Crédit Agricole

Crédit Agricole Group is a French banking group operating in retail, corporate and investment banking and offering specialised financial services.[i] Crédit Agricole  has 52 million customers, and operations in 52 countries.[ii] As of 30 June 2016, Crédit Agricole had €522 billion retail banking assets showing on its balance sheet.[iii]

Crédit Agricole’s policy on the armaments sector states that investments from the bank’s own account or on behalf of third parties (apart from indexed investing), financing of any sort, and services are prohibited for companies that are linked to the production, storage or sale of sensitive arms, including nuclear weapons.[iv] The bank regards the warhead to be the essential element of a nuclear weapon. Consequently, it defines a nuclear weapon producer as a company that is involved in the design, manufacturing, modernisation and maintenance of nuclear warheads. Therefore, companies that produce ‘non-nuclear’ components of these weapons do not fall under this category.[v]

The exclusion policy applies to commercial and investment banking activities, as well as to Crédit Agricole’s own investments. However, not all investments made on behalf of third parties, i.e. discretionary mandates and passively managed funds, are included in the policy.[vi] The exclusion policy also does not apply to external asset managers.[vii]

Crédit Agricole uses an exclusion list[viii] based on the findings of external consultants,[ix] but does not publish the list.

Crédit Agricole 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.

We commend Crédit Agricole for adopting a public policy on nuclear weapons. We recommend Crédit Agricole exclude investments in all companies associated with the production of specifically designed components necessary for nuclear weapons. Furthermore, Crédit Agricole should apply its policy to all of its financial products, including all assets managed. We look forward to engaging with Crédit Agricole, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.


Credit Agricole has a leaky policy on nuclear weapon producers. Send them a message and tell them to divest!

Dear Credit Agricole,

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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, Crédit Agricole 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 Crédit Agricole made the following changes to make the policy airtight:

  • exclude investments in all companies associated with the production of specifically designed components necessary for nuclear weapons.
  • apply the policy to all of its financial products, including all assets managed

With kind regards,

Or :

Tweet: Even @CreditAgricole knows investing in #nuclear weapons should be restricted. Strengthen the policy&say #goodbyenukes! http://ctt.ec/tNo2m+

Website: Twitter: Facebook:
www.credit-agricole.fr @CreditAgricole www.facebook.com/CreditAgricole

 

[i] Crédit Agricole, “Our business lines and brands”, website Crédit Agricole (http://www.credit-agricole.com/en/Our-business-lines-and-brands), viewed 1 October 2016.

[ii] Crédit Agricole, “Crédit Agricole, a leader in Europe”, website Crédit Agricole (http://www.credit-agricole.com/en/Group/Credit-Agricole-a-leader-in-Europe), viewed 1 October 2016.

[iii] Crédit Agricole, “Q2 and first half year of 2016 results”, website Crédit Agricole (http://www.credit-agricole.com/en/News-analysis/News/The-Group/Q2-and-first-half-year-of-2016-results), viewed 1 October 2016.

[iv] Crédit Agricole, “Note de Procedure. NP 2014-07 du 19 juillet 2014”, July 2014, p.2-3, available at http://www.credit-agricole.com/content/download/314403/5008373/version/1/file/NP_2014_07_Armement.pdf, viewed 1 October 2016.

[v] Crédit Agricole, written response to PAX dated 10 September 2013.

[vi] Crédit Agricole, written response to PAX dated 10 September 2013; Crédit Agricole, written response to Profundo dated 24 September 2013.

[vii] Crédit Agricole, written response to Profundo dated 10 September 2013; Crédit Agricole, written response to Profundo dated 24 September 2013.

[viii] Crédit Agricole, “Note de Procedure. NP 2014-07 du 19 Juillet 2014”, July 2014, p.2, available at http://www.credit-agricole.com/en/content/download/8748/99965/version/2/file/NOP+ARMEMENT+2012-16.pdf, viewed 1 October 2016.

[ix] Crédit Agricole, written response to Netwerk Vlaanderen dated 11 February 2011.

Runners-up

Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.

Criteria:

Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .

Methodology

To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the thirteen financial institutions listed in the Hall of Fame, six publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Three other financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list. The remaining four do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 26 identified nuclear weapon producers.