Coalition to Oppose the Arms Trade
Canada's Six Largest Pension
Funds and their
$2.4 billion Investments in Contractors for the F-35 "Joint Strike Fighter" Warplane |
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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 the manufacturers of cluster munitions |
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War Industry |
C O U N T R Y |
Rank among the World's Top 100 War Industries 2010 (by Military Revenue) |
Canada Pension Plan (CPP) |
Other Top Canadian Pension Fund Investments |
Pension Fund Totals |
Sources revealing details about F-35 contracts |
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Alberta Investment Management Corporation (AIMCo) |
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) |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2011 Direct investments only |
2012 Direct and indirect investments1 |
2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | ||||
Direct investments only |
Includes the CPP's indirect investments |
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Currency in thousands of dollars2 | |||||||||||||||||
AAR | USA | 68 | 3,102 | 1,249 | 3,102 | 1,249 |
http://www.aarcorp.com/gov/government.htm http://www.aarcorp.com/news/AAR_CROP_071508.htm http://www.aarcorp.com/news/AAR_JohnDeere_051208.htm http://www.aarcorp.com/gov/files/SupplyChainCapabilities.pdf |
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Abbott Laboratories | USA | 9,000 | 69,000 | 17,808 |
35,940 |
84,840 |
113,343 |
17,251 |
21,924
|
53,139 | 29,335 |
34,579 |
211,373 | 274,786 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||
ALCOA Inc. | USA | (see note) | 4,000 | 1,654 | 10,066 |
21,796 |
1,741 |
1,682 |
1,372 |
3,752 |
3,035 |
19,500 | 29,598 | www.airframer.com database on F-35 contractors | |||
Amphenol Corp | Canada | 1,741 | 6,795 |
9,509 |
1,756 |
1,520 |
3,026 |
6,795 | 17,552 | http://f-35.ca/canadian-partners-en/ | |||||||
BAE Systems | UK | 2 | 1,000 | 30,000 | 1,000 | 30,000 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls http://www.jsf.org.uk/JSF-UK-Industry-Team/BAE-Systems.aspx http://coat.ncf.ca/P4C/66/BAE.htm |
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Boeing | USA | 4 | 18,000 | 52,086 |
49,486 |
3,702 |
9,491 |
29,977 |
17,936 |
16,526 |
15,140 |
102,291 | 110,053 | www.airframer.com database on F-35 contractors | |||
Bombardier Aerospace | Canada | 7,000 | 2,000 | 7,000 | 2,000 | http://f-35.ca/canadian-partners-en/ | |||||||||||
CACI Int'l | USA | 35 | 2,210 |
3354 |
7,117 |
2,233 |
9,327 | 5,587 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||||||||
Circor Int'l Inc. | USA | 2,361 |
1,241 |
2,361 | 1,241 | www.airframer.com database on F-35 contractors | |||||||||||
Cubic | USA | 75 | 2,872 |
1,528 |
2,872 | 1,528 | http://www.cubic.com/Solutions/Defense-Systems/Training-Systems/Air-Combat-Training-Air-Test-Instrumentation/Domain-Knowledge | ||||||||||
Curtiss-Wright | USA | 78 | 6,301 |
2,915 |
6,301 | 2,915 | www.airframer.com database on F-35 contractors | ||||||||||
Cytec Industries Inc. Com | USA | 37,000 | 8,000 |
|
7,400 | 37,000 | 15,400 | www.airframer.com database on F-35 contractors | |||||||||
Eaton Corp | USA | 2,000 | 6,000 | 12,941 |
18,904 |
9,930 |
81,350 |
1,997 |
3,847 |
4,461 |
5,129 |
31,329 | 115,230 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls http://coat.ncf.ca/P4C/66/Eaton.htm |
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Elbit Systems | Israel | 33 | 2,000 | 2,000 | 1,288 | 3,288 | 2,000 | http://www.elbitsystems.com/elbitmain/area-in2.asp?parent=24&num=285&num2=285 | |||||||||
EMC Corp | USA | 18,000 | 64,000 | 43,170 |
80,827 |
21,864 |
15,971 |
18,395 |
77,141 | 185,086 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||||||
Finmeccanica | Italy | 8 | 17,000 | 10,000 | 17,000 | 10,000 |
http://coat.ncf.ca/P4C/66/Finmeccanica.htm http://www.lockheedmartin.com/us/products/f35/global-partnerships/f-35-italy.html |
