In April 2024, we wrote to the Alberta Investment Management Corp. to ask them about their about half a billion USD direct investments in companies complicit with war crimes and potentially genocide. No response has been received.
Now, with the September 30, 2024 US SEC filing for AIMC, we have taken another look and still around a half billion USD invested in companies complicit with war crimes and possibly genocide.
Over $20 M USD in companies listed by the UN as complicit with war crimes, and an additional $429 M USD that are listed as complicit in occupation (war crimes) by AFSC Investigate. In addition, there are several entities that are part of the Canada Stop Arming Israel (World Beyond War) listing that are not part of the UN or AFSC listing, amounting to more than $100 M USD.
The companies listed by the United Nation Database of Business Enterprises Pursuant to Human Rights Council Resolutions 31/36 and 53/25:
| Company | Source: | Country | # SHARES | FMV |
| Airbnb | UN | USA | 76,371 |
$9,684,607 |
| Booking Holdings | UN | USA | 500 |
2,106,060 |
| Motorola Solutions | UN | USA | 9,300 |
4,181,559 |
| TripAdvisor | UN | USA | 300,000 |
4,347,000 |
| Total – UN | $20,319,226 |
Companies included on the AFSC Investigate list that are not on the UN database.
| Company | Country | # SHARES | FMV |
| Alphabet | USA | 843,145 |
$139,980,311 |
| Amazon | USA | 514,215 |
95,813,681 |
| Caterpillar | USA | 15,200 |
5,945,024 |
| Chevron | USA | 13,700 |
2,017,599 |
| Cisco Systems | USA | 75,000 |
3,991,500 |
| Exxon Mobil | USA | 82,282 |
9,645,096 |
| First Solar Inc | USA | 1,000 |
249,440 |
| Foot Locker | USA | 23,926 |
618,248 |
| Ford Motor | USA | 104,800 |
1,106,688 |
| GE Aerospace | USA | 39,200 |
7,392,336 |
| International Business Machines | USA | 6,100 |
1,348,588 |
| Meta Platforms | USA | 216,884 |
124,153,077 |
| Oshkosh Corp | USA | 49,360 |
4,946,366 |
| PayPal Holdings | USA | 22,800 |
1,779,084 |
| Primo Water | USA | 32,300 |
815,779 |
| SolarEdge Technologies | Israel | 10,476 |
240,005 |
| Sony Group | Japan | 281,160 |
27,151,621 |
| Teva Pharmaceutical Industries | Israel | 119,100 |
2,146,182 |
| Total – AFSC | $429,340,625 |
Additional companies included on the Canada Stop Arming Israel List
| Company | Country | # SHARES |
FMV |
| Leidos Holdings | USA | 2,100 |
$342,300 |
| Scotiabank/Bank of Nova Scotia | Canada | 2,081,800 |
113,555,529 |
| Total – Canada Stop Arming Israel | $113,897,829 |
Note: information about the mentioned companies have been verified by Who Profits, an independent Israeli research organization and/or the American Friends Service Committee “Investigate” as per links provided with each of the companies listed
Our Demand:
1. We would ask that the AIMC take immediate steps to divest from these funds, and to do a review to ensure no other investments are included now or into the future from the UN Database.
2. We also note that companies from the UN Database in the may be included in other indices, and so would ask that you review your current holdings and remove any that have companies from the UN Database, and put a transparent public process in place to ensure that these funds do not include any investments from the list going forward.
3. That AIMC divest from the named companies that are verified through sources such as AFSC Investigate and Who Profits, and identified by World BEYOND War, and other sources related to support for the Israeli military and settlement. We ask that AIMC take steps to divest from all companies complicit with war crimes.
4. Put in place a transparent process to ensure that companies are vetted for violations of human rights and international law. This would involve reporting back publicly on the review you committed to undertake.
The concerns that we raise are in the broader context of ethical investment related to AIMC public sector pension fund investment.
We ask AIMC I to take all steps necessary to ensure that the activities of all companies included in all of its portfolio are in compliance with international law governing war crimes. We remind AIMC that in Canada, parties that are complicit in war crimes are liable to criminal prosecution under the Crimes Against Humanity and War Crimes Act, including corporations.
We remind AIMC that the International Court of Justice has indicated that the occupation is illegal and needs to be ended immediately. Indication is that:
States must require a thorough due-diligence review of these entities and ensure that they are not engaging in any business, activity or financial support that maintains the unlawful occupation or contributes to maintaining
Read more
