Cluster Munitions


Worldwide, 137 private and public financial institutions continue to invest almost US$43 billion into producers of banned cluster munitions. Leading financial investors and loan providers include: Citigroup, JP Morgan Chase, Goldman Sachs, Deutsche Bank and China Merchants Bank. The detail and extent of global explosive investments is shown in the 2012 report: “Worldwide Investments in Cluster Munitions; a shared responsibility”. The report by IKV Pax Christi (the Netherlands) and FairFin (Belgium).

“After all the financial scandals, crisis and promises to act in a more responsible and transparent way, it is a disgrace that financial institutions continue to invest in banned weapons,” said Roos Boer, co-author of the report for IKV Pax Christi (the Netherlands). “Investing in banned weapons is ethically unacceptable and it is time for governments and banks to ban these explosive investments,” she added.


Full report

Key Findings

Seperate chapters:

Hall of Shame / Summary Table Hall of Shame An overview of financial institutions investing in cluster munition producers

Hall of Fame / Summary Hall of Fame / List of financial institutions banning cluster munitions Banks that set an example - because they have a complete investment policy that excludes investments in cluster munitions - are put in the spotlights here. Also, banks that have already taken some measures, but have not yet fully excluded cluster munitions, are named in this section. This final category is called Runners-up. 

Countries' Best Practices / Table Countries' Best Practices

Belgium was the first country in the world implementing a full ban on investments in cluster munitions. A number of countries followed this example; dozens of countries plan a full restriction in the context of the application of the Oslo Convention on Cluster Munition (2008).

Executive Summary

Extra reading:

Both in the Octobre 2009 report as in the June 2012 update, a threshold was used for the owning or managing of shares and bonds in companies producing cluster munitions (minimum 1% for US companies; 0,1% for Asian companies). This is a pragmatical choice, as noting all the financial institutions that own or manage such bonds or shares, would make for too extended a list. But there are in fact many financial institutions that own or manage bonds or shares below the threshold. In these publications, you'll find more information on this:

List of share- and bondholders

How to read the spreadsheet

Research Guidelines

Some materials to guide campaigners:

Eurosatory Weapon Convention 2012

View gallery

List of share- and bondholders


List of lists

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