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FLIR | USA | 84 | 3,527 |
3,012 |
567 | 642 |
1,595 |
1,474 | 983 | 5,643 | 6,157 | www.airframer.com database on F-35 contractors | |||||
General Dynamics | USA | 5 | 21,000 | 18,323 |
20,444 |
6,011 |
3,894 |
17,991 |
18,049 |
7,583 |
7,047 |
49,908 | 70,434 |
http://www.generaldynamics.com/news/press-releases/detail.cfm?customel_dataPageID_1811=17369 http://www.generaldynamics.com/news/press-releases/detail.cfm?customel_dataPageID_1811=6562 |
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General Electric | USA | 19 | 119,000 | 210,491 |
283,820 |
23,652 |
46,065 |
28,132 | 39,010 | 59,531 |
77,068 |
321,806 | 564,963 |
http://coat.ncf.ca/research/F-35_ContractsWon.xls http://www.jsf.org.uk/JSF-UK-Industry-Team/Smiths.aspx |
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GKN | UK | 2,000 | 2,000 | ||||||||||||||
Goodrich | USA | 38 | 10,000 | 15,945 | 3,629 | 5,562 | 25,136 | 10,000 | www.airframer.com database on F-35 contractors | ||||||||
Goodyear Tire & Rubber Co. | USA | 3,552 |
3,347 |
4,490 |
549 |
45677 |
9,674 |
909 | 951 | 54,628 | 14,521 | www.airframer.com database on F-35 contractors | |||||
Harris Corp. | USA | 32 | 6,000 | 3,781 |
5,813 |
1,074 |
914 |
915 |
1,513 |
1,858 |
12,208 | 9,660 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||||
Heroux Devtek Inc. | Canada | 2,000 | 2,000 | 2,000 | 2,000 | http://f-35.ca/canadian-partners-en/ | |||||||||||
Hewlett-Packard | USA | 65 | 64,000 | 80,000 | 3,643 | 50,737 |
36,314 |
10,695 |
7,283 |
50,755 |
19,013 |
17,159 |
10,780 |
196,989 | 153,390 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | |
Honeywell | USA | 15 | 2,000 | 9,000 | 42,795 |
49,533 |
13,332 |
8,584 |
5,659 |
7,185 |
12,661 |
14,991 |
76,447 | 89,293 | www.airframer.com database on F-35 contractors | ||
IHI Corp. | Japan | (see note) | 4,000 | 6,000 | 4,000 | 6,000 | http://www.reuters.com/article/2011/12/20/us-lockheed-japan-f35-participation-idUSTRE7BJ0CE20111220 | ||||||||||
ITT | USA | 14 | 1,000 | 3,000 | 2,787 |
298
|
2,395 | 2,867 | 9,049 | 3,298 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||||||
KBR | USA | 23 | 12,000 | 10,000 | 1,380 |
1,533 |
707 | 13,380 | 12,240 |
http://www.australiandefence.com.au/archive/defence-business-hats-on-for-kbr-adm-august-2011
Google cache |
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L-3 Communications | USA | 9 | 10,000 | 3,005 | 6,981 | 13,660 |
1,288 |
1,046 |
1,554 |
2,409 |
2,215 |
10,436 | 31,722 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls |
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Lockheed Martin | USA | 1 | 5,000 | 78,000 | 4,209 |
4,508 |
12,022 | 7,367 |
8,083 |
28,598 | 90,591 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls |
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Meggitt | UK | 2,000 | 2,000 | ||||||||||||||
Microsemi Corp. | USA | 6,496 |
3,390 |
6,496 | 3,390 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | |||||||||||
Mitsubishi Electric | Japan | 57 | 34,000 | 20,000 | 34,000 | 20,000 |
http://the-diplomat.com/2012/04/05/how-f-35-may-hurt-u-s-japan-ties/ http://ajw.asahi.com/article/behind_news/AJ201201280045 |
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Mitsubishi Heavy Industries | Japan | 26 | 7,000 | 24,000 | 7,000 | 24,000 |
http://www.reuters.com/article/2011/12/20/us-lockheed-japan-f35-participation-idUSTRE7BJ0CE20111220 http://the-diplomat.com/2012/04/05/how-f-35-may-hurt-u-s-japan-ties/ |
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Moog Inc. | USA | 7,021 |
3,255 |
7,021 | 3,255 | www.airframer.com database on F-35 contractors | |||||||||||
Northrop Grumman | USA | 3 | 21,000 | 11,205 |
14,920 |
1,538 |
3,920 |
6,068 | 5,342 |
5,297 |
24,153 | 45,137 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls |
