Barclays

Runners-Up
(no stars)

Barclays PLC Group is a transatlantic consumer, corporate and investment bank. Since 2016, it operates through two divisions: Barclays UK and Barclays International.[1] It operates in 40 countries. As of 30 June 2017, Barclays held £61,771 million (€ 67,255 million) in financial investments.[2]

Barclays’ Statement on the Defence Sector prohibits transactions related to “trade in, or manufacture of nuclear weapons”.[3] Barclays does not exclude companies as a whole for involvement with nuclear weapons but only specific projects or transactions on a case by case basis.[4]

Barclays’ exclusion policy applies to its commercial banking and investment banking activities. Barclays Wealth and Investment Management holds shares on behalf of clients. The exclusion policy is not applied to these investments.[5]

Barclays does not make use of an exclusion list but uses third party intelligence to make decision on specific investments.[6]

Barclays was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.

How to improve the policy:

We commend Barclays for adopting a public policy on nuclear weapons. We recommend Barclays apply its policy to the companies involved with the production of nuclear weapons, not only to certain transactions. Barclays should exclude investment in all types of nuclear weapons associated companies. In addition, Barclays should expand the scope of its policy to cover all offered financial products, including on behalf of third parties.  We look forward to engaging with Barclays, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

[1] Barclays, “About us: Strategy”, website Barclays (https://www.home.barclays/about-barclays/strategy.html), viewed 23 January 2018.

[2] Barclays, “About us”, website Barclays (https://www.home.barclays/about-barclays/around-the-world.html), viewed 23 January 2018; Barclays “Barclays PLC- Results Announcement”, page 54, available at: https://www.home.barclays/content/dam/barclayspublic/docs/InvestorRelations/ResultAnnouncements/2017interimresults/20170728_H117_Barclays_PLC_Results_Announcement.pdf, viewed 23 January 2018.

[3] Barclays, “Barclays Statement on the Defence Sector”, available at (https://www.home.barclays/content/dam/barclayspublic/docs/Citizenship/Policy-Positions/barclays-statement-defence-sector.pdf), viewed 23 January 2018; written response to PAX dated 1 June 2015.

[4] Barclays, written response to PAX dated 19 August 2015.

[5] Barclays, written response to PAX dated 1 June 2015.

[6] Barclays, written response to PAX dated 1 June 2015.

About Maaike Beenes

Maaike Beenes works for the humanitarian disarmament program for PAX in the Netherlands. She researches investments by financial institutions in producers of controversial weapons, notably nuclear weapons and cluster munitions, and is co-author of the reports ‘Don’t Bank on the Bomb’ and ‘Worldwide Investments in Cluster Munitions’. As part of the Don’t Bank on the Bomb campaign of PAX and ICAN, she works together with campaigners around the world to hold banks and other investors accountable for their investments in nuclear and other controversial weapons. She was involved in the negotiations for the Treaty on the Prohibition on Nuclear Weapons on behalf of PAX and ICAN.