Coalition to Oppose the Arms Trade
The Six Largest Canadian Pension Funds and their
Investments
in the
World's Top 100 War Industries |
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 |
Rank
among the World's
Top 100
War
Industries
2010
(by
Military
Revenue) |
F-35
Contractor
(See separate
table
for details) |
Military Revenue 2010 |
Total Revenue 2010 |
Military Revenue 2010
(as a percent
of Total
Revenue) |
Canada
Pension
Plan
(CPP) |
Other Top Canadian Pension Funds |
Pension
Fund
Totals |
War
Industries
(2011) |
2011
Direct investments
only |
2012
Direct and indirect
investments1 |
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) |
Chief
Executives |
Annual Compensation
(US dollars) |
|
2011 |
2012 |
2011 |
2012 |
2011 |
2012 |
2011 |
2012 |
2011 |
2012 |
2011 |
2012 |
|
Direct
investments only |
Includes
the CPP's indirect investments |
|
in millions of US dollars |
% |
Currency in thousands of dollars2 |
|
Lockheed Martin |
U.S. |
1 |
 |
42,800.0 |
45,800.0 |
93.4 |
5,000 |
78,000 |
|
|
|
|
4,209 |
4,508 |
12,022 |
|
7,367 |
8,083 |
28,598 |
90,591 |
Robert Stevens, Chairman & CEO |
$25,369,641 |
|
BAE Systems |
U.K. |
2 |
|
33,109.5 |
34,613.6 |
95.7 |
1,000 |
30,000 |
|
|
|
|
|
|
|
|
|
|
1,000 |
30,000 |
Ian King, CEO |
$3,801,648 |
|
Northrop Grumman |
U.S. |
3 |
|
31,181.0 |
34,757.0 |
89.7 |
|
21,000 |
|
|
11,205 |
14,920 |
1,538 |
3,920 |
6,068 |
|
5,342 |
5,297 |
24,153 |
45,137 |
Wesley Bush, Chairman, President
& CEO |
$26,242,444 |
|
Boeing |
U.S. |
4 |
|
30,858.0 |
64,306.0 |
48.0 |
|
18,000 |
|
|
52,086 |
49,486 |
3,702 |
9,491 |
29,977 |
17,936
|
16,526 |
15,140
|
102,291 |
110,053 |
W. James McNerney, Chairman,
President & CEO |
$22,958,313 |
|
General Dynamics |
U.S. |
5 |
|
26,622.0 |
32,466.0 |
82.0 |
|
21,000 |
|
|
18,323 |
20,444 |
6,011 |
3,894 |
17,991 |
18,049
|
7,583 |
7,047 |
49,908 |
70,434 |
Jay L. Johnson, Chairman & CEO |
$16,058,080 |
|
Raytheon |
U.S. |
6 |
|
23,420.2 |
25,183.0 |
93.0 |
|
|
|
|
11,505 |
17,205 |
1,609 |
3,510 |
2,544 |
3,462 |
5,324 |
6,099 |
20,982 |
30,276 |
William H. Swanson, Chairman &
CEO |
$18,591,959 |
|
EADS |
Nether-lands |
7 |
|
16,286.7 |
60,734.4 |
26.8 |
|
18,000 |
|
|
|
|
|
|
|
|
|
|
|
18,000 |
Louis Gallois, CEO |
$3,751,602 |
|
Finmeccanica |
Italy |
8 |
|
14,442.9 |
24,817.1 |
58.2 |
17,000 |
10,000 |
|
|
|
|
|
|
|
|
|
|
17,000 |
10,000 |
Giuseppe Orsi, CEO |
NA |
|
L-3
Communications |
U.S. |
9 |
|
13,074.0 |
15,680.0 |
83.4 |
|
10,000 |
|
3,005
|
6,981 |
7,816 |
|
1,288 |
1,046 |
1,554 |
2,409 |
2,215 |
10,436 |
25,878 |
Michael Strianese, Chairman,
President & CEO |
$16,662,627 |
|
United
Technologies |
