Canadian Pensions Invest in War

Coalition to Oppose the Arms Trade

Master Table: The Six Largest Canadian Pension Funds and their Investments in various War Industries
Click here for a table showing these funds' investments in the world's top-ranking war industries, 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 contractors building the F-35 warplane 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
War Industry	C O U N T R Y	Click the links below for separate tables detailing Canadian pension fund investments in these war industries						Canada Pension Plan (CPP)		Other Top Canadian Pension Funds										Pension Fund Totals
		World's top war industries		World's top war industries (prior to 2010)	Nuclear weapons makers	Cluster munitions makers	F-35 con- tractors	2011 Direct invest-ments only	2012 Direct and indirect invest-ments¹	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)		Pension Fund Totals
										2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012
										Direct investments only											Includes CPP's indirect investments
		2011	2010					Currency in thousands of dollars²													Includes CPP's indirect investments
AAR	USA	66	68															3102	1249	3102	1249
Abbott Laboratories	USA							9000	69000	17808	35940	84840	113343	17251	21924	53139		29335	34579	211373	274786
Accenture	Ireland	82	83					91000				29457	34945	9902	8299	17968	20379		14305	148327	77928
ALCOA Inc.	USA		(see note)					4000	17000			10066	21796		1741	1682	1372	3752	3035	19500	44944
Amphenol Corp	Canada										1741	6795	9509		1756		1520		3026	6795	17552
BAE Systems	UK	3	2					1000	30000											1000	30000
Bharat Electronics	India	69	64					1000	1000											1000	1000
Boeing	USA	2	4						18000			52086	49486	3702	9491	29977	17936	16526	15140	102291	110053
Bombardier Aerospace	Canada							7000	2000											7000	2000
Booz Allen Hamilton	USA	15	16									6814								6814
CACI International	USA	31	35													2210	3354	7117	2233	9327	5587
CAE	Canada	71	72					25000	16000	2646	7357	20291	27937	1187				42814	26028	91938	77322
Circor Int'l Inc.	USA																	2361	1241	2361	1241
CSC	USA	17	17					17000	4000			3299	5009	5270	921	14239	798	1533	1696	41341	12424
Cubic	USA	73	75															2872	1528	2872	1528
Curtiss-Wright	USA	80	78															6301	2915	6301	2915
Cytec Industries Inc.	USA							37000	8000						7400					37000	15400
Doosan Corp.	S.Korea							3000	3000											3000	3000
EADS	Netherlands	7	7						18000												18000
Eaton Corp	USA							2000	6000			12941	18904	9930	81350	1997	3847	4461	5129	31329	115230
Elbit Systems	Israel	38	33					2000	2000			1288								3288	2000
Embraer	Brazil	74	87						1000												1000
EMC Corp	USA							18000	64000			43170	80827				21864	15971	18395	77141	185086
Finmeccanica	Italy	8	8					17000	10000											17000	10000
FLIR	USA	88	84									3527	3012		567	642	1595	1474	983	5643	6157
Fluor	USA	37	45						25000			8844	10620		1749		3121		3016	8844	43506
Fuji Heavy Industries	Japan							15000	18000											15000	18000
Fujitsu	Japan	92	99					24000	26000											24000	26000
Gencorp	USA																	1221	1070	1221	1070
General Dynamics	USA	4	5						21000			18323	20444	6011	3894	17991	18049	7583	7047	49908	70434
General Electric	USA	20	19						119000			210491	283820	23652	46065	28132	39010	59531	77068	321806	564963
GKN	UK	56	58						2000												2000
Goodrich	USA	43	38						10000			15945				3629		5562		25136	10000
Goodyear Tire & Rubber	USA											3552	3347	4490	549	45677	9674	909	951	54628	14521
Halliburton	USA							9000	54000	1457		37816	35011	4166	5736	7687	6736	10344	6736	70470	108219
Hanwha Chem Corp.	S.Korea							5000	4000											5000	4000
Harris	USA	29	32					6000				3781	5813		1074	914	915	1513	1858	12208	9660
Heroux Devtek Inc.	Canada							2000	2000											2000	2000
Hewlett-Packard	USA	45	65					64000	80000	3643		50737	36314	10695	7283	50755	19013	17159	10780	196989	153390
Hitachi Ltd.*	Japan							54000	73000											54000	73000
Honeywell	USA	14	15					2000	9000			42795	49533	13332	8584	5659	7185	12661	14991	76447	89293
Huntington Ingalls	USA	13							9000						332
Hyundai Rotem*	S. Korea							53000	73000											53000	73000
IHI Corp.	Japan		(see note)					4000	6000											4000	6000
IHI Marine*	Japan		70					4000	6000											4000	6000
Itochu	Japan							27000	53000											27000	53000
