Worldwide investments in CLUSTER MUNITIONS

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STATE-OF-THE-ART REPORT Contents Executive Summary, Recommendations and Methodology 10 Summary Tables 21 Introduction 33 Investing in Cluster Munitions: What’s at Stake? 33 Cluster Munitions and the Oslo Process 33 Financial Institutions’ Power and Responsibility 34 Our Research 35 Chapter 1 Hall of Shame: Financial Involvement and Investments 36 1.1 Red Flag List of Cluster Munitions Producers 36 1.1.0 Introduction and Methodology 36 1.1.1 China Aerospace Science and Industry (China) 38 1.1.2 China Aerospace Science and Technology (China) 38 1.1.3 Hanwha (South Korea) 39 1.1.4 Norinco (China) 40 1.1.5 Orbital ATK (United States) 40 1.1.6 Poongsan (South Korea) 42 1.1.7 Textron (United States) 42 1.1.8 Companies no longer on our red flag list 44 1.2 The Investments 45 1.2.0 Introduction and Methodology 45 1.2.1 Affiliated Managers Group (United States) 48 1.2.2 Agricultural Bank of China (China) 48 1.2.3 Allianz (Germany) 49 1.2.4 Alyeska Investment Group (United States) 49 1.2.5 Amalgamated Bank of Chicago (United States) 50 1.2.6 American International Group (AIG) (United States) 50 1.2.7 American United Mutual Insurance (United States) 50 1.2.8 AQR Capital Management (United States) 51 1.2.9 Artisan Partners (United States) 51 1.2.10 Associated Banc-Corp (United States) 51 1.2.11 Bailard (United States) 52 1.2.12 Banco de Sabadell (Spain) 52 1.2.13 BancPlus (United States) 53 1.2.14 Bank Hapoalim (Israel) 53 1.2.15 Bank of America (United States) 54 1.2.16 Bank of Beijing (China) 55 1.2.17 Bank of China (China) 56 1.2.18 Bank of Communications (China) 57 1.2.19 Bank of East Asia (China) 58 1.2.20 Bank of Nanjing (China) 58 1.2.21 Bank of New York Mellon (United States) 59 1.2.22 Banner Bank (United States) 60 1.2.23 Barclays (United Kingdom) 60 2
1.2.24 BB&T (United States) 61 1.2.25 Beijing Capital Group (China) 61 1.2.26 BlackRock (United States) 62 1.2.27 BPCE Group (France) 62 1.2.28 California First National Bancorp (United States) 63 1.2.29 Carlyle Group (United States) 63 1.2.30 Cascade Bancorp (United States) 64 1.2.31 Causeway Capital Management (United States) 64 1.2.32 Central Pacific Financial Corporation (United States) 65 1.2.33 Cheonanbukil Foundation School (South Korea) 65 1.2.34 China Construction Bank (China) 66 1.2.35 China Development Bank (China) 67 1.2.36 China Everbright Group (China) 67 1.2.37 China Guangfa Bank (China) 68 1.2.38 China Investment Securities (China) 69 1.2.39 China Life Insurance (China) 69 1.2.40 China Merchants Group (China) 70 1.2.41 China Minsheng Banking (China) 71 1.2.42 China Securities (China) 72 1.2.43 CI Financial (Canada) 72 1.2.44 CITIC (China) 73 1.2.45 Citigroup (United States) 73 1.2.46 CNO Financial Group (United States) 74 1.2.47 Comerica (United States) 75 1.2.48 Crédit Mutuel (France) 75 1.2.49 Credit Suisse (Switzerland) 76 1.2.50 The Dai-Ichi Life Insurance Company (Japan) 76 1.2.51 Daishin Securities (South Korea) 76 1.2.52 DBS (Singapore) 77 1.2.53 Deutsche Bank (Germany) 77 1.2.54 Dimensional Fund Advisors (United States) 78 1.2.55 Dongbu Group (South Korea) 78 1.2.56 Donghai Securities (China) 79 1.2.57 E Fund Management (China) 79 1.2.58 E.SUN Financial (Taiwan) 80 1.2.59 Eastern Bank (United States) 80 1.2.60 Eaton Vance (United States) 80 1.2.61 eBEST Investment & Securities (South Korea) 81 1.2.62 Eugene Investment & Securities (South Korea) 81 1.2.63 Evergrowing Bank (China) 82 1.2.64 Fidelity Investments (United States) 82 1.2.65 Fifth Third Bancorp (United States) 83 1.2.66 First Eagle Investment Management (United States) 84 1.2.67 First Niagara Financial (United States) 84 1.2.68 Franklin Resources (United States) 84 1.2.69 Fubon Group (Taiwan) 85 1.2.70 GGCP (United States) 85 1.2.71 GMO (United States) 86 1.2.72 Goldman Sachs (United States) 86 1.2.73 Guotai Junan Securities (China) 87 1.2.74 Hana Financial (South Korea) 88 1.2.75 Hanwha Group (South Korea) 88 1.2.76 Hanyang Securities (South Korea) 89 3
Page 1 and 2: June 2016 update Worldwide investme
Page 3: PAX (formerly IKV Pax Christi, the
Page 7 and 8: 1.2.130 Sealand Securities (China)
Page 9 and 10: 2.2.29 NIBC (the Netherlands) 177 2
Page 11 and 12: 9
Page 13 and 14: in place, financial institutions ha
Page 15 and 16: In the research period, these 158 f
