April 2, 2024
Barbara Zvan, President and CEO,
University Pension Plan
Barbara.zvan@universitypensionplan.ca
Aaron Bennett, Chief Investment Officer
University Pension Plan
aaron.bennett@universitypensionplan.ca
Dear CEO Zvan and CIO Bnnett:
We are writing to you with regard to UNIVERSITY PENSION (ONTARIO) investment in funds related to Israeli-occupied Palestine and Israeli-occupied Syrian Golan Heights.
We have been monitoring the human rights situation in the occupied Palestine territory (oPt) and the occupied Syrian Golan and are concerned about investments within public sector pension plans that may facilitate activity that constitutes a war crime under international law.
Based on UNIVERSITY PENSION (ONTARIO) most recent info, UNIVERSITY PENSION (ONTARIO) seems to be invested in one company with investments of at least $5M that is listed in the United Nations (UN) Database of companies complicit with human rights violations
The UN Database was released on February 12, 2020 in the Report of the United Nations High Commissioner for Human Rights(A/HRC/43/71) after the independent international fact-finding mission to investigate the implications of the Israeli settlements on the civil, political, economic, social and cultural rights of the Palestinian people throughout the oPt, including East Jerusalem. There are currently 97 companies included on the UN list.
This investigation followed the United Nations Human Rights Council Resolution 31/36 which defined the Database by reference to specific human rights violations include the following:
(a) The supply of equipment and materials facilitating the construction and the expansion of settlements and the wall, and associated infrastructure.
(b) The supply of surveillance and identification equipment for settlements, the wall and checkpoints directly linked with settlements;
(c) The supply of equipment for the demolition of housing and property, the destruction of agricultural farms, greenhouses, olive groves and crops;
(d) The supply of security services, equipment and materials to enterprises operating in settlements;
(e) The provision of services and utilities supporting the maintenance and existence of settlements, including transport;
(f) Banking and financial operations helping to develop, expand or maintain settlements and their activities, including loans for housing and the development of businesses;
(g) The use of natural resources, in particular water and land, for business purposes;
(h) Pollution, and the dumping of waste in or its transfer to Palestinian villages;
(i) Captivity of the Palestinian financial and economic markets, as well as practices that disadvantage Palestinian enterprises, including through restrictions on movement, administrative and legal constraints;
(j) The use of benefits and reinvestments of enterprises owned totally or partially by settlers for developing, expanding and maintaining the settlements.
UN Security Council resolution 2334 (2016) reaffirmed that settlements have no legal validity and constitute a flagrant violation under international law.
UNIVERSITY PENSION (ONTARIO) investments that are on the United Nations Database:
UNIVERSITY PENSION (ONTARIO) based on its most recent filing is invested in the following companies that are listed on the UN Database of business enterprises Note: information about the companies, verified byWho Profits, an independent Israeli research organization as per links provided with each of companies listed.
You can review the details associated with each of these companies listed on the United Nations High Commissioner for Human Rights report. You will note that all have been complicit under reasons cited.
Given that the aggregate investments are a very small proportion of UNIVERSITY PENSION (ONTARIO) over $10.8 B portfolio, it seems it is an easy move for UNIVERSITY PENSION (ONTARIO) to divest from companies that have been named as complicit in acts contributing to the maintenance of illegal settlements.
| Company (on both University/UN list) | $$$ (M) Range | Lowest $$(M) | Highest $$ (M) | Country | WhoProfits Link |
| Booking Holdings Inc (e) | $5-10 | $ 5.00 | $ 10.00 | USA | Who Profits – The Israeli Occupation Industry – Booking.com |
Beyond this, our analysis of UNIVERSITY PENSION (ONTARIO)’s is invested in at least seven additional companies deemed by AFSC Investigate and several other sources to have substantial, ongoing, and intentional complicity in severe violations of human rights and international law related to occupied Palestine and the Syrian Golan.
The following companies with investments of at least $70M are included in AFSC Investigate:
| Company (on AFSC Occup’n/University list) | $$$ (M) Range | Lowest $$ (M) | Highest $$ (M) |
| ABB Ltd | $5-10 | $ 5.00 | $ 10.00 |
| Alphabet Inc | $25-50 | $ 25.00 | $ 50.00 |
| Chevron Corporation | $10-25 | $ 10.00 | $ 25.00 |
| Cisco Systems | $5-10 | $ 5.00 | $ 10.00 |
| Exxon Mobil Corporation | $10-25 | $ 10.00 | $ 25.00 |
| Meta Platforms | $10-25 | $ 10.00 | $ 25.00 |
| PayPal Holdings, Inc. | $5-10 | $ 5.00 | $ 10.00 |
| Total | $70-155 | $ 70.00 | $ 155.00 |
A number of these companies have been identified in Who Profits and/or World BEYOND War as well as AFSC Investigate.
