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October 2013
Executive Summary
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Executive Summary
Utrecht, October 2013
IKV Pax Christi has strived to achieve the highest level of accuracy in reporting. However, at this point, there is still a marked
lack of official information available in the public domain about the use, production, transfer and stockpiling of nuclear weapons,
as well as about investments in companies that produce nuclear weapons. The information in this report therefore reflects official
information available in the public domain known to IKV Pax Christi. We welcome comments, clarifications, and corrections
from governments, companies, financial institutions and others, in the spirit of dialogue, and in the common search for accurate
and reliable information on this important subject. If you believe you have found an inaccuracy in our report, or if you can
provide additional information, please contact us: nukes@ikvpaxchristi.nl
Principal Authors
Susi Snyder (IKV Pax Christi, the Netherlands)
Wilbert van der Zeijden (IKV Pax Christi, the Netherlands)
Research by
Susi Snyder (IKV Pax Christi, the Netherlands)
Wilbert van der Zeijden (IKV Pax Christi, the Netherlands)
Jan Willem van Gelder (Profundo, the Netherlands)
Barbara Kuepper (Profundo, the Netherlands)
Marcela Umaña (Profundo, the Netherlands)
Kristel Verhoef (Profundo, the Netherlands)
Our thanks
We would like to acknowledge the following for their support, advice, input, feedback or participation in this project: Adessium
Foundation, Swiss Federal Department of Foreign Affairs, Ray Acheson, Mark Akkerman, Eekku Aromaa, Maarten van Bijnen,
Samantha Bolton, Roos Boer, Suzanne van den Eynden, Luca Fasnacht, Beatrice Fihn, Dr. Barbara Happe, David Hutchinson
Edgar, Cesar Jaramillo, Hans Kristensen, Thomas Küchenmeister, Josefin Lind, Magnus Løvold, Ethan Mora, Eoghan Murphy,
Otfried Nassauer, Andi Nidecker, Selma van Oostwaard, Suzanne Oosterwijk, Benthe van de Pol, Jarmo Pykälä, Matt Robson,
Frank Slijper, Miriam Struyk, Daniela Varano, Krista van Velzen, Rick Wayman, Tim Wright and all financial institutions who
provided answers to our questions about their policy.
ISBN 978-90-70443-26-9
About IKV Pax Christi
IKV Pax Christi is the joint peace organization of the Dutch Interchurch Peace Council (IKV) and Pax Christi Netherlands. IKV
Pax Christi works for peace, reconciliation and justice in the world. We join with people in conflict areas to work on a peaceful
and democratic society. We enlist the aid of people who, like IKV Pax Christi, want to work for political solutions to crises and
armed conflicts. IKV Pax Christi combines knowledge, energy and people to attain its objectives. More information about IKV
Pax Christi can be found at www.IKVPaxChristi.nl
About ICAN
ICAN is a global campaign coalition working to mobilize people in all countries to inspire, persuade and pressure their
governments to initiate and support negotiations for a treaty banning nuclear weapons. ICAN is comprised of more than 300
partner organisations in over 80 countries. More information about ICAN can be found at: www.ICANw.org
About Profundo
Profundo is an economic research consultancy analysing commodity chains, financial institutions and corporate social
responsibility issues. It works predominantly for environmental, human rights and development organisations in the Netherlands
and abroad. www.profundo.nl
www.DontBankonthebomb.com www.IKVPaxChristi.nl www.NoNukes.nl
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October 2013
Executive Summary
Over 314 billion US Dollars are currently made available to the nuclear weapon industry by 298 financial institutions around
the globe. That is the core finding of the 2013 Don’t Bank on the Bomb report.
For the first time this report also profiles the positive efforts financial institutions have made to implement comprehensive
policies to prohibit any investment in nuclear weapon producers. This is the only global report to profile both the positive nuclear
weapon policies of financial institutions and detail global investment in nuclear weapons production.
The nine nuclear-armed nations each year spend billions of USD on their nuclear forces – assembling new warheads,
modernizing old ones, and building ballistic missiles, bombers and submarines to launch them.
While the majority of that comes from taxpayers in the nuclear armed countries, this report shows that the private sector is
investing over USD 314 billion in the private companies that produce, maintain, and modernise the nuclear arsenals.
We have grown accustomed to the idea that nuclear weapons are part of the national arsenals of a few countries, but as US
President Obama pointed out in his Berlin speech on 19 June 2013, “so long as nuclear weapons exist, we are not truly safe”.
1
With
this report, IKV Pax Christi, together with partners of the International Campaign to Abolish Nuclear Weapons (ICAN), aims
to increase transparency and stimulate the debate on the responsibilities of financial institutions and highlight the individual
responsibilities of citizens to pursue a world free of these weapons of mass destruction.
In April 2010, the International Committee of the Red Cross issued an appeal to the Geneva diplomatic community
emphasising:
• Nuclear weapons are unique in their destructive power, in the unspeakable human suffering they cause, in the
impossibility of controlling their effects in space and time, in the risks of escalation they create, and in the threat they
pose to the environment, to future generations, and indeed to the survival of humanity.
• It is difficult to envisage how any use of nuclear weapons could be compatible with the rules of international
humanitarian law.
• Regardless of their views on the legality of nuclear weapons, States must ensure that they are never again used.
• Preventing the use of nuclear weapons requires fulfilment of existing obligations to pursue negotiations aimed at
prohibiting and completely eliminating such weapons through a legally binding international treaty.
2
Since then, the 190 States party to the Treaty on the Non-Proliferation of Nuclear Weapons have recognized the “catastrophic
humanitarian consequences of any use of nuclear weapons”
3
and the relevance of international humanitarian law in this regard.
Those States have also reaffirmed the call made by the United Nations Security Council at its summit in 2009, and by Presidents
Obama and Medvedev earlier that year, to move towards a world free of nuclear weapons.
There is no comprehensive or universal ban in international law on the use or possession of nuclear weapons, but in July 1996 the
International Court of Justice concluded that international humanitarian law (IHL) does apply to the use of nuclear weapons and
that their use will generally be contrary to IHL principles and rules. As such, possession, but also the manufacturing of nuclear
weapons is in itself not illegal, but use is. For financial institutions, it can be argued that their involvement in the nuclear weapon
industry is aiding in preparations to violate international humanitarian law.
The purpose of this report is to provide accurate and timely evidence on the extent to which the private sector is investing in a
weapon which is a threat to humanity, and like chemical or biological weapons, should be banned.
1 Obama, Barack, 19 June 2013: “Transcript of Obama’s Speech in Berlin”, Wall Street Journal. Available online: http://blogs.wsj.com/washwire/2013/06/19/transcript-of-obamas-
speech-in-berlin/
2 Address of Jakob Kellenberger to Geneva diplomatic corps, April 2010. Found: http://www.icrc.org/eng/resources/documents/statement/2013/13-03-04-nuclear-weapons.htm
3 Final document of the 2010 nuclear Non Proliferation Treaty Review Conference, NPT/CONF.2010/50
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Executive Summary
Financial involvement per region
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October 2013
Summary findings
298 financial institutions involved significantly
Looking at the period starting January 2010, 298 banks, insurance companies, pension funds and asset managers from 30
countries were found that invest significantly in the nuclear weapon industry. 175 are based in North America, 65 are based
in Europe and 47 are based in Asia Pacific, 10 are based in the Middle East, one is based in Africa and none are based in Latin
America or the Caribbean.
