Published on February 28th, 2022
Italy bans investments in cluster bomb producers
Italy has recently implemented a new law that prohibits all companies from funding manufacturers of anti-personnel mines, cluster munitions and submunitions. On 9 December 2021 the President of the Republic Sergio Mattarella, promulgated the law (original italian version) on “disinvestment’s” (LAW No. 220).
LAW No. 220 applies to all companies, regardless of their legal personality and whether their registered in Italy or abroad. It incorporates, in the article of the civil code 2359, those who directly or through their subsidiaries or affiliates are in any way engaged and associated with cluster bomb producers.
This new law has been promulgated due to the efforts of the Italian Campaign to Ban Landmines, a partner in the Cluster Munition Coalition.
Giuseppe Schiavello, ItCBL Director, said: ‘It’s with great happiness that we received news that the law on “disinvestments” is in completion’. We believe it is one of the most advanced laws on the subject, especially because it obliges supervisory authorities to draw up lists of producers to be indicated to financial intermediaries as black list. This law introduces, for the first time, the clear principle that financial investment can be restricted by law if it generates negative impacts on communities’.
The latest update of the Worldwide Investments in Cluster Munitions report still found two investments from Italian financial institutions in cluster munition producers (Arca SGR and Intesa SanPaolo).