Hall of Shame – V

The following financial institutions beginning with “V” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

ValueAct Holdings (United States)

ValueAct Holdings has made an estimated 939 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which ValueAct Holdings (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by ValueAct Holdings

Company Country Total value (US$ mln) % Outstanding Filing date
Rockwell Collins United States 939 8.89 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Vanguard (United States)

Vanguard has made an estimated 21,926 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Vanguard (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Vanguard

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 195 6.09 30-Jun-2014
Airbus Group France 500 0.95 30-Jun-2014
Alliant Techsystems United States 252 5.89 30-Jun-2014
Babcock & Wilcox United States 202 5.78 30-Jun-2014
BAE Systems United Kingdom 353 1.54 07-Aug-2014
Boeing United States 4,413 4.81 30-Jun-2014
Finmeccanica Italy 50 0.92 30-Jun-2014
Fluor United States 735 6.07 30-Jun-2014
Gencorp United States 39 3.48 30-Jun-2014
General Dynamics United States 2,186 5.61 30-Jun-2014
Honeywell International United States 3,438 4.73 30-Jun-2014
Huntington Ingalls United States 323 7.03 30-Jun-2014
Jacobs Engineering United States 475 6.70 30-Jun-2014
Larsen & Toubro India 175 0.66 30-Jun-2014
Leidos United States 163 5.70 30-Jun-2014
Lockheed Martin United States 2,272 4.45 30-Jun-2014
Northrop Grumman United States 1,434 5.77 30-Jun-2014
Raytheon United States 1,524 5.32 30-Jun-2014
Rockwell Collins United States 735 6.97 30-Jun-2014
Safran France 234 0.86 30-Jun-2014
Serco United Kingdom 43 1.26 07-Feb-2014
Textron United States 711 6.65 30-Jun-2014
Thales France 85 0.68 30-Jun-2014
ThyssenKrupp Germany 156 0.97 31-Jul-2014
URS United States 180 5.67 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Vanguard (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Vanguard

Company Country Total value (US$ mln) % Outstanding Filing date
Boeing United States 139 2.12 31-Jul-2014
Fluor United States 8 0.99 31-Jul-2014
General Dynamics United States 235 6.01 31-Jul-2014
Honeywell International United States 227 3.60 31-Jul-2014
Huntington Ingalls United States 91 7.58 31-Jul-2014
Leidos United States 20 1.57 31-Jul-2014
Lockheed Martin United States 158 1.65 31-Jul-2014
Raytheon United States 134 2.55 31-Jul-2014
Rockwell Collins United States 41 2.46 31-Jul-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Veritas Asset Management (United Kingdom)

Veritas Asset Management has made an estimated 550 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Veritas Asset Management (United Kingdom) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Veritas Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
Lockheed Martin United States 550 1.08 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Viel & Cie. (France)

Viel & Cie. has made an estimated 177 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by Viel & Cie. (France) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Viel & Cie.

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Holdings Ltd 23 23 12-Mar-2012
L&T Finance Ltd 4 4 22-Mar-2012
4 4 22-Mar-2012
4 4 22-Mar-2012
4 4 22-Mar-2012
4 4 22-Mar-2012
5 2 15-Dec-2011
6 2 15-Dec-2011
6 2 12-Feb-2011
6 2 12-Feb-2011
6 2 12-Feb-2011
6 2 12-Feb-2011
6 2 12-Feb-2011
6 2 27-Mar-2014
6 2 27-Mar-2014
6 2 27-Mar-2014
6 2 27-Mar-2014
8 2 20-Mar-2014
10 5 10-Aug-2012
10 5 10-Aug-2012
17 9 10-Nov-2013
18 5 17-May-2013
18 5 17-May-2013
30 10 15-Dec-2011
30 8 06-Sep-2014
36 5 13-Jun-2014
37 7 29-Oct-2013
45 15 15-Dec-2011
45 6 13-Jun-2014
13 4 27-Jul-2012
36 9 14-Jun-2012
36 9 14-Jun-2012
L&T Fincorp Ltd 26 13 21-Mar-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Viking Global Investors (United States)

Viking Global Investors has made an estimated 424 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Viking Global Investors (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Viking Global Investors

Company Country Total value (US$ mln) % Outstanding Filing date
Airbus Group France 424 1.52 10-Oct-2012

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Voya Financial (United States)

Voya Financial has made an estimated 63 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Voya Financial (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Voya Financial

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 63 0.52 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

VP Bank Group (Liechtenstein)

VP Bank Group has made an estimated 781 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of share issuances by VP Bank Group (Liechtenstein) for the nuclear weapon companies since January 2011.

Underwriting of share issuances by VP Bank Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
ThyssenKrupp ThyssenKrupp AG 2,342 781 07-Jul-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.