U.S. |
10 |
|
11,600.0 |
54,326.0 |
21.4 |
|
41,000 |
4,586 |
12,546
|
66,483 |
73,827
|
8,497 |
13,011 |
2,489 |
|
23,563 |
21,106
|
105,618 |
161,489 |
Louis Chenevert, President & CEO |
$27,671,331 |
|
SAIC |
U.S. |
12 |
|
8,677.0 |
11,117.0 |
78.1 |
|
10,000 |
5,896 |
1,229 |
3,025 |
3,377 |
|
3,120 |
781 |
522 |
1,245 |
5,123 |
10,947 |
23,371 |
Walt Havenstein, CEO |
$5,153,040 |
|
ITT |
U.S. |
14 |
|
5,484.0 |
10,995.0 |
49.9 |
1,000 |
3,000 |
|
|
|
|
2,787 |
298 |
2,395 |
|
2,867 |
|
9,049 |
3,298 |
Steven Loranger, Chairman,
President & CEO |
$61,666 |
|
Honeywell |
U.S. |
15 |
|
5,400.0 |
33,370.0 |
16.2 |
2,000 |
9,000 |
|
|
42,795 |
49,533
|
13,332 |
8,584 |
5,659 |
7,185
|
12,661 |
14,991
|
76,447 |
89,293 |
David Cote, Chairman & CEO |
$37,842,723 |
|
Booz Allen
Hamilton |
U.S. |
16 |
|
4,662.0 |
5,600.0 |
83.3 |
|
|
|
|
6,814 |
|
|
|
|
|
|
|
6,814 |
|
Ralph Shrader, Chairman,
President & CEO |
$3,536,260 |
|
Computer Sciences |
U.S. |
17 |
|
4,498.0 |
16,000.0 |
28.1 |
17,000 |
4,000 |
|
|
3,299 |
5,009 |
5,270 |
921 |
14,239 |
798 |
1,533 |
1,696 |
41,341 |
12,424 |
Michael Laphen, Chairman,
President & CEO |
NA |
|
Rolls-Royce |
U.K. |
18 |
|
4,483.3 |
16,796.7 |
26.7 |
22,000 |
17,000 |
|
|
|
|
|
|
|
|
|
|
22,000 |
17,000 |
John Rishton, CEO |
$3,072,851 |
|
General Electric |
U.S. |
19 |
|
4,100.0 |
150,211.0 |
2.7 |
|
119,000 |
|
|
210,491 |
283,820
|
23,652 |
46,065 |
28,132 |
39,010
|
59,531 |
77,068
|
321,806 |
564,963 |
Jeffrey Immelt, Chairman & CEO |
$21,581,228 |
|
Textron |
U.S. |
20 |
|
3,999.5 |
10,525.0 |
38.0 |
|
5,000 |
|
|
|
|
1,400 |
2,189 |
3,822 |
2,580 |
1,802 |
2,363 |
7,024 |
12,132 |
Scott Donnelly, Chairman & CEO |
$11,519,177 |
|
URS* |
U.S. |
22 |
|
3,736.1 |
9,177.1 |
40.7 |
|
|
|
2,382 |
917 |
915 |
|
4,205 |
|
|
|
|
917 |
7,502 |
Martin Koffel, CEO |
$6,399,140 |
|
KBR |
U.S. |
23 |
|
3,563.8 |
10,099.0 |
35.3 |
12,000 |
10,000 |
|
|
1,380 |
1,533 |
|
707 |
|
|
|
|
13,380 |
12,240 |
William Utt, Chairman, President
& CEO |
$9,015,717 |
|
Safran |
France |
25 |
|
3,142.4 |
14,283.6 |
22.0 |
19,000 |
12,000 |
|
|
|
|
|
|
|
|
|
|
19,000 |
12,000 |
Jean-Paul Herteman, Chairman &
CEO |
$1,945,037 |
|
Mitsubishi Heavy
Industries* |
Japan |
26 |
|
3,039.4 |
35,016.2 |
8.7 |
7,000 |
24,000 |
|
|
|
|
|
|
|
|
|
|
7,000 |
24,000 |
Hideaki Omiya, President |
NA |
|
Rockwell Collins |
U.S. |
27 |
|
2,900.0 |
4,700.0 |
61.7 |
6,000 |
4,000 |
|
|
8,676 |
8,507 |
13,861 |
1,826 |
165,290 |
99,862
|
2,990 |
2,468 |
196,817 |
116,663 |
Clay Jones, Chairman, President
& CEO |
$6,999,832 |
|
Saab |
Sweden |
28 |
|
2,887.4 |
3,397.1 |
85.0 |
5,000 |
|
|
|