The ten most heavily invested financial institutions world wide are all based in the United States, with State Street, Capital
Group of Companies and Blackrock topping the ranks. Top-ranked in Europe are Royal Bank of Scotland (UK), BNP Paribas
(France) and Deutsche Bank (Germany) and in Asia Mitsubishi UFJ Financial (Japan), Life Insurance Corporation of India and
Sumitomo Mitsui Banking (Japan).
27 producing companies
Don’t Bank on the Bomb 2013 identifies 27 companies involved in the production, maintenance, and modernisation of nuclear
weapons. The 27 are companies based in United States, the United Kingdom, France, India, the Netherlands and Germany.
314 billion USD invested
In total, more than USD 314 billion was made available to the nuclear weapon producing companies by the financial institutions
listed in the report. Financial institutions assisted with share and bond issuances, owned or managed shares and bonds or
provided loans, to nuclear weapon companies.
The top 10 US financial institutions alone, provided more than USD 126 billion to the identified nuclear weapon producers.
Positive examples: The Hall of Fame
Don’t Bank on the Bomb 2013 also profiles financial institutions that have adopted, implemented and published a policy that
comprehensively prevents any financial involvement in nuclear weapon producing companies. Twelve financial institutions
have a public policy that is comprehensive in scope and application. These twelve are identified in the Hall of Fame. The
financial institutions in the Hall of Fame are based in Italy, Luxembourg, The Netherlands, New Zealand, Norway, Sweden
and Switzerland. The Hall of Fame is comprised of a mix of Ethical Banks, Government Managed and Private institutions. By
highlighting these financial institutions, we aim to show that institutions can and do decide not to continue to be involved in the
nuclear weapon industry.
Inside the debate: Runners-Up
Don’t Bank on the Bomb highlights 20 more financial institutions, that have taken the step to exclude nuclear weapons
producers from their investments but whose policy is not all-inclusive in limiting or preventing financial involvement in nuclear
weapon companies. The Runners-up category is quite broad in definition and offers a place to some financial institutions that
are almost eligible for the Hall of Fame, but also to some institutions with a policy that contains loopholes that still allow for
considerable amounts of money to be invested in nuclear weapon producers. These policies demonstrate the ongoing debates
financial institutions engage in today.
Challenging the Nuclear Weapon Industry
The primary aims of this report are to share factual information on the financing of nuclear weapons producing companies; to
help concerned citizens world-wide start informed discussions with financial institutions, producers and governments on their
responsibilities; and to stimulate debate on what is to be considered proper, legitimate and ethical investment behaviour.
The use of chemical weapons in Syria this year shows us that as long as weapons of mass destruction are produced, stored,
maintained and deployed, there remains a real possibility that local, regional or global political events lead to their use. The
chemical weapons in Syria are a fearful testimony of the fact that any use of any weapon of mass destruction – regardless the
circumstances – is indiscriminate, disproportionate, inhumane and effectively illegal.
Each year, the nine nuclear-armed nations spend a combined total of more than USD 100 billion on their nuclear forces –
assembling new warheads, modernizing old ones, and building ballistic missiles, bombers and submarines to launch them. By
lending money to nuclear weapons companies, and purchasing or managing their shares and bonds, banks and other financial
institutions facilitate this build-up and modernization of nuclear forces. This needs to be stopped.
Divestment campaigns have proven in the past to be especially effective in stigmatizing inhumane weapons, spurring political
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Executive Summary
Two documents
The 2013 Don’t Bank on the Bomb Report consists of two
separate documents, for practical reasons:
This Executive Summary provides a quick overview of global
investments in nuclear weapons producing companies and of
the conclusions drawn.
The Don’t Bank on the Bomb 2013 main Report provides
all the details of the investments of 298 financial institutions
in 27 identified producing companies. The nearly 300 page
report provides profiles of the 27 nuclear weapons producing
companies and the profiles of financial institutions in the
Hall of Fame and Runners-Up categories and lists all the
investments found for 298 institutions in the Hall of Shame.
Research definitions and analysis of data are found in the
main report as well.
Changes from the 2012 report
The 2012 Don’t Bank on the Bomb report provided
information about 20 nuclear weapon producers.
Recommendations by campaigners, examination of existing
exclusion lists used by some financial institutions and further
research led to the decision to include 9 additional producers
in this update: Aecom; Bharat Electronics; CH2M Hill; Fluor;
Huntington Ingalls; Rockwell Collins; SAIC; ThyssenKrupp,
and URS.
Finmeccanica and Redhall Group were included in the
2012 report but are not included in 2013. In August 2012,
Finmeccanica announced in a letter to the Norwegian
Council on Ethics that it is not involved in the production
of nuclear weapons. Independent research shows that indeed
Finnmeccanica has no current contracts relating to nuclear
weapons production or maintenance. Redhall Group has
been excluded because although they are a BAE Systems
subcontractor and work on nuclear powered submarines,
no current contracts for nuclear weapons and their delivery
systems could be found.
With two companies taken off the 2012 producers list and 9
other companies added after additional research, there are 27
nuclear weapons producers in the 2013 edition of Don’t Bank
on the Bomb.
Limitations of the report
This report does not provide a fully comprehensive overview
of all involvements of financial institutions in the nuclear
weapon industry. The selection of financial institutions is
limited by the fact that the report uses a threshold. Only
share and bond holdings larger than 0.5% of the total
number of outstanding shares of one or more of the nuclear
weapon producing companies are listed. The reason for this is
practical: a threshold of 0.1% for example would have resulted
in a report profiling nearly 3,000 financial institutions.
Selection of financial institutions in the Hall of Fame
and Runners-Up categories is not comprehensive. Only
institutions with a (summarized) policy published in English
are eligible and the search for institutions with similar policies
is ongoing. Information provided by institutions themselves,
their clients or readers of this report is highly welcomed.
The report is limited to 27 companies that are most
significantly involved in maintaining and modernising the
nuclear weapons industry. The resulting listing is therefore not
comprehensive.
action and engaging the public in concerted campaigns. The issue of divestment enables citizens to engage with financial
institutions to adjust their policies or with governments and intergovernmental organisations to demand national legislation and
international regulations prohibiting investments in inhumane weapons.
Divestment is not the only step that needs to be taken on the path to a world without nuclear weapons, but it is an important
one. A coordinated global effort for divestment from nuclear weapons producers can help put a halt to modernization
programmes, strengthen the international norm against nuclear weapons, and build momentum towards negotiations on a
universal nuclear weapons ban. Some financial institutions, including government funds, have already opted to exclude nuclear
weapons companies from their investment portfolios. It is time for others to end their voluntary involvement in the companies
that are involved in the production and maintenance of the global weapons of mass destruction arsenal.
How to read Don’t Bank on the Bomb 2013
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October 2013
Country of origin
of the financial
institutions
Number of
financial
institutions
Australia6
Austria1
Bahrain2
Belgium1
Canada9
China3
Denmark1
France9
Germany8
Hong Kong1
Hall of Shame financial institutions per location
Nuclear armed states: China, France, India, Israel, North Korea, Pakistan, Russian Federation, United Kingdom, United States
Nuclear umbrella states that have companies investing in nuclear weapon producers as identified in this report: Australia,
Belgium, Canada, Denmark, Germany, Italy, Japan, Netherlands, Norway, and Spain. These states have agreements with the US
that nuclear weapons may be used on their behalf under certain circumstances.
Australia is a special case, as it is both in a nuclear weapon free zone, and under the US nuclear umbrella.