Page 17 and 18: Worthy of mention here are two fina
Page 19 and 20: Methodology: Questions and Answers
Page 21 and 22: Sources Of Information For The Hall
Page 23 and 24: Summary Tables Hall of Shame The fo
Page 25 and 26: Financial institution in the Hall o
Page 27 and 28: Financial institution in the Hall o
Page 29 and 30: Country of origin of financial inst
Page 31 and 32: PFA Pension Denmark X X X X X PGGM
Page 33 and 34: NIBC The Netherlands X X X Nordea S
Page 35 and 36: Introduction Investing in Cluster M
Page 37 and 38: arise from two arguments: the contr
Page 39 and 40: We define a cluster munitions produ
Page 41 and 42: 1.1.3 Hanwha (South Korea) Hanwha C
Page 43 and 44: for surveillance and component test
Page 45 and 46: Textron argues that the weapon cont
Page 47 and 48: 1.2 The Investments 1.2.0 Introduct
Page 49 and 50: • Results The following contains
Page 51 and 52: Norinco Norinco Norinco Norinco Chi
Page 53 and 54: 1.2.8 AQR Capital Management (Unite
Page 55 and 56:
1.2.13 BancPlus (United States) Ban
Page 57 and 58:
Orbital ATK Orbital ATK Inc General
Page 59 and 60:
Norinco Norinco Norinco Norinco Nor
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1.2.21 Bank of New York Mellon (Uni
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1.2.24 BB&T (United States) BB&T (U
Page 65 and 66:
1.2.28 California First National Ba
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1.2.32 Central Pacific Financial Co
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1.2.35 China Development Bank (Chin
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1.2.38 China Investment Securities
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1.2.41 China Minsheng Banking (Chin
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1.2.44 CITIC (China) CITIC (China)
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1.2.47 Comerica (United States) Com
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Hanwha Hanwha Hanwha Hanwha Corp Ha
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1.2.56 Donghai Securities (China) D
Page 83 and 84:
Eaton Vance owns or manages bonds o
Page 85 and 86:
1.2.65 Fifth Third Bancorp (United
Page 87 and 88:
Shareholdings managed by Franklin R
Page 89 and 90:
Goldman Sachs owns or manages share
Page 91 and 92:
Hanwha Hanwha Hanwha Hanwha Corp Ha
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1.2.79 Huatai Securities (China) Hu
Page 95 and 96:
1.2.82 Industrial and Commercial Ba
Page 97 and 98:
Invesco owns or manages bonds of th
Page 99 and 100:
1.2.86 KB Financial Group (South Ko
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KeyCorp has underwritten bond issua
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1.2.91 Kyobo AXA Investment Manager
Page 105 and 106:
1.2.95 LIG Group (South Korea) LIG
Page 107 and 108:
1.2.99 Manulife Financial (Canada)
Page 109 and 110:
1.2.103 Midas International Asset M
Page 111 and 112:
Mitsubishi UFJ Financial has underw
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1.2.108 National Pension Service (S
Page 115 and 116:
1.2.113 Northern Trust (United Stat
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1.2.117 People’s Insurance Compan
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1.2.120 Piper Jaffray (United State
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1.2.123 Prudential (United Kingdom)
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Regions Financial has underwritten
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1.2.129 Samsung Group (South Korea)
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1.2.132 Shenwan Hongyuan Group (Chi
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1.2.135 Siemens (Germany) Siemens (
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1.2.139 State Street (United States
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1.2.142 Sun Life Financial (Canada)
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1.2.145 T. Rowe Price (United State
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1.2.150 US Bancorp (United States)
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1.2.152 Viking Global Investors (Un
Page 141 and 142:
Wells Fargo has underwritten bond i
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1.2.157 WisdomTree Investments (Uni
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financial institutions listed are o