|
|
|
|
|
|
|
|
5,000 |
|
Hakan Buskhe, CEO |
$2,553,560 |
|
Harris |
U.S. |
32 |
|
2,622.3 |
5,206.1 |
50.4 |
6,000 |
|
|
|
3,781 |
5,813
|
|
1,074 |
914 |
915 |
1,513 |
1,858 |
12,208 |
9,660 |
Howard Lance,Chairman, President
& CEO |
NA |
|
Elbit Systems |
Israel |
33 |
|
2,536.6 |
2,670.1 |
95.0 |
2,000 |
2,000 |
|
|
1,288 |
|
|
|
|
|
|
|
3,288 |
2,000 |
Joseph Ackerman, President & CEO |
NA |
|
CACI |
U.S. |
35 |
|
2,450.5 |
3,149.1 |
77.8 |
|
|
|
|
|
|
|
|
2,210 |
3,354 |
7,117 |
2,233 |
9327 |
5,587 |
Paul Cofoni, President & CEO |
$5,339,521 |
|
Goodrich |
U.S. |
38 |
|
2,201.0 |
6,967.0 |
31.6 |
|
10,000 |
|
|
15,945 |
|
|
|
3,629 |
|
5,562 |
|
25,136 |
10,000 |
Marshall Larsen, Chairman,
President & CEO |
$13,876,908 |
|
Navistar |
U.S. |
40 |
|
2,151.0 |
12,145.0 |
17.7 |
8,000 |
|
|
|
|
|
|
207 |
|
|
|
|
8,000 |
207 |
Daniel Ustian, Chairman,
President & CEO |
$15,167,755 |
|
Fluor |
U.S. |
45 |
|
1,884.2 |
20,849.0 |
9.0 |
|
25,000 |
|
|
8,844 |
10,620
|
|
1,749 |
|
3,121 |
|
3,016 |
8,844 |
43,506 |
David Seaton, CEO |
$9,741,057 |
|
Serco Group |
U.K. |
49 |
|
1,669.5 |
6,677.9 |
25.0 |
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
2,000 |
Christopher Hyman, CEO |
$2,977,476 |
|
Mitsubishi
Electric* |
Japan |
57 |
|
1,187.7 |
42,613.9 |
2.8 |
34,000 |
20,000 |
|
|
|
|
|
|
|
|
|
|
34,000 |
20,000 |
Kenichiro Yamanishi, President &
CEO |
NA |
|
GKN |
U.K. |
58 |
|
1,054.2 |
2,243.0 |
47.0 |
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
2,000 |
Marcus Bryson, CEO |
$984,740 |
|
Jacobs
Engineering |
U.S. |
59 |
|
1,053.1 |
9,900.0 |
10.6 |
|
|
|
|
5,348 |
5,895
|
|
961 |
661 |
816 |
1,516 |
1,666 |
7,525 |
9,338 |
Craig Martin, President & CEO |
$5,860,331 |
|
Kawasaki Heavy
Industries |
Japan |
60 |
|
1,042.7 |
14,343.0 |
7.3 |
6,000 |
4,000 |
|
|
|
|
|
|
|
|
|
|
6,000 |
4,000 |
Satoshi Hasegawa, President |
NA |
|
Samsung Techwin |
South Korea |
61 |
|
1,032.0 |
2,752.0 |
37.5 |
4,000 |
4,000 |
|
|
|
|
|
|
|
|
|
|
4,000 |
4,000 |
Cheol Kyo Kim, CEO |
NA |
|
NEC |
Japan |
63 |
|
1,008.8 |
36,414.4 |
2.8 |
8,000 |
9,000 |
|
|
|
|
|
|
|
|
|
|
8,000 |
9,000 |
Nobuhiro Endo, President
(Representative Director) |
NA |
|
Bharat
Electronics |
India |
64 |
|
997.7 |
1,210.9 |
82.4 |
1,000 |
1,000 |
|
|
|
|
|
|
|
|
|
|
1,000 |
1,000 |
Ashwani Kumar Datt, Chairman &
Managing Director |
4,558,611 |
|
Hewlett-Packard |
U.S. |
65 |
|
971.9 |
126,033.0 |
0.8 |
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 |
Leo Apotheker, President & CEO |
NA |
|
AAR |
U.S. |
68 |
|
942.4 |
1,775.8 |
53.1 |
|
|
|
|
|
|
|
|
|
|
3,102 |
1,249 |
3,102 |
1,249 |
David Storch, Chairman & CEO |
