Coalition to Oppose the Arms Trade
 

Canada's Five Largest Pension Funds and their Investments in Cluster Munitions
Click here for a table showing these funds' investments in top ranking war industries in 2010 Click here for a table showing these funds' investments in top ranking war industries prior to 2010 Click here for a table showing these funds' investments in firms selling military, police, surveillance and prison-related products to Israel Click here for a table showing these funds' investments in firms that design, development or manufacture nuclear weapons Click here for a table showing these funds' investments in contractors building the F-35 warplane
War Industry	C O U N T R Y	Canada Pension Plan (CPP)		Other Top Canadian Pension Funds								Pension Fund Totals
				Caisse de dépôt et placement du Québec (Quebec Pension Plan)		Ontario Municipal Employees Retirement System (OMERS)		Ontario Teachers' Pension Plan (OTPP)		Public Sector Pension Investments (PSPI)
		Direct  investments	Direct and indirect investments1	Direct investments only									Includes CPP's direct and  indirect investments
		Currency in thousands of dollars2
		2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
BAE Systems	UK	1,000	30,000									1,000	30,000
Doosan Corp.	S.Korea	3,000	3,000									3,000	3,000
Finmeccanica SpA	Italy	17,000	10,000									17,000	10,000
Gencorp Inc.	UK									1,221	1,070	1,221	1,070
General Dynamics	USA		21,000	18,323	20,444	6,011	3,894	17,991	18,049	7,583	7,047	49,908	70,434
Goodrich Corp	USA		10,000	15,945				3,629		5,562		25,136	10,000
Hanwha Chem Corp.	S.Korea	5,000	4,000									5,000	4,000
Kaman Corp.	USA									3,442	1,786	3,442	1,786
L-3 Communications	USA		10,000	6,981	13,666		1,288	1,046	1,554	2,409	2,215	10,436	28,723
Larsen & Toubro	India	9,000	7,000									9,000	7,000
Lockheed Martin	USA	5,000	78,000			4,209	4,508	12,022		7,367	8,083	28,598	90,591
Northrop Grumman	USA		21,000	11,205	14,920	1,538	3,920	6,068		5,342	5,297	24,153	45,137
Raytheon Co.	USA			11,505	17,205	1,609	3,510	2,544	3,462	5,324	6,099	20,982	3,0276
Saab	Sweden	5,000										5,000
Tata Power Co. Ltd	India	4,000	4,000									4,000	4,000
Textron Inc.	USA		5,000			1,400	2,189	3,822	2,580	1,802	2,363	7,024	12,132
Toshiba Corp.	Japan	21,000	28,000									21,000	28,000
Totals		70,000	231,000	63,959	66,235	14,767	19,309	47,122	25,645	40,052	33,960	235,900	376,149

Notes

2012 (includes direct and indirect investments)

1.  In its latest annual report on investments (dated March 2012, published online in June 2012), the CPPIB began a new method of tabulating its investments.  Since its creation in the late 1990s, the CPPIB has published annual reports which documented the fund's investments in corporations.  Until this year, the number of shares and the value of those shares as disclosed in the CPPIB's reports reflected the fund's direct ownership in those companies. However, this is no longer the case.  In 2012, for the first time, the figures released by CPPIB, include both direct and indirect investments in these corporations.  This was explained in the 2012 CPPIB report as follows:

"[W]e have revised our disclosure standards. This year and going forward, in addition to physical equity positions, the public equity disclosure lists include exposures obtained through index securities, swaps and other derivative instruments. The net long positions are reported to provide a more complete view of our economic equity exposure to individual company names."

The higher values seen in the CPPIB's 2012 report do not reflect an increase in the CPPIB's direct shares in these stocks but are merely the result of its new accounting methods, namely the addition of its indirect holdings in these companies to its 2012 report. 

Currency in thousands of dollars

2.  Because most of the above sources are reports to the US Securities and Exchange Commission, they use US dollars. The one exception is the Canada Pension Plan, which reports its holdings in Canadian dollars.

Sources

The above list of cluster munition manufacturers was obtained from 'Worldwide Investments in Cluster Munitions: A shared responsibility'.
This report was published by IKV Pax Christi (Netherlands) and Netwerk Vlaanderen (Belgium), 25 May 2011. 
The report lists numerous pension fiunds, banks and other financial institutions that have divested from the above companies, or put these corporations on investment exclusion lists, because of their involvement in the production of cluster munitions.

Pension Funds:
Data on the value of pension fund shares comes from the following sources:

Canada Pension Plan (2011)
Private Equity Funds Commitments (December 31, 2010)
Complete list of Canadian publicly-traded equity holdings (as of March 31, 2011)
Complete list of Foreign publicly-traded equity holdings (as of March 31, 2011)

Canada Pension Plan (2012)
List of Canadian publicly-traded equity holdings (as of March 31, 2012)
List of foreign publicly-traded equity holdings (as of March 31, 2012)
Private Equity Funds Commitments (December 31, 2011)

Ontario Municipal Employees Retirement System
Form 13F, Securities and Exchange Commission (December 31, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)

Caisse de dépôt et placement du Québec
Form 13F, Securities and Exchange Commission (December 31, 2011)
Form 13F, Securities and Exchange Commission (December 31, 2012)

Ontario Teachers' Pension Plan
Form 13F, Securities and Exchange Commission (September 30, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)

Public Sector Pension Investments
Form 13F, Securities and Exchange Commission (September 30, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)