ITT Exelis	USA	21	14					1000	3000					2787	298	2395		2867		9049	3298
Jacobs Engineering	USA	65	59									5348	5895		961	661	816	1516	1666	7525	9338
Kaman	USA																	3442	1786	3442	1786
Kawasaki Heavy Industries	Japan	40	60					6000	4000											6000	4000
KBR	USA		23					12000	10000			1380	1533		707					13380	12240
Komatsu	Japan							40000												40000
Korea Aerospace Industries	S. Korea	72							1000
L-3 Communications	USA	9	9						10000		3005	6981	13660		1288	1046	1554	2409	2215	10436	31722
Larsen & Toubro	India							9000	7000											9000	7000
Lockheed Martin	USA	1	1					5000	78000					4209	4508	12022		7367	8083	28598	90591
MAN Group	Germany							3000												3000
Meggitt	UK	70	76						2000												2000
Microsemi Corp.	USA																	6496	3390	6496	3390
Mitsubishi Electric*	Japan	54	57					34000	20000											34000	20000
Mitsubishi Heavy Industries*	Japan	23	26					7000	24000											7000	24000
Moog	USA	75																7021	3255	7021	3255
Motorola Solutions	USA							2000	32000	4721	6937	13268	15283	451	3620	2083	2945	4661	2945	27184	63730
Navistar	USA	47	40					8000							207					8000	207
NEC	Japan	55	63					8000	9000											8000	9000
Nissan Motor	Japan							43000	55000											43000	55000
Northrop Grumman	USA	6	3						21000			11205	14920	1538	3920	6068		5342	5297	24153	45137
Oceaneering International	USA											6920			956					6920	956
OpenText	Canada							17000		2309	1955	12608	109522					27870	30118	59787	141595
Orbital Sciences	USA											5812						3509		9321
Oshkosh	USA	18									818				403
Parker Hannifin Corp	USA							2000	30000			8921	12863		3220	1622	2265	3609	4004	16152	52352
Raytheon	USA	5	6									11505	17205	1609	3510	2544	3462	5324	6099	20982	30276
Rockwell Collins	USA	33	27					6000	4000			8676	8507	13861	1826	165290	99862	2990	2468	196817	116663
Rolls-Royce	UK	16	18					22000	17000											22000	17000
Saab	Sweden	27	28					5000												5000
Safran	France	26	25					19000	12000											19000	12000
SAIC	USA	12	12						10000	5896	1229	3025	3377		3120	781	522	1245	5123	10947	23371
Samsung Techwin	S. Korea	63	61					4000	4000											4000	4000
Serco Group	UK	50	49						2000												2000
Sherwin-Williams Co.	USA							7900		2606	12290	7900	14191	3245	6703	1050	2791	2418	4077	25119	40052
SPX Precision Components	USA							3000	1000			1007	1145		530	572				4579	2675
Tata Power Co. Ltd	India							4000	4000											4000	4000
Teledyne Technologies	USA	91	82															8425	4433	8425	4433
Textron	USA	19	20						5000					1400	2189	3822	2580	1802	2363	7024	12132
Toshiba	Japan	93						21000	28000											21000	28000
UBS AG	Switzerland							82000	74000			55981	52442				50613			137981	177055
United Technologies	USA	10	10						41000	4586	12546	66483	73827	8497	13011	2489		23563	21106	105618	161490
URS*	USA	24	22								2382	917	915		4205					917	7502
ViaSat	USA		(see note)							1670								6579	2815	8249	2815
Volvo AB	Sweden							40000												40000
Totals								913,900	1,367,000	47,342	86,200	894,795	1,154,955	147,185	263,897	484,743	343,778	382,557	366,242	2,870,522	3,570,519

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.

IHI Marine:
CPP holds shares in IHI Marine's parent company, 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 Aerospace ranked 96th in 2002 and 92nd in 2003, while IHI Corp. ranked 96th in 2007.

Mitsubishi:
Mitsubishi Electric and Mitsubishi Heavy Industries are subsidiaries of Mitsubishi Corp. In addition to its 2011 investments of $7 million and $34 million (respectively) in these two subsidiaries, the CPP also held an additional $78 million worth of shares in Mitsubishi Corp. in 2011.

URS:
URS subsidiary Lear Siegler Services was also in the world's top 100 war industries, ranking 89th in 1999, 75th in 2000, 63rd in 2001, and 73rd in 2002.

Sources

War Industries and their Ranking:
The ranking of war industries is based on their revenues from military contracts. The data in this table on war industry ranking and military revenue comes from Defense News Top 100 for 2010 and Defense News Top 100 for 2011. This data was published by Defense News July 25, 2011 and June 18, 2012, respectively. (Note: 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.)

IDEX 2013 Exhibitor
This data comes from the IDEX website's "Exhibitor List"

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)