Financial institutions identified in this report from countries that are part of Nuclear Weapon Free Zones: Indonesia (Treaty
on the Southeast Asia Nuclear Weapon-Free Zone (Bangkok Treaty)), South Africa (African Nuclear Weapon Free Zone Treaty
(Treaty of Pelindaba)), and Singapore (Treaty on the Southeast Asia Nuclear Weapon-Free Zone (Bangkok Treaty)).
India20
Indonesia1
Ireland1
Israel1
Italy2
Japan5
Jordan1
Kuwait3
Netherlands4
Norway2
Saudi Arabia1
Singapore2
South Africa1
Spain2
Sweden3
Switzerland4
Taiwan9
United Arab
Emirates
2
United Kingdom27
United States166
Total:298
Summary Tables
Financial institutions in the Hall of Shame, per country
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Executive Summary
Financial institutions in the Hall of Fame, per country
ASN BankThe Netherlands
Banca EticaItaly
FolksamSweden
Fonds de compensationLuxembourg
KPA PensionSweden
New Zealand Superannuation FundNew Zealand
Philips Pension FundThe Netherlands
PNO MediaThe Netherlands
Sarasin BankSwitzerland
SpoorwegpensioenfondsThe Netherlands
Storebrand GroupNorway
Triodos BankThe Netherlands
Financial institutions in the Runners-Up, per country
ABN AmroThe Netherlands
Belfius BankBelgium
Co-operative BankUK
Delta LloydThe Netherlands
DNBNorway
Government Pension Fund GlobalNorway
INGThe Netherlands
KBCBelgium
KLPNorway
NIBCThe Netherlands
NordeaSweden
Pensioenfonds APFThe Netherlands
Pensioenfonds Horeca & CateringThe Netherlands
PGGMThe Netherlands
RabobankThe Netherlands
Royal Bank of CanadaCanada
SNS ReaalThe Netherlands
SwedbankSweden
Syntrus AchmeaThe Netherlands
UniCreditItaly
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October 2013
Aecom (United States)
Aecom provides professional technical and management
support services and along with Babcock & Wilcox, Northrop
Grumman and CH2M Hill manages the Nevada National
Security Site (NNSS), previously known as the Nevada Test
Site, a key fixture in the US nuclear weapons infrastructure.
Alliant Techsystems (United States)
Alliant Techsystems (ATK) produces rocket propulsion
systems for Trident II submarine launched ballistic missiles.
ATK was also responsible for refurbishing the Minuteman III
intercontinental ballistic missiles to keep them operational
until at least 2030.
Babcock & Wilcox (United States)
Babcock & Wilcox and its subsidiaries manage and operate
several US nuclear weapons facilities including the Y-12
National Security Complex, Savannah River Site, Kansas City
Plant, Los Alamos National Laboratory and Sandia National
Laboratories. It also manages and operates the Pantex plant of
the National Nuclear Security Administration where nuclear
warhead modernisation takes place.
Babcock International (United Kingdom)
Babcock International is involved in the long-term technical
engineering support and will provide the launch system for a
new class of submarines equipped with nuclear missiles for the
UK Royal Navy. It is also involved in the maintenance of the
four Vanguard-class submarines of the British navy, each of
which carries 16 Trident nuclear weapons.
BAE Systems (United Kingdom)
BAE Systems is involved in the development of a new class of
nuclear-armed submarine for the United Kingdom to replace
the Vanguard class. It was also part of a joint venture that
produced nuclear missiles for the French air force.
Bechtel (United States)
Bechtel manages the Los Alamos and Lawrence Livermore
national laboratories in the United States, which research,
design and develop nuclear weapons, and monitor the “safety
and reliability” of the entire US nuclear weapons stockpile as
well as the Y-12 National Security Complex where nuclear
weapons are produced and refurbished.
Bharat Electronics (India)
Bharat Electronics is involved in the development of the
Akash, a mid-range surface-to-air nuclear-capable missile
system developed by India’s state-owned Defence Research
and Development Organisation (DRDO).
Nuclear Weapon Producing Company Profiles
Boeing (United States)
Boeing is involved in the maintenance of the Minuteman
III nuclear intercontinental ballistic missiles in the US
arsenal. It is responsible for guidance, flight controls, secure
codes, weapons systems testing and engineering. Boeing
also produces the B-52 Stratofortress, which is a long-range,
strategic heavy bomber capable of dropping or launching
nuclear cruise missiles.
CH2M Hill (United States)
CH2M Hill, together with Aecom, Babcock & Wilcox and
Northrop Grumman, is a joint venture partner in National
Security Technologies (NSTec) that manages the Nevada
National Security Site (NNSS), previously known as the
Nevada Test Site, a key fixture in the US nuclear weapons
infrastructure.
EADS (The Netherlands)
The European Aeronautic Defence and Space Company, or
EADS, is a Dutch company that produces and maintains
submarine-launched nuclear missiles for the French navy, and
is part of a joint venture that built nuclear missiles for the
French air force.
Fluor (United States)
Fluor is the lead partner in Savannah River Nuclear
Solutions (SRNS), responsible for site management and
operation, environmental management, management of the
nuclear arsenal, the removal of excess nuclear materials, and
environmental services. The Tritium Extraction Facility at the
Savannah River Site is the only source of new tritium for the
US nuclear stockpile.
GenCorp (United States)
GenCorp is involved in the design, development and
production of land- and sea-based nuclear ballistic missile
systems for the United States. It is currently producing
propulsion systems for Minuteman III and D5 Trident
nuclear missiles.
General Dynamics (United States)
General Dynamics provides maintenance, engineering and
technical support for US nuclear-armed submarines. It built
the Ohio-class submarines for the US navy, many of which are
equipped with Trident nuclear-tipped missiles.
Honeywell International (United States)
Honeywell International produces approximately 85 per cent
of the non-nuclear components for US nuclear weapons, as
well as tritium production at the Savannah River Site. It is
involved in simulated nuclear testing and the life-extension
programme for the US navy’s Trident II nuclear missiles.
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Executive Summary
Huntington Ingalls Industries (United States)
Huntington Ingalls Industries (HII) designs, constructs and
maintains nuclear and non-nuclear ships for the US Navy
and Coast Guard. It is also involved in for site management
and operation, environmental management, management of
the nuclear arsenal, the removal of excess nuclear materials,
environmental services, and tritium production at the
Savannah River Site.
Jacobs Engineering (United States)
Jacobs Engineering Group owns a one-third share in the joint
venture AWE-ML, the company that manages the UK Atomic
Weapons Establishment, which designs, manufactures and
maintains the nuclear warheads for the United Kingdom’s
submarine-launched intercontinental ballistic missiles.
Larsen & Toubro (India)
Larsen & Toubro is involved in designing and building
the Advanced Technology Vessel, the future nuclear-armed
submarine of the Indian navy. It is also responsible for
developing the launcher system for the nuclear-capable
surface-to-air Akash missile system
Lockheed Martin (United States)
Lockheed Martin is involved in the production and
maintenance of nuclear weapons for both the United States
and United Kingdom. It is responsible for the construction of
submarine-launched Trident II D5 nuclear missiles.
Northrop Grumman (United States)
Northrop Grumman Corporation is responsible for the
production and maintenance of the Minuteman III nuclear
Intercontinental Ballistic Missiles (ICBM). It is also the
managing partner of NSTec, the consortium that maintains
the Nevada National Security Site (NNSS), previously known
as Nevada Test Site.
Rockwell Collins (United States)
Rockwell Collins is involved in the Minuteman
Modernization Program Upgrade. The company was selected
to improve the satellite communications capacity of the
Minuteman Launch Control Centers.
Rolls-Royce (United Kingdom)
Rolls-Royce is part of a joint venture in the United Kingdom
to develop Successor, a new class of nuclear-armed submarine.
