Richard Sanders, for the Coalition to Oppose the Arms Trade (COAT), June 17, 2016.
The CPP is investing $6.8 Billion in 77 financial institutions that have
made US$18.7 Billion available to seven cluster-munitions manufacturers.
By Richard Sanders, for the Coalition to Oppose the Arms Trade (COAT), June 17, 2016.
A June 16, 2016 report, called Worldwide Investments in Cluster Munitions: A Shared Responsibility by PAX (Netherlands), identifies seven cluster-munitions manufacturers: China Aerospace Science and Industry, China Aerospace Science and Technology, Norinco (China), Hanwha and Poongsan (South Korea), Orbital ATK and Textron (United States).
Under Harper's Conservative government, Canada signed the Convention on Cluster Munitions in 2008, ratified it in March 2015 and became a State Party to the convention on September 1, 2015. Although Canadian legislation does not prohibit investment in cluster munitions, Senator Suzanne Fortin-Duplessis said in the Senate in 2012 that “under the bill it is prohibited to assist, encourage or induce anyone to engage in any prohibited activity including knowingly and directly investing in the production of cluster munitions.” (PAX Report, p.209)
Appropriately then, the Canada Pension Plan (CPP) does not now invest in this particular kind of weapons industry. (However, it does invest in nuclear weapons makers, F-35 war plane contractors and dozens of companies that are among the world's largest weapons manufacturers. Here are more tables on the CPP's investments in war-related companies.)Although the CPP does not now invest in cluster-bomb manufacturers, it used to. As recently as 2012, CPP investments included $231 million in cluster-munitions producers.
However, the CPP is still helping cluster manufacturers. Current CPP investments (as of its most recent report, March 2016) do include Cdn$6.8 billion in 77 Financial Institutions that have financed the seven cluster-munitions manufacturers identified in PAX's latest report. These 77 Financial Institutions, that are now in the CPP portfolio, have made US$18.7 Billion available to the seven cluster bomb makers that are "red flagged" in PAX's June 16, 2016, report.
This latest PAX report identifies four Canadian Financial Institutions that have made $1.7 billion available to cluster-bomb makers since 2012, namely, CI Financial (US$70 million), Manulife Financial (US$336 million), the Royal Bank of Canada (US$1,048 million), and Sun Life Financial (US$254 million).The PAX report does not include any data on CPP investments in Financial Institutions tied to cluster-bomb makers. Here is that data about 2016 CPP investments that is not included in the PAX report:
| Financial Institution (FI) in the "Hall of Shame" for Cluster-Munition Bankers | Country | Value of CPP investment 2016 (1) (in $Cdn millions) | Value of FI investments in Producers of Cluster Munitions (2) (in $US millions) |
| Affiliated Managers Group Inc | US | 17 | 116 |
| Agricultural Bank of China Ltd A | China | 14 | 439 |
| Allianz SE | Germany | 132 | 85 |
| American International Group Inc | US | 590 | 52 |
| Banco de Sabadell SA | Spain | 23 | 15 |
| Bank Hapoalim BM | Israel | 7 | 107 |
| Bank of America Corp | US | 319 | 953 |
| Bank of Beijing Co Ltd | China | 11 | 60 |
| Bank of China Ltd A | China | 11 | 401 |
| Bank of Communications Co Ltd (A) | China | 29 | 78 |
| Bank of East Asia Ltd | Hong Kong | 10 | 20 |
| Bank of New York Mellon Corp | US | 85 | 420 |
| Barclays PLC | UK | 13 | 6 |
| BB&T Corp | US | 59 | 134 |
| BlackRock Inc | US | 83 | 1,070 |
| Carlyle Group (B) | USA | 89.5* | 132 |
| China Construction Bank Corp A & H (C) | China | 50 | 591 |
| China Everbright Bank Co Ltd A | China | 11 | 671 |
| China Life Insurance Co Ltd A & H (D) | China | 6 | 15 |
| China Merchants Holdings International Co Ltd | China | 4 | 508 |
| China Minsheng Banking Corp Ltd A | China | 42 | 72 |
| CI Financial Corp | Canada | 70 | 72 |
| CITIC (E) | China | 317.3* | 37 |
| Citigroup Inc | US | 277 | 657 |
| Comerica Inc | US | 16 | 35 |
| Credit Suisse Group AG | Switzerland | 65 | 8 |
| Dai-ichi Life Insurance Co Ltd | Japan | 70 | 40 |
| DBS Group Holdings Ltd | Singapore | 57 | 20 |
| Deutsche Bank AG | Germany | 39 | 2 |
| E.Sun Financial Holding Co Ltd | Taiwan | 16 | 15 |
| Fifth Third Bancorp | US | 31 | 282 |
| Franklin Resources Inc | US | 34 | 134 |
| Fubon Financial Holding Co Ltd | Taiwan | 31 | 10 |
| Goldman Sachs Group Inc (F) | US | 791.5* | 287 |
| Hana Financial Group Inc | S. Korea | 25 | 80 |
| Hartford Financial Services Group Inc | US | 10 | 96 |
| Hua Nan Financial Holdings Co Ltd | Taiwan | 9 | 15 |
Hyundai Heavy Industries Co Ltd
| S. Korea | 11 | 59 |
