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
(in $Cdn
Value of FI
in Producers
of Cluster
(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

All of the financial institutions on this list have "financial relationships with cluster munitions producers" that include one or more of the following: (1) ownership or management of (convertible) bonds, (2) underwriting of bond issuances, (3) provision of loan facility, (4) ownership or management of shares, (5) underwriting of share issuances.

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%)
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.

1    CPP Investments 2016 (in $Cdn) (Canada Pension Plan Investment Board)
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

$5.5 billion in 72 companies linked to Israel's military-, police-, surveillance-, prison-industrial complex.