It is also involved in the maintenance of the existing fleet of
Vanguard-class nuclear-armed submarines.
Safran (France)
Safran is part of a joint venture to build M51 submarine-
launched nuclear missiles for the French navy, which each
deliver multiple warheads. Its subsidiaries Snecma and Sagem
provide the propulsion and navigation systems for these
missiles.
SAIC (United States)
Science Applications International Corporation (SAIC)
supports the development and deployment of production
technologies for materials, production, purchasing, and
inspection and testing of replacement parts used in nuclear
weapons and ballistic missiles, and for joint test assemblies.
Serco (United Kingdom)
Serco owns a one-third share in the joint venture AWE-ML,
which runs the British Atomic Weapons Establishment. It is
responsible for manufacturing and maintaining the nuclear
warheads for the country’s submarine fleet.
Thales (France)
Thales is part of a joint venture to build the new M51
submarine-launched nuclear missiles for the French navy,
which each deliver multiple warheads. EADS’s subsidiary
Astrium is the lead contractor, whereas Thales is a main
subcontractor.
ThyssenKrupp (Germany)
ThyssenKrupp’s division ThyssenKrupp Marine Systems
(TKMS) is building the Dolphin submarines for the Israeli
army. Construction is taking place in Germany, according
to Israeli design specifications, hosting Israeli-developed
command, control and combat systems including, according
to various media reports, land-attack and cruise missiles
capable of carrying nuclear warheads
URS (United States)
URS is a fully integrated engineering, construction and
technical services organization responsible for managing the
Los Alamos and Lawrence Livermore National Laboratories
for the US. For both labs, URS is responsible for managing
the labs’ nuclear and other technically complex operations.
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October 2013
Financial Institutions in the Hall of Shame
The following pages present an overview of the types of financial relationships that financial institutions have with the nuclear
weapon producers identified in this report.
Key:
L= Financial Institution has participated in at least one bank loan of the company since January 2010.
Si= Financial Institution has participated in at least one share issue of the company since January 2010.
S= Financial Institution owns or manages at least 0.5% of the company’s shares at the most recent filing date
Bi= Financial Institution has participated in at least one bond issue of the company since January 2010.
B= Financial Institution owns or manages at least 0.5% of the company’s bonds at the most recent filing date.
12
Executive Summary
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
ABPNetherlands S S SS S
Abrams Bison InvestmentsUnited States S
Abu Dhabi Commercial
Bank
United Arab
Emirates L L L L
Adage Capital
ManagementUnited States S S
Addison Clark
ManagementUnited States S S
AegonThe Netherlands S, B B B BS BS
Affiliated ManagersUnited StatesS S S
AllianzGermany S, B B B B BB SS, B B S
Allied Irish BanksIreland L
American Century
InvestmentsUnited States SS SS
Ameriprise FinancialUnited States SSS SBS S, BS, B S S
AMPAustralia S
Anchor Capital AdvisorsUnited States S S S
ANZ Banking GroupAustralia LL L, Bi LL, Bi L, Bi L, BiL, Bi L LL
AQR Capital ManagementUnited StatesSS B S S
Arab BankJordan L L
Arab Banking CorporationBahrain L
Aronson Johnson & OrtizUnited StatesSS S SS S S
Artemis Investment
ManagementUnited Kingdom S
Artisan Partners LimitedUnited States S S S S
AvivaUnited Kingdom SS, B B B BB S
AXAFrance SSS S BB B S S S S, B
Axis BankIndia Bi
Baillie Gifford & CoUnited Kingdom S S
Banco SantanderSpain L, Bi LL, Bi LL LL L, Bi
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October 2013
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
ABPNetherlands S S SS S
Abrams Bison InvestmentsUnited States S
Abu Dhabi Commercial
Bank
United Arab
Emirates L L L L
Adage Capital
ManagementUnited States S S
Addison Clark
ManagementUnited States S S
AegonThe Netherlands S, B B B BS BS
Affiliated ManagersUnited StatesS S S
AllianzGermany S, B B B B BB SS, B B S
Allied Irish BanksIreland L
American Century
InvestmentsUnited States SS SS
Ameriprise FinancialUnited States SSS SBS S, BS, B S S
AMPAustralia S
Anchor Capital AdvisorsUnited States S S S
ANZ Banking GroupAustralia LL L, Bi LL, Bi L, Bi L, BiL, Bi L LL
AQR Capital ManagementUnited StatesSS B S S
Arab BankJordan L L
Arab Banking CorporationBahrain L
Aronson Johnson & OrtizUnited StatesSS S SS S S
Artemis Investment
ManagementUnited Kingdom S
Artisan Partners LimitedUnited States S S S S
AvivaUnited Kingdom SS, B B B BB S
AXAFrance SSS S BB B S S S S, B
Axis BankIndia Bi
Baillie Gifford & CoUnited Kingdom S S
Banco SantanderSpain L, Bi LL, Bi LL LL L, Bi
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Executive Summary
Bank HapoalimIsrael L
Bank of AmericaUnited StatesL, S
L,
Bi,
BLL, BiL, BiL
L,
Bi,
SLL, Si
L,
Bi,
S
L, Bi,
S
L, Bi,
SL, BiL, S
L, Bi,
SL, BiLLBiL, BiL, Bi L, Bi
Bank of ChinaChina L
Bank of CommunicationsChinaL
Bank of Montreal (BMO
Financial Group)Canada
L S L
Bank of TaiwanTaiwanL L
BarclaysUnited KingdomL LLL L, Bi L, BiL, Bi L, BiL, Bi Bi, SiLL, Bi L, Bi L, BiL L
BayernLBGermany LL L, Bi L L L Bi
BB&T CorporationUnited StatesLLL L
BBVASpainL L L L, Bi L L, BiL, Bi L
Beck, Mack & OliverUnited States S
BlackrockUnited StatesSSSSS S, B SS, BS, BS, BS, BS, BSSS, BSSS, BSSSBS, BS
BNP ParibasFranceLLL L, BiL L, BiLLL, BiB L, BiL, BiL L, Bi L, BiL, B L, BiBiL
BNY MellonUnited StatesS
L, S,
BS L
L,
Bi,
S SS
L, Bi,
SL, SSS S
L, Bi,
SL, S
L, Bi,
S S
Brown Advisory HoldingsUnited States S
Burgundy Asset
ManagementCanada S
Caisse des Dépôts et
ConsignationsFrance S
Calamos HoldingsUnited States B S S
Cantillon Capital
ManagementUnited States S
Capital Group of
CompaniesUnited States
SS SS S BSS, B SSSS S
Capital One FinancialUnited States L
Carlson CapitalUnited States S S
Cazenove Capital
