Barclays is a British financial services provider engaging in private and corporate banking and wealth and investment management. It serves about 48 million customers and clients worldwide.[i]
Barclays’ Statement on the Defence Sector prohibits transactions related to “trade in, or manufacture of nuclear weapons”.[ii] Barclays does not exclude companies as a whole for involvement with nuclear weapons but only specific projects or transactions.[iii]
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, enabling Barclays to invest in nuclear weapons companies on behalf of its clients.[iv]
We commend Barclays for adopting a public policy on nuclear weapons. We recommend Barclays apply its policy to all activities of nuclear weapons producing companies, and not limit it to project financing. Barclaysshould exclude investment in all types of nuclear weapons associated companies, including those involved in maintenance and specifically designed delivery systems. In addition, Barclays should expand the scope of its policy to cover all financial products it offers, 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.
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Congratulations Barclays. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Barclays also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Barclays made the following changes to make the policy airtight:
• Apply the policy to all activities of nuclear weapons producing companies, and not limit it to project financing;
• Exclude investment in all types of nuclear weapons associated companies, including those involved in maintenance and specifically designed delivery systems;
• Expand the scope of the policy to cover all financial products it offers, including on behalf of third parties.
With kind regards,
[i] Barclays, “About us”, website Barclays (http://www.barclays.com/about-barclays.html), viewed 10 June 2015.
[ii] Barclays, “Barclays Statement on the Defence Sector”, available at (http://www.barclays.com/content/dam/barclayspublic/docs/Citizenship/Policy-Positions/barclays-statement-defence-sector.pdf), viewed 10 June 2015; written response to PAX dated 1 June 2015.
[iii] Barclays, written response to PAX dated 19 August 2015.
[iv] Barclays, written response to PAX dated 1 June 2015.
[v] Barclays, written response to PAX dated 1 June 2015.