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
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)
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
Direct  investments
only
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)

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)