ManagementUnited Kingdom
S
Century ManagementUnited States S
Chang Hwa Commercial
BankTaiwan L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
15
October 2013
Bank HapoalimIsrael L
Bank of AmericaUnited StatesL, S
L,
Bi,
BLL, BiL, BiL
L,
Bi,
SLL, Si
L,
Bi,
S
L, Bi,
S
L, Bi,
SL, BiL, S
L, Bi,
SL, BiLLBiL, BiL, Bi L, Bi
Bank of ChinaChina L
Bank of CommunicationsChinaL
Bank of Montreal (BMO
Financial Group)Canada
L S L
Bank of TaiwanTaiwanL L
BarclaysUnited KingdomL LLL L, Bi L, BiL, Bi L, BiL, Bi Bi, SiLL, Bi L, Bi L, BiL L
BayernLBGermany LL L, Bi L L L Bi
BB&T CorporationUnited StatesLLL L
BBVASpainL L L L, Bi L L, BiL, Bi L
Beck, Mack & OliverUnited States S
BlackrockUnited StatesSSSSS S, B SS, BS, BS, BS, BS, BSSS, BSSS, BSSSBS, BS
BNP ParibasFranceLLL L, BiL L, BiLLL, BiB L, BiL, BiL L, Bi L, BiL, B L, BiBiL
BNY MellonUnited StatesS
L, S,
BS L
L,
Bi,
S SS
L, Bi,
SL, SSS S
L, Bi,
SL, S
L, Bi,
S S
Brown Advisory HoldingsUnited States S
Burgundy Asset
ManagementCanada S
Caisse des Dépôts et
ConsignationsFrance S
Calamos HoldingsUnited States B S S
Cantillon Capital
ManagementUnited States S
Capital Group of
CompaniesUnited States
SS SS S BSS, B SSSS S
Capital One FinancialUnited States L
Carlson CapitalUnited States S S
Cazenove Capital
ManagementUnited Kingdom
S
Century ManagementUnited States S
Chang Hwa Commercial
BankTaiwan L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
16
Executive Summary
Charles Schwab
Investment ManagementUnited States S
Chiba BankJapanL
Citadel GroupUnited States B B S
CitiUnited States LL L, Bi L, BiL, BiBi L, Bi Bi, SiL, BiL, BiLLL, BiL, Bi L, BiBiL, Bi
City National Bank (CNB)United States L
Columbus Circle
InvestorsUnited StatesS
ComericaUnited StatesL L L L
CommerzbankGermany L L, Bi L, S S LL LL
Bi, Si,
S
Commonwealth Bank of
AustraliaAustralia L L L L
Co-operativeUnited Kingdom S
Cornerstone Investment
PartnersUnited States
S
Cowen GroupUnited States Bi
Crédit AgricoleFrance L LL L, Bi
L,
Si,
SL, Bi
L L, Bi LLL, S L
L, Bi,
S
Crédit MutuelFrance LLL L L L
Crédit SuisseSwitzerland SL, Bi L, Bi LBi Bi L, Bi Si L, Bi
Crestwood Capital
ManagementUnited States S
D.E. ShawUnited States S S S
D.F. Dent & CompanyUnited States S
Danske BankDenmark L L, Bi
DarashawIndia Bi
DBS GroupSingapore L L L L L L
Denver InvestmentsUnited States S
DePrince Race & ZolloUnited States S
Deutsche BankGermany S
L,
Bi,
S L, Bi L, S B
SL, BiS, B BiS
L, Bi,
S L, SL L, BiSi, SS
Dimensional Fund
AdvisorsUnited States
SS S S S S S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
17
October 2013
Charles Schwab
Investment ManagementUnited States S
Chiba BankJapanL
Citadel GroupUnited States B B S
CitiUnited States LL L, Bi L, BiL, BiBi L, Bi Bi, SiL, BiL, BiLLL, BiL, Bi L, BiBiL, Bi
City National Bank (CNB)United States L
Columbus Circle
InvestorsUnited StatesS
ComericaUnited StatesL L L L
CommerzbankGermany L L, Bi L, S S LL LL
Bi, Si,
S
Commonwealth Bank of
AustraliaAustralia L L L L
Co-operativeUnited Kingdom S
Cornerstone Investment
PartnersUnited States
S
Cowen GroupUnited States Bi
Crédit AgricoleFrance L LL L, Bi
L,
Si,
SL, Bi
L L, Bi LLL, S L
L, Bi,
S
Crédit MutuelFrance LLL L L L
Crédit SuisseSwitzerland SL, Bi L, Bi LBi Bi L, Bi Si L, Bi
Crestwood Capital
ManagementUnited States S
D.E. ShawUnited States S S S
D.F. Dent & CompanyUnited States S
Danske BankDenmark L L, Bi
DarashawIndia Bi
DBS GroupSingapore L L L L L L
Denver InvestmentsUnited States S
DePrince Race & ZolloUnited States S
Deutsche BankGermany S
L,
Bi,
S L, Bi L, S B
SL, BiS, B BiS
L, Bi,
S L, SL L, BiSi, SS
Dimensional Fund
AdvisorsUnited States
SS S S S S S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
18
Executive Summary
DnBNorway L
Dreman Value
ManagementUnited States S S S
Drexel HamiltonUnited States Bi
DZ BankGermany L
E Sun FinancialTaiwanL L
Earnest PartnersUnited States S
Eaton VanceUnited States S B BS
Edelweiss Financial
ServicesIndia
Bi
Egerton CapitalUnited Kingdom S
Epoch Investment
PartnersUnited States S S S
Equator SecuritiesIndonesia Bi
Equirus CapitalIndia Si
Erste BankAustria L
Evercore PartnersUnited States S SS
F&C Asset ManagementUnited Kingdom SS
Farallon Capital
ManagementUnited States
S
Fidelity InvestmentsUnited StatesSS, BSSS, B S SBSSBSS SSSSS S
Fifth Third BancorpUnited States L
Financière de l’EchiquierFrance S
Firefly Value PartnersUnited States S
First Commercial BankTaiwanLL
First EagleUnited States S B B SS
First ManhattanUnited States S
FirstRand BankSouth Africa Bi
Franklin ResourcesUnited States S S S SS SS S
GAM HoldingSwitzerland S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
19
October 2013
DnBNorway L
Dreman Value
ManagementUnited States S S S
Drexel HamiltonUnited States Bi
DZ BankGermany L
E Sun FinancialTaiwanL L
Earnest PartnersUnited States S
Eaton VanceUnited States S B BS
Edelweiss Financial
ServicesIndia
Bi
Egerton CapitalUnited Kingdom S
Epoch Investment
PartnersUnited States S S S
Equator SecuritiesIndonesia Bi
Equirus CapitalIndia Si
Erste BankAustria L
Evercore PartnersUnited States S SS
F&C Asset ManagementUnited Kingdom SS
Farallon Capital
ManagementUnited States
S
Fidelity InvestmentsUnited StatesSS, BSSS, B S SBSSBSS SSSSS S
Fifth Third BancorpUnited States L
Financière de l’EchiquierFrance S
Firefly Value PartnersUnited States S
First Commercial BankTaiwanLL
First EagleUnited States S B B SS
First ManhattanUnited States S
FirstRand BankSouth Africa Bi
Franklin ResourcesUnited States S S S SS SS S
GAM HoldingSwitzerland S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
20
Executive Summary
GAMCO InvestorsUnited States S, B S S
General ElectricUnited States L
General Insurance
Corporation of IndiaIndia S
Geode Capital
ManagementUnited States S S SS S SSS S
Glenview Capital
ManagementUnited States
S S
Goldman SachsUnited States L, BiL
L,
Bi,
S L, Si Bi, S
L, Bi,
SBS
L, Bi,
SL, Bi L, Bi
Government Pension
Fund – GlobalNorway
S S S S SS S SSS
Grantham, Mayo, Van
OtterlooUnited States
S
Greenlight CapitalUnited StatesS S
Groupe BPCEFrance S Bi, S L BS S L
