 27 and 28: Financial institution in the Hall o
Page 29 and 30: Country of origin of financial inst
Page 31 and 32: PFA Pension Denmark X X X X X PGGM
Page 33 and 34: NIBC The Netherlands X X X Nordea S
Page 35 and 36: Introduction Investing in Cluster M
Page 37 and 38: arise from two arguments: the contr
Page 39 and 40: We define a cluster munitions produ
Page 41 and 42: 1.1.3 Hanwha (South Korea) Hanwha C
Page 43 and 44: for surveillance and component test
Page 45 and 46: Textron argues that the weapon cont
Page 47 and 48: 1.2 The Investments 1.2.0 Introduct
Page 49 and 50: • Results The following contains
Page 51 and 52: Norinco Norinco Norinco Norinco Chi
Page 53 and 54:
1.2.8 AQR Capital Management (Unite
Page 55 and 56:
1.2.13 BancPlus (United States) Ban
Page 57 and 58:
Orbital ATK Orbital ATK Inc General
Page 59 and 60:
Norinco Norinco Norinco Norinco Nor
Page 61 and 62:
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
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Shareholdings managed by Franklin R
Page 89 and 90:
Goldman Sachs owns or manages share
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Hanwha Hanwha Hanwha Hanwha Corp Ha
Page 93 and 94:
1.2.79 Huatai Securities (China) Hu
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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
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1.2.120 Piper Jaffray (United State
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1.2.123 Prudential (United Kingdom)
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Regions Financial has underwritten
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1.2.129 Samsung Group (South Korea)
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1.2.132 Shenwan Hongyuan Group (Chi
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1.2.135 Siemens (Germany) Siemens (
Page 131 and 132:
1.2.139 State Street (United States
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1.2.142 Sun Life Financial (Canada)
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1.2.145 T. Rowe Price (United State
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1.2.150 US Bancorp (United States)
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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
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2.2 Runners-up Financial Institutio
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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:
Page 183 and 184:
2.2.36 Royal Bank of Scotland (Unit
Page 185 and 186:
2.2.40 Stichting Pensioenfonds APF
Page 187 and 188:
Page 189 and 190:
The policy only covers project fina
Page 191 and 192:
2.3 Countries’ Best Practices 2.3
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“Also prohibited is the financing
Page 195 and 196:
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
Page 203 and 204:
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
Page 221 and 222:
Funds following an index 789 A fund
Page 223 and 224:
16 Article 1: “General Obligation
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34 Hanwha Corporation, “130 mm Mu
Page 227 and 228:
61 Federal Procurement Data System,
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90 Textron Systems, “Textron Syst
Page 231 and 232:
115 AFP, “S’pore says no to clu
Page 233 and 234:
146 Fonds de Compensation, “Socia
Page 235 and 236:
180 ABP, “Uitgesloten bedrijven e
Page 237 and 238:
216 Delta Lloyd Asset Management,
Page 239 and 240:
248 PenSam, written response to Pro
Page 241 and 242:
283 PME, “De 10 PME Principes voo
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313 SPH, “Maatschappelijk Verantw
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342 Achmea, “Uitsluitingsbeleid
Page 247 and 248:
374 La Banque Postale, “Registrat
Page 249 and 250:
411 Commerzbank, written response t
Page 251 and 252:
448 Ethias, “Resultaten 2014” (
Page 253 and 254:
481 Intesa Sanpaolo, “About Us”
Page 255 and 256:
514 New Zealand Superannuation Fund
Page 257 and 258:
548 PKA, “Vi Tager Ansvar” (“
Page 259 and 260:
583 Standard Chartered, “Defence
Page 261 and 262:
616 UniCredit Group, “UniCredit P
Page 263 and 264:
647 “Wet houdende regeling van ec
Page 265 and 266:
672 Landmine & Cluster Munition Mon
Page 267 and 268:
694 “Cluster Munitions Prohibitio
Page 269 and 270:
717 Curia Vista, “Interdiction du
Page 271 and 272:
Page 273 and 274:
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Worldwide investments in CLUSTER MUNITIONS

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