| Hyundai Securities | S. Korea | 3 | 18 |
| Industrial Bank Co Ltd | China | 7 | 29 |
| Invesco Ltd | US | 28 | 418 |
| JPMorgan Chase & Co | US | 495 | 1,167 |
| KB Financial Group Inc | S. Korea | 39 | 234 |
| KeyCorp | US | 22 | 198 |
| Korea Investment Holdings Co Ltd | S. Korea | 4 | 143 |
| Loews Corp | US | 25 | 49 |
| Manulife Financial Corp | Canada | 336 | 51 |
| Meritz Financial Group Inc | S. Korea | 1 | 259 |
| MetLife Inc | US | 105 | 40 |
| Mirae Asset Securities Co Ltd | S. Korea | 2 | 8 |
| Mitsubishi UFJ Financial Group Inc | Japan | 275 | 774 |
| Mizuho Financial Group Inc | Japan | 164 | 14 |
| Morgan Stanley | US | 85 | 326 |
| Northern Trust Corp | US | 31 | 329 |
| Old Mutual PLC | UK | 6 | 9 |
| ORIX Corp | Japan | 90 | 337 |
| Ping An Insurance Group Co of China Ltd (G) | China | 56 | 114 |
| PNC Financial Services Group Inc | US | 98 | 350 |
| Principal Financial Group Inc | US | 19 | 93 |
| Prudential Financial Inc | US | 76 | 77 |
| Prudential PLC | UK | 22 | 43 |
| Regions Financial Corp | US | 25 | 215 |
| Royal Bank of Canada | Canada | 1,048 | 381 |
| Samsung Securities Co Ltd | S. Korea | 6 | 45 |
| Shanghai Pudong Development Bank Co Ltd | China | 30 | 7 |
| Shinhan Financial Group Co Ltd | S. Korea | 56 | 109 |
| State Bank of India | India | 1 | 87 |
| State Street Corp | US | 54 | 563 |
| Sumitomo Mitsui Financial Group Inc | Japan | 192 | 463 |
| Sun Life Financial Inc | Canada | 254 | 62 |
| SunTrust Banks Inc | US | 42 | 526 |
| T Rowe Price Group Inc | US | 45 | 1,644 |
| United Overseas Bank Ltd | Singapore | 56 | 6 |
| US Bancorp | US | 147 | 618 |
| Voya Financial Inc | US | 15 | 251 |
| Wells Fargo & Co | US | 510 | 828 |
| Yuanta Financial Holding Co Ltd | Taiwan | 14 | 36 |
| Totals | 6835.3 | 18697 | |
A CPP investments are listed as Bank of Communications Co Ltd A ($18 million) & Bank of Communications Co Ltd H ($11 million)
B CPP investments in the Carlyle Group are listed as Carlyle Venture Partners II (US$89.5 million)
C CPP investments listed as China Construction Bank Corp A ($7 million) & China Construction Bank Corp H ($43 million)
D CPP investments listed as China Merchants Group, which is a state-owned corporation of People's Republic of China. It is the major shareholder of China Merchants Holdings (International) (55.4%)
E CPP investments listed as CITIC Ltd ($6 million), CITIC Capital China Partners (US$57.9 million), and CITIC Capital China Partners (US$253.4 million)
F CPP investments in Goldman Sachs are US$791.5
G CPP investments listed as Ping An Insurance Group Co of China Ltd A ($49 million) & Ping An Insurance Group Co of China Ltd H ($7 million)
* These three figures, for Carlyle, CITIC and Goldman Sachs, are in $US. This is how they are listed in the CPP source ("Private Equity relationships"), see below.
Sources:1 CPP Investments 2016 (in $Cdn) (Canada Pension Plan Investment Board)B CPP investments in the Carlyle Group are listed as Carlyle Venture Partners II (US$89.5 million)
C CPP investments listed as China Construction Bank Corp A ($7 million) & China Construction Bank Corp H ($43 million)
D CPP investments listed as China Merchants Group, which is a state-owned corporation of People's Republic of China. It is the major shareholder of China Merchants Holdings (International) (55.4%)
E CPP investments listed as CITIC Ltd ($6 million), CITIC Capital China Partners (US$57.9 million), and CITIC Capital China Partners (US$253.4 million)
F CPP investments in Goldman Sachs are US$791.5
G CPP investments listed as Ping An Insurance Group Co of China Ltd A ($49 million) & Ping An Insurance Group Co of China Ltd H ($7 million)
* These three figures, for Carlyle, CITIC and Goldman Sachs, are in $US. This is how they are listed in the CPP source ("Private Equity relationships"), see below.
Foreign public equity holdings as at March 31, 2016
Private Equity relationships established as at December 31, 2015
(for CPP investments in Carlyle, CITIC and Goldman Sachs.)
2 Worldwide Investments in Cluster Munitions: A Shared Responsibility, June 2016.
By PAX, the Netherlands.
For detailed information about the exact types and amounts of financial relationships that each of these financial institutions have with the Cluster Munitions manufacturers identified in the above report, see pages.48-141.
Other COAT data tables on the CPP's 2016 Investments in war-related Industries:$1 Billion in 31 of the World's Top 100 War Industries
$374 million in F35-Warplane Contractors
$305 Million in 13 Nuclear-Weapons Producers
$11 Billion in 113 financial institutions that made US$313 billion available to 26 nuclear-weapons producers
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