L, Bi,
B
Gryphon International
Investmebt CorporationCanada S
Guardian Life Insurance
Company of AmericaUnited States B B S B
Guggenheim CapitalUnited States S S
Gulf BankKuwait L
Gulf International BankBahrain L
Hancock HoldingUnited States L
HDFC BankIndia Bi
Heartland FinancialUnited States S
HelabaGermany L L L
Hirzel Capital
ManagementUnited States S
Hotchkis and Wiley
Capital ManagementUnited States
S S, B SS
Housing Development
Finance CorporationIndia S S, B
HSBCUnited KingdomL L L LL L, Bi Bi, Si L, BiL, Si LL, BiBi, SiL
Hua Nan Financial
HoldingsTaiwanLL
ICBCChina L L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
21
October 2013
GAMCO InvestorsUnited States S, B S S
General ElectricUnited States L
General Insurance
Corporation of IndiaIndia S
Geode Capital
ManagementUnited States S S SS S SSS S
Glenview Capital
ManagementUnited States
S S
Goldman SachsUnited States L, BiL
L,
Bi,
S L, Si Bi, S
L, Bi,
SBS
L, Bi,
SL, Bi L, Bi
Government Pension
Fund – GlobalNorway
S S S S SS S SSS
Grantham, Mayo, Van
OtterlooUnited States
S
Greenlight CapitalUnited StatesS S
Groupe BPCEFrance S Bi, S L BS S L
L, Bi,
B
Gryphon International
Investmebt CorporationCanada S
Guardian Life Insurance
Company of AmericaUnited States B B S B
Guggenheim CapitalUnited States S S
Gulf BankKuwait L
Gulf International BankBahrain L
Hancock HoldingUnited States L
HDFC BankIndia Bi
Heartland FinancialUnited States S
HelabaGermany L L L
Hirzel Capital
ManagementUnited States S
Hotchkis and Wiley
Capital ManagementUnited States
S S, B SS
Housing Development
Finance CorporationIndia S S, B
HSBCUnited KingdomL L L LL L, Bi Bi, Si L, BiL, Si LL, BiBi, SiL
Hua Nan Financial
HoldingsTaiwanLL
ICBCChina L L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
22
Executive Summary
ICC Capital ManagementUnited States S
ICICI BankIndia L, Bi Bi, B
Independence Capital
Asset PartnersUnited States
S
Infrastructure
Development Finance
CompanyIndia
Bi
ING GroupNetherlands L L
L,
Bi,
S B LS, B
International Value
AdvisorsUnited States S
Intesa SanpaoloItaly L L, Bi LBi L, Bi L, Bi L
InvescoUnited States S, BS S SSS, BS B SS S SS B
IONIC Capital
ManagementUnited States S, B
Iridian Asset ManagementUnited States S S
Jacobs Levy Equity
ManagementUnited States S S
Janus Capital GroupUnited States S S S SS SB
JM FinancialIndia Bi, Si
Joley CorporationUnited States S S
JP Morgan ChaseUnited StatesL, S
L, S,
BL
L,Bi,
S
L,
Bi,
SL L, BiLL, Bi
L,
Bi,
S, BS, B
L, Bi,
S
L, Bi,
S
L, Bi,
S S
L, Bi,
SL, BiLL L S
KBC BankBelgium L
Kennedy Capital
ManagementUnited States S
Kestrel Investment
ManagementUnited States S
KeyCorpUnited StatesLL B L
KfWGermany L L
Kingstown Capital
ManagementUnited States
S S
Kotak Mahindra GroupIndia Bi, B
Kuwait Investment
AuthorityKuwait S
Lakewood Capital
ManagementUnited States S
Lawson Kroeker
Investment ManagementUnited States
S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
23
October 2013
ICC Capital ManagementUnited States S
ICICI BankIndia L, Bi Bi, B
Independence Capital
Asset PartnersUnited States
S
Infrastructure
Development Finance
CompanyIndia
Bi
ING GroupNetherlands L L
L,
Bi,
S B LS, B
International Value
AdvisorsUnited States S
Intesa SanpaoloItaly L L, Bi LBi L, Bi L, Bi L
InvescoUnited States S, BS S SSS, BS B SS S SS B
IONIC Capital
ManagementUnited States S, B
Iridian Asset ManagementUnited States S S
Jacobs Levy Equity
ManagementUnited States S S
Janus Capital GroupUnited States S S S SS SB
JM FinancialIndia Bi, Si
Joley CorporationUnited States S S
JP Morgan ChaseUnited StatesL, S
L, S,
BL
L,Bi,
S
L,
Bi,
SL L, BiLL, Bi
L,
Bi,
S, BS, B
L, Bi,
S
L, Bi,
S
L, Bi,
S S
L, Bi,
SL, BiLL L S
KBC BankBelgium L
Kennedy Capital
ManagementUnited States S
Kestrel Investment
ManagementUnited States S
KeyCorpUnited StatesLL B L
KfWGermany L L
Kingstown Capital
ManagementUnited States
S S
Kotak Mahindra GroupIndia Bi, B
Kuwait Investment
AuthorityKuwait S
Lakewood Capital
ManagementUnited States S
Lawson Kroeker
Investment ManagementUnited States
S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
24
Executive Summary
Lazard Capital MarketsUnited States B BBiS
Legal & General GroupUnited Kingdom SS B S S
Legg MasonUnited States S SS, B S S S
Life Insurance
Corporation of IndiaIndia
S S
Lioneye CapitalUnited States S
LKP FinanceIndia Bi
Lloyds Banking GroupUnited Kingdom L, S
L,
Bi,
S, BL L, Bi LBi L, Bi L, BiL, Bi L, S L, S
Longview Asset
ManagementUnited States
S
Longview PartnersUnited Kingdom S S
Loop CapitalUnited States Bi
Lord, Abbett & CoUnited States B BS S, B
LSV Asset ManagementUnited States S S SS S S
Luther King Capital
ManagementUnited States
S
M&G InvestmentsUnited Kingdom SS S S
M&T BankUnited States L
Macquarie GroupAustralia S B
Madison Investment
AdvisorsUnited States
S
Majedie Asset
ManagementUnited Kingdom
S
Managed Account
AdvisorsUnited States
SS S S SS
Marathon Asset
ManagementUnited Kingdom S
Marcato Capital
ManagementUnited States S
Mason Capital
ManagementUnited States
S
Mata Securities IndiaIndia Bi
Mayo Investment
AdvisorsUnited States
S
Mega FinancialTaiwanL
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
25
October 2013
Lazard Capital MarketsUnited States B BBiS
Legal & General GroupUnited Kingdom SS B S S
Legg MasonUnited States S SS, B S S S
Life Insurance
Corporation of IndiaIndia
S S
Lioneye CapitalUnited States S
LKP FinanceIndia Bi
Lloyds Banking GroupUnited Kingdom L, S
L,
Bi,
S, BL L, Bi LBi L, Bi L, BiL, Bi L, S L, S
Longview Asset
ManagementUnited States
S
Longview PartnersUnited Kingdom S S
Loop CapitalUnited States Bi
Lord, Abbett & CoUnited States B BS S, B
LSV Asset ManagementUnited States S S SS S S
Luther King Capital
ManagementUnited States
S
M&G InvestmentsUnited Kingdom SS S S
M&T BankUnited States L
Macquarie GroupAustralia S B
Madison Investment
AdvisorsUnited States
S
Majedie Asset
ManagementUnited Kingdom
S
Managed Account
AdvisorsUnited States
SS S S SS
Marathon Asset
ManagementUnited Kingdom S
Marcato Capital
ManagementUnited States S
Mason Capital
