RBC, Manulife, Sun Life, CI Financial invest in Textron, producer of banned cluster bombs, says Pax report

Author: Mike Blanchfield, Canadian Press, Published on: 21 June 2016

"4 Canadian financial institutions invested in firms that make cluster bombs: report", 16 June 2016

Dutch peace group [Pax] wants Trudeau to ban investments in companies that make cluster bombs...Four Canadian financial institutions invested $565 million in the companies that manufacture cluster bombs, a weapon that is banned under a UN treaty that Canada has ratified, says [the] report... Paul Hannon, executive director of Mines Action Canada, is calling on the Trudeau government to issue guidelines that would ban such investments by Canadian institutions...

The report names the Royal Bank of Canada, Manulife Financial, Sun Life Financial and CI Financial; CI says it no longer holds any shares in the U.S. company that is cited [Textron]... RBC said it takes pains to vet those operations to which it lends money, and is taking steps to broaden its policies... "Our policy prohibits directly financing equipment or material for cluster munitions. We are currently working towards extending this policy beyond lending."

Neither Manulife nor Sun Life responded to a request for comment...

The vast majority of the firms named in report...are from countries that have not joined the cluster bomb convention, including the United States, China and South Korea.

[Full report by Pax; "Key Findings", "List of Lists. Financial institutions banning investments in cluster munitions", "Fact Sheet States Banning Investments in Cluster Munitions"]

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Related companies: CI Financial Manulife Financial Royal Bank of Canada Sun Life Financial Textron