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NGO: British financial institutions complicit in Israeli war crimes

In July 2017, War on Want (WoW) published a report claiming that UK-based banks and investment companies are complicit in Israeli war crimes against Palestinians. The financial institutions cited in the report have allegedly invested in defence companies known to provide equipment to the Israeli military.

Business & Human Rights Resource Centre invited the financial institutions and defence companies accused of profiting from Palestinian rights abuse. Those companies include: Aviva; Barclays; HSBC; Investec; Legal & General Investment Management; Prudential; Schroders; Standard Life; BAE Systems; Boeing; Caterpillar; Cobham; Elbit Systems; General Dynamics; GKN; HP Enterprise; Lockheed Martin; Meggitt; Motorola Solutions; Northrop Grumman; QinetiQ; Raytheon; Rolls-Royce; Ultra Electronics; United Technologies. We received responses from: Aviva; BAE Systems; HP Enterprise; Legal & General Investment Management; Motorola Solutions. You can read the responses in full below.

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Company response
9 October 2018

Legal & General Investment Management responds to allegations linking its investments to war crimes

Author: Sacha Sadan, Legal & General Investment Management

At LGIM we take our stewardship responsibilities seriously and devote significant resource to ensure our clients’ assets are protected and enhanced over time. We take an active approach to stewardship, using our scale as a global investment manager to influence company and market behaviours. In doing so, we strive to achieve positive societal impacts in the belief that it will create more sustainable long-term value. If we believe changes are needed at a company, we will communicate this privately during our engagements or publicly, if necessary, by voting against the company at annual general meetings. In 2018, LGIM has voted against UK directors more than any other large asset manager. However, it is index providers, not asset managers, who select the securities that form the indices tracked by index funds. This is true for the majority of LGIM's index fund range. Nevertheless, LGIM has gone one step further by implementing a Controversial Weapons Policy, excluding from active fixed income and equity funds and certain index funds those companies involved in the manufacture and production of cluster munitions, antipersonnel landmines, and biological and chemical weapons...

Download the full document here

Company non-response
8 October 2018

Barclays did not respond

Busines & Human Rights Resource Centre invited Barclays to respond to the allegations raised by War on Want. Barclays did not respond.

Company non-response
8 October 2018

Boeing did not respond

Busines & Human Rights Resource Centre invited Boeing to respond to the allegations raised by War on Want. Boeing did not respond.

Company non-response
8 October 2018

Caterpillar did not respond

Busines & Human Rights Resource Centre invited Caterpillar to respond to the allegations raised by War on Want. Caterpillar did not respond.

Company non-response
8 October 2018

Cobham did not respond

Busines & Human Rights Resource Centre invited Cobham to respond to the allegations raised by War on Want. Cobham did not respond.

Article
8 October 2018

Elbit Systems did not respond

Busines & Human Rights Resource Centre invited Elbit Systems to respond to the allegations raised by War on Want. Elbit Systems did not respond.

Company non-response
8 October 2018

General Dynamics did not respond

Busines & Human Rights Resource Centre invited General Dynamics to respond to the allegations raised by War on Want. General Dynamics did not respond.

Company non-response
8 October 2018

GKN did not respond

Busines & Human Rights Resource Centre invited GKN to respond to the allegations raised by War on Want. GKN did not respond.

Company non-response
8 October 2018

HSBC did not respond

Busines & Human Rights Resource Centre invited HSBC to respond to the allegations raised by War on Want. HSBC did not respond.

Company non-response
8 October 2018

Investec did not respond

Busines & Human Rights Resource Centre invited Investec to respond to the allegations raised by War on Want. Investec did not respond.