ManagementUnited States
S
Mata Securities IndiaIndia Bi
Mayo Investment
AdvisorsUnited States
S
Mega FinancialTaiwanL
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
26
Executive Summary
Mercator Asset
ManagementUnited States S
MFP InvestorsUnited States S
Millennium ManagementUnited States S
Mischler Financial GroupUnited States Bi
Mitsubishi UFJ FinancialJapanLL, BiLLLL L, BiLL, BiL, Bi L, BiL, BiL, Bi L, BiL, BiLLL LL
Mizuho BankJapan L L L, Bi L L, BiL LL, BiL, BiL L
Mondrian Investment
PartnersUnited Kingdom S
Morgan StanleyUnited StatesLSS L L, Bi
L,
Bi,
Si
L,
Bi,
SSL, S
L, Bi,
S L, BiL, Bi SiL, Bi L, Bi
National Bank of Abu
Dhabi
United Arab
Emirates L L
National Bank of kuwaitKuwait L
Neuberger BermanUnited States S S S
New Jersey Division of
InvestmentUnited States S S
New York Life Insurance
CompanyUnited StatesSB B B SBBS, BS, B BBB B S
Newton Investment
ManagementUnited Kingdom S S S
Newtyn ManagementUnited States S
Nordea BankSweden S SL
Northern CrossUnited States S
Northern TrustUnited StatesL, SS, BL, SSSL L, SL SSL, SL, SL, SS L, SL, SSS S S
Nuveen InvestmentsUnited States B S S
Oddo & CieFrance S
Old MutualUnited Kingdom S S S S S
Ontario Teachers’
Pension Plan BoardCanada S
Oppenheimer & Co.United States S B SS, B
Orix CorporationJapan S S, B S
Oxford Asset
ManagementUnited KingdomS
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
27
October 2013
Mercator Asset
ManagementUnited States S
MFP InvestorsUnited States S
Millennium ManagementUnited States S
Mischler Financial GroupUnited States Bi
Mitsubishi UFJ FinancialJapanLL, BiLLLL L, BiLL, BiL, Bi L, BiL, BiL, Bi L, BiL, BiLLL LL
Mizuho BankJapan L L L, Bi L L, BiL LL, BiL, BiL L
Mondrian Investment
PartnersUnited Kingdom S
Morgan StanleyUnited StatesLSS L L, Bi
L,
Bi,
Si
L,
Bi,
SSL, S
L, Bi,
S L, BiL, Bi SiL, Bi L, Bi
National Bank of Abu
Dhabi
United Arab
Emirates L L
National Bank of kuwaitKuwait L
Neuberger BermanUnited States S S S
New Jersey Division of
InvestmentUnited States S S
New York Life Insurance
CompanyUnited StatesSB B B SBBS, BS, B BBB B S
Newton Investment
ManagementUnited Kingdom S S S
Newtyn ManagementUnited States S
Nordea BankSweden S SL
Northern CrossUnited States S
Northern TrustUnited StatesL, SS, BL, SSSL L, SL SSL, SL, SL, SS L, SL, SSS S S
Nuveen InvestmentsUnited States B S S
Oddo & CieFrance S
Old MutualUnited Kingdom S S S S S
Ontario Teachers’
Pension Plan BoardCanada S
Oppenheimer & Co.United States S B SS, B
Orix CorporationJapan S S, B S
Oxford Asset
ManagementUnited KingdomS
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
28
Executive Summary
PanAgora Asset
ManagementUnited StatesS S
Park West Asset
ManagementUnited States S
Partner Fund
ManagementUnited States
S
Pensioenfonds Zorg &
WelzijnNetherlands
S
People’s United FinancialUnited States L
Permanent Portfolio FundUnited States S B
Pictet & CieSwitzerlandS
Piper Jaffray CompaniesUnited States Bi
Platinum Investment
ManagementAustralia S
PNC BancorpUnited States LL L L, Bi S L, Bi
Power Corporation of
CanadaCanada SS SS, B
PRIMECAP Management
CompanyUnited StatesS S S S S
Principal Financial GroupUnited StatesSS B B S, B B B
Provident Trust CompanyUnited States S
Proxima Capital
ManagementUnited States S
PrudentialUnited Kingdom B B S BB B
Prudential FinancialUnited States S, BS B S, B B BBS BS, BB
Pzena Investment
ManagementUnited States S S S
QS InvestorsUnited States S
Raymond James
FinancialUnited States
S S
Regions Financial
CorporationUnited States L
Renaissance
TechnologiesUnited States S S S
Richmond Hill
InvestmentsUnited States
S
Riyad BankSaudi Arabia L L L L L
Roaring Blue Lion Capital
ManagementUnited States S
Royal Bank of CanadaCanada L, Bi S L, Bi LS L L, Bi L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
29
October 2013
PanAgora Asset
ManagementUnited StatesS S
Park West Asset
ManagementUnited States S
Partner Fund
ManagementUnited States
S
Pensioenfonds Zorg &
WelzijnNetherlands
S
People’s United FinancialUnited States L
Permanent Portfolio FundUnited States S B
Pictet & CieSwitzerlandS
Piper Jaffray CompaniesUnited States Bi
Platinum Investment
ManagementAustralia S
PNC BancorpUnited States LL L L, Bi S L, Bi
Power Corporation of
CanadaCanada SS SS, B
PRIMECAP Management
CompanyUnited StatesS S S S S
Principal Financial GroupUnited StatesSS B B S, B B B
Provident Trust CompanyUnited States S
Proxima Capital
ManagementUnited States S
PrudentialUnited Kingdom B B S BB B
Prudential FinancialUnited States S, BS B S, B B BBS BS, BB
Pzena Investment
ManagementUnited States S S S
QS InvestorsUnited States S
Raymond James
FinancialUnited States
S S
Regions Financial
CorporationUnited States L
Renaissance
TechnologiesUnited States S S S
Richmond Hill
InvestmentsUnited States
S
Riyad BankSaudi Arabia L L L L L
Roaring Blue Lion Capital
ManagementUnited States S
Royal Bank of CanadaCanada L, Bi S L, Bi LS L L, Bi L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
30
Executive Summary
Royal Bank of ScotlandUnited Kingdom
L,
Bi,
B LL, BiL L, BiLL, Bi L, BiL, BiL, BiL LL, Bi LLBiL, BiL, BiBiL
Ruane Cunniff & GoldfarbUnited States S S
SAFE Investment
CompanyHong Kong
S
Sanders CapitalUnited States S
SchrodersUnited Kingdom S S S S
Scotia Bond CoCanada Bi
Scotiabank (Bank of Nova
Scotia)Canada
L L L L, Bi L, Bi LL L, Bi L, Bi
Shapiro Capital
ManagementUnited States S S
Silchester International
InvestorsUnited Kingdom S
Silvercrest Asset
ManagementUnited States S
Sinopac FinancialTaiwanL
Skandinaviska Enskilda
Banken (SEB)Sweden L L
SkyTop Capital
ManagementUnited States S
Snow Capital
ManagementUnited States
S
Société GénéraleFrance LL L, Bi L, Si L, Bi L
L, Si,
BL, Bi L, Bi
SouthernSun Asset
ManagementUnited States S
Southpoint Capital
AdvisorsUnited States
S
SPA GroupIndia Bi
Sparkassen FinanzgruppeGermany S
Standard CharteredUnited Kingdom L, Bi L, Bi L Bi
Standard LifeUnited Kingdom S S S S
State Bank of IndiaIndiaL S
State StreetUnited StatesSSSSS L, S SSSSS
L, S,
BS L, SL, SL, SS SS S
State Teachers
Retirement System of
