All of the following information is copied from The 2022 report “Risky Returns: Nuclear weapon producer and their financiers” is a joint publication of ICAN and PAX. My focus is to bring attention to the major Canadian Financiers who are driving these investments. Any errors in copying from the original report are unintended and will be corrected as noted.
Nuclear weapons remain the most destructive, inhumane and indiscriminate weapons ever
created. As we find ourselves amid rising global tensions and unprecedented risks of nuclear
escalation since the Cuban Missile crisis, the need for disarmament has never been so urgent.
The strong condemnations of nuclear threats and firm commitments made at the First Meeting of States Parties to the Treaty on the Prohibition of Nuclear Weapons in June this year, are reflective of a new global alliance, ready to take concrete steps towards a nuclear weapons free world.
Financial institutions can and should play a role in bringing about positive change. Through divestment, nuclear weapon producers can be pressured to cut the production of these weapons of mass destruction from their business strategies and, in turn, will make it more difficult for nuclear armed states to maintain their arsenals.
*Full investment table
The report does not include investments made by
governments, universities, or churches, only financial
institutions. This selection of financial institutions is limited
by a reporting threshold. Only share and bond holdings
larger than 0.5% of the total number of outstanding shares
of the nuclear weapon producing companies are listed.
All investments are calculated in USD millions and include loans and shareholdings.
TABLE 1: INVESTMENTS IN AEROJET ROCKETDYNE HOLDINGS, INC
Royal Bank of Canada Canada $45.6
TABLE 2: INVESTMENTS IN AIRBUS GROUP
Manulife Financial Canada $49.3
Royal Bank of Canada Canada $617.5
Toronto-Dominion Bank Canada $253.5
TABLE 3: INVESTMENTS IN BAE SYSTEMS
Black Creek Investment Management Canada $248
Royal Bank of Canada Canada $520.6
Toronto-Dominion Bank Canada 90.5
TABLE 4: INVESTMENTS IN BECHTEL
CIBC Canada $225.0
TABLE 6: INVESTMENTS IN BOEING
BMO Financial Group Canada $1,184.6
Royal Bank of Canada Canada $3,885.9
TABLE 9: INVESTMENTS IN FLUOR
BMO Financial Group Canada $241.4
Royal Bank of Canada Canada $50.0
TABLE 10: INVESTMENTS IN GENERAL DYNAMICS
Royal Bank of Canada Canada $2,022.7
Scotiabank Canada $746.4
Sun Life Financial Canada $522.4
Toronto-Dominion Bank Canada $400.7
TABLE 11: INVESTMENTS IN HONEYWELL INTERNATIONAL
CIBC Canada $443.3
Royal Bank of Canada Canada $394.9
Scotiabank Canada $254.9
Sun Life Financial Canada $3,925.6
Toronto-Dominion Bank Canada $1,053.9
TABLE 12: INVESTMENTS IN HUNTINGTON INGALLS INDUSTRIES
Manulife Financial Canada $118.1
Scotiabank Canada $522.9
Toronto-Dominion Bank Canada $153.8
TABLE 13: INVESTMENTS IN JACOBS ENGINEERING
BMO Financial Group Canada $134.5
CI Financial Canada $96.3
Desjardins Group Canada $2.8
Fiera Capital Canada $12.1
Power Financial Corporation Canada $119.4
Scotiabank Canada $193.7
Toronto-Dominion Bank Canada $193.7
TABLE 14: INVESTMENTS IN L3 HARRIS TECHNOLOGIES
Power Financial Corporation Canada $64.9
Royal Bank of Canada Canada $105.0
Scotiabank Canada $296.7
Sun Life Financial Canada $427.4
Toronto-Dominion Bank Canada $205.0
TABLE 15: INVESTMENTS IN LEIDOS
BMO Financial Group Canada $212.6
Royal Bank of Canada Canada $107.0
Scotiabank Canada $639.3
Sun Life Financial Canada $154.6
Toronto-Dominion Bank Canada $173.7
TABLE 17: INVESTMENTS IN LOCKHEED MARTIN
Royal Bank of Canada Canada $97.3
Toronto-Dominion Bank Canada $184.5
TABLE 18: INVESTMENTS IN NORTHROP GRUMMAN
Power Financial Corporation Canada $785.3
Scotiabank Canada $33.8
Sun Life Financial Canada $2,447.8
TABLE 19: INVESTMENTS IN RAYTHEON
BMO Financial Group Canada $20.0
Royal Bank of Canada Canada $142.3
Scotiabank Canada $218.4
Sun Life Financial Canada $923.4
TABLE 21: INVESTMENTS IN SAFRAN
Sun Life Financial Canada $228.7
TABLE 22: INVESTMENTS IN TEXTRON
Power Financial Corporation Canada $48.0
Toronto-Dominion Bank Canada $142.7
Financiers and Profiteers
Canada has 12 Corporate Investors with a total of $26,383 USD millions. As total percentage of Global Investment this represents 3.53%. Global Investors in total made over $746 billion available to the nuclear weapon producing companies
Divest to send a strong message to Nuclear Weapons Investors
Financial institutions that back nuclear weapon producing companies enable them to continue their involvement in the development and production of these weapons of mass destruction. They therefore have an important role to play in joint efforts to reduce the role of nuclear weapons in society.
When an investor chooses to end its relationship with a company because of the latter’s involvement in the production of nuclear weapons, it sends a clear signal to the world that weapons of mass destruction are never acceptable.
Through divestment, nuclear weapon producers can be pressured to cut the production of these weapons of mass destruction from their business strategies and, in turn, will make it more difficult for nuclear armed states to maintain their arsenals.
Sustainable Investment Observations 