Cdn Pension Fund Investments in Nuclear Weapons

Coalition to Oppose the Arms Trade

The Five Largest Canadian Pension Funds and their Investments in Manufacturers of Nuclear Weapons
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 contractors building the F-35 warplane Click here for a table showing these funds' investments in the manufacturers of cluster munitions
War Industry	C O U N T R Y	Canada Pension Plan (CPP)		Other Top Canadian Pension Funds								Pension Fund Totals
		Canada Pension Plan (CPP)		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 investmentsonly	*Direct and indirect* investments¹**	Direct investments only
		Currency in thousands of dollars²										2011	2012
BAE Systems	UK	1,000	30,000									1,000	30,000
Boeing Co	USA		18,000	52,086	49,486	3,702	9,491	29,977	17,936	16,526	15,140	102,291	110,053
Finmeccanica SpA	Italy	17,000	10,000									17,000	10,000
Gencorp Inc.	USA									1,221	1,070	1,221	1,070
General Dynamics Corp	USA		21,000	18,323	20,444	6,011	3,894	17,991	18,049	7,583	7,047	49,908	70,434
Honeywell International	USA	2,000	9,000	42,795	49,533	13,332	8,584	5,659	7,185	12,661	14,991	76,447	83,293
Jacobs Engineering Group Inc	UK			5,348	5,895		961	661	816	1,516	1,666	7,525	9,338
Larsen & Toubro Ltd	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
Rolls Royce	UK	22,000	17,000									22,000	17,000
Safran SA	France	19,000	12,000									19,000	12,000
Totals		75,000	223,000	129,757	140,278	28,792	31,358	72,378	43,986	52,216	53,294	358,143	491,916

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

War Industries:
The twelve war industries noted above are listed in a report called: "Don't Bank on the Bomb: A Global Report on the Financing of Nuclear Weapons Producers." This report, published in March 2012 by the International Campaign to Abolish Nuclear Weapons, examines 20 companies which it describes as being "involved in the design, development, manufacture, modernization and maintenance of nuclear weapons and their delivery vehicles."

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)