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Oceaneering International Inc | USA | 6,920 |
956 |
6,920 | 956 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | |||||||||||
OpenText | Canada | 17,000 | 2,309 | 1,955 | 12,608 |
109,522 |
27,870 |
30,118 |
59,787 | 141,595 | http://f-35.ca/canadian-partners-en/ | ||||||
Parker Hannifin Corp | USA | 2,000 | 30,000 | 8,921 |
12,863 |
3,220 |
1,622 |
2,265 |
3,609 |
4,004 |
16,152 | 52,352 | www.airframer.com database on F-35 contractors | ||||
Raytheon | USA | 6 | 11,505 |
17,205 |
1,609 |
3,510 |
2,544 |
3,462 |
5,324 |
6,099 |
20,982 | 30,276 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls |
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Rockwell Collins | USA | 27 | 6,000 | 4,000 | 8,676 |
8,507 |
13,861 |
1,431 |
165,290 |
99,862 |
2,990 |
2,468 |
194,817 | 116,268 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||
Rolls-Royce | UK | 18 | 22,000 | 17,000 | 22,000 | 17,000 |
www.airframer.com database on F-35 contractors http://coat.ncf.ca/research/F-35_ContractsWon.xls |
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Sherwin-Williams Co. | USA | 7,900 | 2,606 | 12,290 | 7,900 |
14,191 |
3,245 |
6,703 |
1,050 |
2,791 |
2,418 |
4,077 |
25,119 | 40,052 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||
SPX Precision Components | USA | 3,000 | 1,000 | 1,007 |
1,145 |
530 |
572 | 4,579 | 2,675 | www.airframer.com database on F-35 contractors | |||||||
Teledyne Technologies | USA | 82 | 8,425 |
4,433 |
8,425 | 4,433 | www.airframer.com database on F-35 contractors | ||||||||||
Textron | USA | 20 | 5,000 | 1,400 |
2,189 |
3,822 | 2,580 | 1,802 |
2,363 |
7,024 | 12,132 | www.airframer.com database on F-35 contractors | |||||
UBS AG | Switzerland | 82,000 | 74,000 | 55,981 |
52,442 |
50,613 |
137,981 | 177,055 | http://f-35.ca/canadian-partners-en/ | ||||||||
United Technologies | USA | 10 | 41,000 | 4,586 | 12,545 | 66,483 |
73,827 |
8,497 |
13,011 |
2,489 | 23,563 |
21,106 |
105,618 | 161,489 |
http://www.airframer.com/aircraft_detail.html?mode http://coat.ncf.ca/research/F-35_ContractsWon.xls |
||
URS | USA | 22 | 2,382 | 917 | 915 |
4,205 |
917 | 7,502 | http://coat.ncf.ca/research/F-35_ContractsWon.xls | ||||||||
ViaSat | USA | (see note) | 1,670 | 6,579 |
2,815 |
8,249 | 2,815 | www.airframer.com database on F-35 contractors | |||||||||
Volvo AB | Sweden | 40,000 | 40,000 | www.airframer.com database on F-35 contractors | |||||||||||||
Totals | 413,900 | 799,654 | 32,622 | 69,858 | 760,821 | 1,016,878 | 126,209 | 238,154 | 441,324 | 308,461 | 312,272 | 301,871 | 2,087,148 | 2,734,876 |
Notes:
2012 (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.
ALCOA Inc.:
ALCOA's
subsidiary, the ALCOA Industrial Components Group, was among the world's top
100 war industries, ranking 50th in 2000.
IHI
Corp.:
IHI Corp, and two of
its subsidiaries (IHI Aerospace and IHI Marine), have all been on list of the
world's top 100 war industries. IHI Marine ranked 70th in 2010, IHI Aerospace ranked 96th in 2002 and 92nd in
2003, while IHI Corp. ranked 96th in 2007.
ViaSat:
ViaSat ranked 100th in 2008.
Currency
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
War Industries:
The ranking of war industries comes from
Defense News Top 100 for 2010.
This data, published July 25, 2011, reflects 2010 figures. (Currency conversions
for non-U.S. firms were calculated using average market conversion rates over
each firm's fiscal year to mitigate the effects of currency fluctuations.)
Data on the annual ranking of war industries prior to 2010 comes from
Defense News.
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
1999
Pension Funds:
Data on the value of pension fund shares comes from the following sources:
Alberta Investment Management Corp
Form 13F, Securities and Exchange Commission (December 31, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)
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)