A number of these companies that complicit in the arms trade with Israel and/or Israel’s military operations and/or settlements.
In addition, the following three companies are identified on the Canada Stopping Arming Israel listing:
| Company (on both CSAI/University list) | $$$ (M) Range | Lowest $$ (M) | Highest $$ (M) |
| Safran Group | $10-25 | $ 10.00 | $ 25.00 |
| Amazon | $25-50 | $ 25.00 | $ 50.00 |
| Scotiabank/The Bank of Nova Scotia | $5-10 | $ 5.00 | $ 10.00 |
| $40-85 | $ 40.00 | $ 85.00 |
The total for UNIVERSITY PENSION (ONTARIO) investments in the companies listed in the UN database and these other verified sources is at least $115 Million but as high as perhaps $250 Million based on UNIVERSITY PENSION (ONTARIO)’s most recent information.
Note: information about the mentioned companies have been verified byWho Profits, an independent Israeli research organization and/or the American Friends Service Committee “Investigate” as per links provided with each of the companies listed (see below)
1. We would ask that the UNIVERSITY PENSION (ONTARIO) 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 fromthe 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 UNIVERSITY PENSION (ONTARIO) 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 UNIVERSITY PENSION (ONTARIO) 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 UNIVERSITY PENSION (ONTARIO) public sector pension fund investment.
We ask UNIVERSITY PENSION (ONTARIO) 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 you that in Canada, parties that are complicit in war crimes are liable to criminal prosecution under the Crimes Against Humanity and War Crimes Act,[1] including corporations.[2]
Also, we remind you that under Article 1 of the Fourth Geneva Convention, all high signatories in which Canada is one, are required to take actions to ensure that violations of the Fourth Geneva Convention do not occur under any circumstance.
We further remind you that, ever since the Quebec Superior Court’s decision in Bil’in (Village Council) v. Green Park International Inc.,[3] it is also possible for a corporation to be held liable in a civil lawsuit in Canadian courts for complicity in a war crime. Although the Bil’in case was dismissed on jurisdictional grounds, Canadian courts in recent years have shown increasing willingness to assert jurisdiction over the overseas activities of Canadian companies where violations of human rights and international law are concerned,[4] and it is far from certain that the same result would be obtained now.
We also remind you that the International Court of Justice (ICJ) has made a provisional ruling related to South Africa’s submission in regard to Israel committing genocide, and that Nicaragua has submitted a case to the ICJ in regard to Canada’s complicity with genocide.
As well, the Canadian Lawyer for International Human Rights has provided notice to the Canadian government in regard to prosecution related to export of arms to Israel.
We further clarify and emphasize:
The International Centre of Justice for Palestinians – Canada (“ICJP – Canada”) has provided the Government of Canada with notice of intent to seek the prosecution of Canadian officials who are allegedly complicit in Israel’s war crimes. ICJP Canada is also considering expanding the scope of its initiative to pursue accountability of Canadian companies who are allegedly complicit in Israel’s war crimes. Like Canada’s Crimes Against Humanity and War Crimes Act, the Rome Statute of the International Criminal Court applies to both state actors and private individuals. The latter makes it an offence to, “aid, abet or otherwise assist,” in the commission of war crimes and crimes against humanity.
We are sure that UNIVERSITY PENSION (ONTARIO) would not want to have any companies within its portfolio that would be a violation of international law.
The UNIVERSITY PENSION (ONTARIO) is entrusted with fiduciary trust of a large public pension plan and would be expected to undertake enhanced due diligence to ensure that its investments in conflict affected areas are in line with Canada’s responsibility under international and domestic law.
We would be grateful for any information you could provide us in response to our concerns, and if you would like to discuss the matter further, we are available to meet with you.
Response can be made to:
Just Peace Advocates/Mouvement Pour Une Paix Juste
[1] S.C. 2000, c. 24.
[2] R.S.C., 1985, c. C-46, ss. 22.1-22.2.
[3] 2009 QCCS 4151 at para. 176.
[4] See e.g. Garcia v. Tahoe Resources Inc., 2017 BCCA 39; Araya v. Nevsun Resources Ltd., 2017 BCCA 401 (pending appeal on different issue).
Further links for companies listed above:
https://www.whoprofits.org/companies/company/6652?solvay
https://investigate.afsc.org/company/amazon