$5,310,574 |
|
IHI Marine* |
Japan |
70 |
|
917.7 |
2,336.8 |
39.3 |
4,000 |
6,000 |
|
|
|
|
|
|
|
|
|
|
4,000 |
6,000 |
Shigemi Kurahara, President &
CEO |
NA |
|
CAE |
Canada |
72 |
|
850.9 |
1,602.3 |
53.1 |
25,000 |
16,000 |
2,646 |
7,357
|
20,291 |
27,937 |
1,187 |
|
|
|
42,814 |
26,028
|
91,938 |
77,322 |
Marc Parent, President & CEO |
$3,043,722 |
|
Cubic |
U.S. |
75 |
|
805.1 |
1,194.2 |
67.4 |
|
|
|
|
|
|
|
|
|
|
2,872 |
1,528 |
2,872 |
1,528 |
Walter Zable, Chairman,
President & CEO |
$1,566,121 |
|
Meggitt |
U.K. |
76 |
|
789 |
1,793.1 |
44.0 |
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
2,000 |
Terry Twigger, CEO |
$2,916,913 |
|
Curtiss-Wright |
U.S. |
78 |
|
784.0 |
1,893.0 |
41.4 |
|
|
|
|
|
|
|
|
|
|
6,301 |
2,915 |
6,301 |
2,915 |
Martin Benante, Chairman & CEO |
$6,938,577 |
|
Teledyne
Technologies |
U.S. |
82 |
|
727.4 |
1,644.2 |
44.2 |
|
|
|
|
|
|
|
|
|
|
8,425 |
4,433 |
8,425 |
4,433 |
Robert Mehrabian, Chairman,
President & CEO |
$4,962,451 |
|
Accenture |
Ireland |
83 |
|
725.0 |
21,600.0 |
3.4 |
91,000 |
|
|
|
29,457 |
34,945
|
9,902 |
8,299 |
17,968 |
20,379
|
|
14,305
|
148,327 |
77,928 |
Pierre Nanterme, CEO |
$9,784,185 |
|
FLIR |
U.S. |
84 |
|
706.0 |
1,385.0 |
51.0 |
|
|
|
|
3,527 |
3,012
|
|
567 |
642 |
1,595 |
1,474 |
983 |
5,643 |
6,157 |
Earl Lewis, Chairman & CEO |
$6,230,612 |
|
Embraer |
Brazil |
87 |
|
667 |
5,312.5 |
12.6 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
1,000 |
Frederico Fleury Curado, President & CEO |
NA |
|
Fujitsu |
Japan |
99 |
|
503.8 |
52,937.1 |
1.0 |
24,000 |
26,000 |
|
|
|
|
|
|
|
|
|
|
24,000 |
26,000 |
Masami Yamamoto, President |
NA |
|
Total |
|
315,782.3 |
1,033,858.3 |
|
391,000 |
674,000 |
16,771 |
26,519 |
583,198 |
660,928 |
107,652 |
127,677 |
369,234 |
240,151 |
248,598 |
239,690 |
1,716,453 |
1,968,965 |
|
|
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. that year.
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:
The ranking of war industries, and their military
and total revenues, 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.)
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)
Five Other Large Canadian Pension Funds (2011)
Alberta Investment Management Corp
Form 13F, Securities and Exchange Commission (December 31, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)
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)
Chief Executives:
Data on
the chief executives
of these war industries and the value of their
annual compensation comes
from Bloomberg Businessweek.
Compensation as of Fiscal Year 2011, includes salary and stock options.
NA = Not Available