Page 147 and 148:
This means that “any loan or fina
Page 149 and 150:
In September 2010, the FDC’s Admi
Page 151 and 152:
2.1.10 Swedish Pension Fund AP7 (Sw
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2.1.14 A.S.R. (the Netherlands) A.S
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DNB’s Group Policy Corporate Soci
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2.1.25 Pensioenfonds Horeca & Cater
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In 2007, PME strengthened its own g
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2.1.35 Stichting Pensioenfonds Huis
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2.2 Runners-up Financial Institutio
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2.2.1 ABN Amro (the Netherlands) AB
Page 167 and 168:
Retail investment funds are beyond
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2.2.9 Belfius (Belgium) Belfius is
Page 171 and 172:
Since 2011, all investment recommen
Page 173 and 174:
Deutsche Bank’s Policy on Cluster
Page 175 and 176:
HSBC’s Defence Equipment Sector P
Page 177 and 178:
2.2.24 KBC (Belgium) KBC Group is a
Page 179 and 180:
How to gain a place in the Hall of
Page 181 and 182:
Page 183 and 184:
2.2.36 Royal Bank of Scotland (Unit
Page 185 and 186:
2.2.40 Stichting Pensioenfonds APF
Page 187 and 188:
Page 189 and 190:
The policy only covers project fina
Page 191 and 192:
2.3 Countries’ Best Practices 2.3
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“Also prohibited is the financing
Page 195 and 196:
2.3.2 Ireland BACKGROUND Ireland wa
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2.3.3 Italy BACKGROUND Italy signed
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2 Direct financing within the meani
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COMMENTARY What does the legislatio
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A Dutch financial institution in vi
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The legislation was unanimously ado
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2.3.9 Spain BACKGROUND The Kingdom
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“Art. 35b Offences against the pr
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DISINVESTMENT - MINISTERIAL AND INT
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2.3.19 Croatia The Republic of Croa
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On 1 June 2011, a Ministry of Forei
Page 217 and 218:
2.3.34 Rwanda The Republic of Rwand
Page 219 and 220:
Conclusion and recommendations As t
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Funds following an index 789 A fund
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16 Article 1: “General Obligation
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34 Hanwha Corporation, “130 mm Mu
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61 Federal Procurement Data System,
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90 Textron Systems, “Textron Syst
Page 231 and 232:
115 AFP, “S’pore says no to clu
Page 233 and 234:
146 Fonds de Compensation, “Socia
Page 235 and 236:
180 ABP, “Uitgesloten bedrijven e
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216 Delta Lloyd Asset Management,
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248 PenSam, written response to Pro
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283 PME, “De 10 PME Principes voo
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313 SPH, “Maatschappelijk Verantw
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342 Achmea, “Uitsluitingsbeleid
Page 247 and 248:
374 La Banque Postale, “Registrat
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411 Commerzbank, written response t
Page 251 and 252:
448 Ethias, “Resultaten 2014” (
Page 253 and 254:
481 Intesa Sanpaolo, “About Us”
Page 255 and 256:
514 New Zealand Superannuation Fund
Page 257 and 258:
548 PKA, “Vi Tager Ansvar” (“
Page 259 and 260:
583 Standard Chartered, “Defence
Page 261 and 262:
616 UniCredit Group, “UniCredit P
Page 263 and 264:
647 “Wet houdende regeling van ec
Page 265 and 266:
672 Landmine & Cluster Munition Mon
Page 267 and 268:
694 “Cluster Munitions Prohibitio
Page 269 and 270:
717 Curia Vista, “Interdiction du
Page 271 and 272:
Page 273 and 274:
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