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
investments
1
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