OhioUnited StatesS
Steel Partners HoldingsUnited States S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
31
October 2013
Royal Bank of ScotlandUnited Kingdom
L,
Bi,
B LL, BiL L, BiLL, Bi L, BiL, BiL, BiL LL, Bi LLBiL, BiL, BiBiL
Ruane Cunniff & GoldfarbUnited States S S
SAFE Investment
CompanyHong Kong
S
Sanders CapitalUnited States S
SchrodersUnited Kingdom S S S S
Scotia Bond CoCanada Bi
Scotiabank (Bank of Nova
Scotia)Canada
L L L L, Bi L, Bi LL L, Bi L, Bi
Shapiro Capital
ManagementUnited States S S
Silchester International
InvestorsUnited Kingdom S
Silvercrest Asset
ManagementUnited States S
Sinopac FinancialTaiwanL
Skandinaviska Enskilda
Banken (SEB)Sweden L L
SkyTop Capital
ManagementUnited States S
Snow Capital
ManagementUnited States
S
Société GénéraleFrance LL L, Bi L, Si L, Bi L
L, Si,
BL, Bi L, Bi
SouthernSun Asset
ManagementUnited States S
Southpoint Capital
AdvisorsUnited States
S
SPA GroupIndia Bi
Sparkassen FinanzgruppeGermany S
Standard CharteredUnited Kingdom L, Bi L, Bi L Bi
Standard LifeUnited Kingdom S S S S
State Bank of IndiaIndiaL S
State StreetUnited StatesSSSSS L, S SSSSS
L, S,
BS L, SL, SL, SS SS S
State Teachers
Retirement System of
OhioUnited StatesS
Steel Partners HoldingsUnited States S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
32
Executive Summary
Sumitomo Mitsui BankingJapanL L L L, Bi L L, BiLL, Bi LL, BiL, Bi L LL L
Sun Life FinancialUnited States B S SB SS S
SunAmerica Asset
Management CorporationUnited States S
SunTrustUnited States L, Bi SL, BiL, Bi L, Bi L, BiS S L
Svenska HandelsbankenSweden L
T. Rowe Price GroupUnited States S S S S S S S
Taiwan Business BankTaiwanL L
Taiwan Cooperative
Financial HoldingTaiwan
L L
Teton AdvisorsUnited States S
The National Farmers
Union Mutual Insurance
SocietyUnited Kingdom
S
The New India Assurance
Co.India S
Thornburg Investment
ManagementUnited States S B
Thrivent FinancialUnited States B B S B
TIAA-CREFUnited StatesSS, B B S, B S, BSS, BS, BS, BS BS, BS, B
Tiger Veda ManagementUnited States S
Toronto-Dominion BankCanada BL L L L, BiLL, Bi L
Trimaran Capital PartnersUnited States L
Trust Investment AdvisorsIndia Bi
Tweedy Browne
CompanyUnited States S
Two Sigma InvestmentsUnited StatesS S
UBSSwitzerland SL, S
L,
Bi,
S L, SiBiBSBi L, Bi L L, Bi S
UMB FinancialUnited States S
Umpqua BankUnited States L
UniCreditItaly L L L, Bi L, SBi
Union Bank of CaliforniaUnited States L L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
33
October 2013
Sumitomo Mitsui BankingJapanL L L L, Bi L L, BiLL, Bi LL, BiL, Bi L LL L
Sun Life FinancialUnited States B S SB SS S
SunAmerica Asset
Management CorporationUnited States S
SunTrustUnited States L, Bi SL, BiL, Bi L, Bi L, BiS S L
Svenska HandelsbankenSweden L
T. Rowe Price GroupUnited States S S S S S S S
Taiwan Business BankTaiwanL L
Taiwan Cooperative
Financial HoldingTaiwan
L L
Teton AdvisorsUnited States S
The National Farmers
Union Mutual Insurance
SocietyUnited Kingdom
S
The New India Assurance
Co.India S
Thornburg Investment
ManagementUnited States S B
Thrivent FinancialUnited States B B S B
TIAA-CREFUnited StatesSS, B B S, B S, BSS, BS, BS, BS BS, BS, B
Tiger Veda ManagementUnited States S
Toronto-Dominion BankCanada BL L L L, BiLL, Bi L
Trimaran Capital PartnersUnited States L
Trust Investment AdvisorsIndia Bi
Tweedy Browne
CompanyUnited States S
Two Sigma InvestmentsUnited StatesS S
UBSSwitzerland SL, S
L,
Bi,
S L, SiBiBSBi L, Bi L L, Bi S
UMB FinancialUnited States S
Umpqua BankUnited States L
UniCreditItaly L L L, Bi L, SBi
Union Bank of CaliforniaUnited States L L
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
34
Executive Summary
United Overseas BankSingapore L
US BancorpUnited StatesLL, BiL L L, BiL LLL, BiLLL L, BiL, BiL L, Bi L
US Fiduciary ServicesUnited States S
UTI Asset Management
CompanyIndia
S S
ValueAct HoldingsUnited States S
Van Eck Associates
CorporationUnited States S
Vanguard GroupUnited StatesSSSSS S, B SS, BSS, BS, BS, BSSS, BS, BS, BSSS, BSSSS, B
Veritas Asset
ManagementUnited Kingdom
S
Victory Capital
ManagementUnited States S
VIELIndia Bi
Viking Global InvestorsUnited States S S
Washington Trust
BancorpUnited StatesS
Water Asset ManagementUnited StatesS
Wedge Capital
ManagementUnited States S S
Wellington Management
CompanyUnited States S S SS S SS SS
Wells FargoUnited StatesL
L,
Bi,
BL, S LL
L,
Bi,
SL Bi, SL, Bi
L, Bi,
SL
L, Bi,
SL L, BiL, BiL L, Bi
L, Bi,
B
Western & Southern
MutualUnited States S B
Westpac BankingAustralia L L L L
William Blair & CompanyUnited States S S S
Williams Capital GroupUnited States Bi Bi Bi
Winslow Asset
ManagementUnited States
S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
35
October 2013
United Overseas BankSingapore L
US BancorpUnited StatesLL, BiL L L, BiL LLL, BiLLL L, BiL, BiL L, Bi L
US Fiduciary ServicesUnited States S
UTI Asset Management
CompanyIndia
S S
ValueAct HoldingsUnited States S
Van Eck Associates
CorporationUnited States S
Vanguard GroupUnited StatesSSSSS S, B SS, BSS, BS, BS, BSSS, BS, BS, BSSS, BSSSS, B
Veritas Asset
ManagementUnited Kingdom
S
Victory Capital
ManagementUnited States S
VIELIndia Bi
Viking Global InvestorsUnited States S S
Washington Trust
BancorpUnited StatesS
Water Asset ManagementUnited StatesS
Wedge Capital
ManagementUnited States S S
Wellington Management
CompanyUnited States S S SS S SS SS
Wells FargoUnited StatesL
L,
Bi,
BL, S LL
L,
Bi,
SL Bi, SL, Bi
L, Bi,
SL
L, Bi,
SL L, BiL, BiL L, Bi
L, Bi,
B
Western & Southern
MutualUnited States S B
Westpac BankingAustralia L L L L
William Blair & CompanyUnited States S S S
Williams Capital GroupUnited States Bi Bi Bi
Winslow Asset
ManagementUnited States
S
Financial institutionCountryAecomAlliant TechsystemsBabcock & WilcoxBabcock InternationalBAE SystemsBechtelBharat ElectronicsBoeingCH2M HillEADSFluorGencorpGeneral DynamicsHoneywell InternationalHuntington IngallsJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanRockwell CollinsRolls-RoyceSafranSAICSerco GroupThalesThyssenKruppURS
October 2013
Executive Summary