Hall of Shame

Invested in cluster bomb producers

Who invests?

The 2017 update of the report shows that 166 financial institutions from around the world invested USD31 billion into 6 companies involved in the productioncluster munitions since March 2013. Find out whether your bank, insurance company or pension fund is investing in cluster bomb producers in the Hall of Shame.

Top 10 investors

This chart shows the 10 financial institutions with the largest total investments since January 2013 in the 6 companies involved in the production of cluster munitions identified in the report:

10 largest investors in the Red Flag List of cluster munition producers, totals in USD million.


We consider any kind of financial or investment link with a cluster munitions producer to be financial involvement with this producer.

We apply different thresholds to different companies for investment in shares and bonds. Due to the different shareholding structure in the various companies, we chose a 0.1% floor limit for the Asian companies and a 1% limit for the US companies. Since there are so many shareholders in Orbital ATK and Textron that hold less than 1% of the shares, listing all of them is beyond the scope of this report. We made a pragmatic choice to apply the abovementioned thresholds. 

Research institute Profundo (the Netherlands) provided a list of financial institutions derived from stock exchange filings and other publications by financial institutions and cluster munitions producers, as well as from commercial databases with information supplied by financial institutions. 

We included all credits and underwriting activities dated after 1 June 2013 for which we found information. We also included data on shareholdings and bond holdings available until 17 March 2017, the date Profundo concluded its research on financial links to cluster munitions producers.

We define investor as someone financially involved in a cluster munitions producer. The following factors are irrelevant to our definition:

– The investor’s importance for the cluster munitions producer;

– The investment’s importance for the investor’s portfolio;

– The contribution of cluster munitions production to the company’s total turnover; or

– The cluster munitions producer’s other activities.

We consider them irrelevant, because a financial institution cannot possibly be certain that the financial services it provides for a company will not be used to produce cluster munitions. It is common for weapons producers to finance cluster munitions facilities from general corporate capital. So far, we have never come across a project intended specifically to finance cluster munitions facilities. 

As we already noted, the list in the Hall of Shame is not an exhaustive list of financial institutions with investments in cluster munitions producers. We apply different thresholds to different companies for investment in shares and bonds. Since the red flag list is not exhaustive, a financial institution could have invested in a producing company not included in our research. There is little or no transparency on what credits were given to whom. This makes it very hard to find out whether a financial institution has granted a loan to a controversial company.

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