Intesa Sanpaolo

Intesa Sanpaolo is an Italian bank, the result of the merger of Banca Intesa and Sanpaolo IMI. The Italian company has a strong presence in Central-Eastern Europe and on the Mediterranean market. The group offers its services to about 11.1 million customers. [i]

Intesa Sanpaolo’s weapons policy states that the group bans “any banking activity regarding research and/or production and/or trade of controversial weapons and/or those banned by international treaties”, including nuclear weapons.[ii] Intesa Sanpaolo has clarified that this only excludes nuclear weapons producers operating in countries that are not a member of the NPT. Intesa Sanpaolo’s policy does not cover specifically designed delivery systems or maintenance.[iii]

The policy covers commercial banking and investment banking. Intesa Sanpaolo also excludes nuclear weapons producers from some active funds that it manages: Eurizon Ethical International Equity, Eurizon Ethical Diversified and Eurizon Ethical Bonds. However, other asset management activities, including investments made on its own account, investments made on behalf of third parties, discretionary mandates and passively managed funds are not covered by the policy.[iv] Intesa Sanpaolo is working to strengthen the application of its exclusion policies to those categories.[v] The bank does not make use of external asset managers.

To implement its policy, Intesa Sanpaolo uses a non-public exclusion list, based on its own analysis of international reports and sources.[vi]

 We commend Intesa Sanpaolo for adopting a public policy on nuclear weapons. We recommend Intesa Sanpaolo apply its exclusion policy to companies regardless of their country of origin. Intesa Sanpaolo should expand its policy to cover all types of nuclear weapons producing companies including those that produce specifically designed delivery systems. It should apply its policy to all financial products including all asset classes. Intesa Sanpaolo is strengthening the application of its exclusion policy and we look forward to assess progress made in that respect in next year’s report. We look forward to engaging with Intesa Sanpaolo, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

Intesa Sanpaolo has a leaky policy on nuclear weapons. Tell them to fix it!

Congratulations Intesa Sanpaolo!

[signature]

Share this with your friends:

   

Send this email!
Click on “Read the Petition” if you want to modify the text!

Congratulations Intesa Sanpaolo. 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 Intesa Sanpaolo 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 Intesa Sanpaolo made the following changes to make the policy airtight:
• Apply the exclusion policy to companies regardless of their country of origin;
• Expand the policy to cover all types of nuclear weapons producing companies including those that produce specifically designed delivery systems;
• Apply the policy to all financial products including all asset classes.

With kind regards,

Or :

Tweet: Even @intesasanpaolo knows investing in #nuclear weapons should be restricted. Strengthen the policy&say #goodbyenukes! http://ctt.ec/93oqn+

 

Website: Twitter: Facebook:
http://www.intesasanpaolo.com/ @intesasanpaolo https://www.facebook.com/intesasanpaologroup?fref=ts

 

[i]           Intesa Sanpaolo, “About Us”, website Intesa Sanpaolo (http://www.group.intesasanpaolo.com/scriptIsir0/si09/eng_index.jsp#/chi_siamo/eng_wp_chi_siamo.jsp), viewed 21 May 2015.

[ii]           Intesa Sanpaolo, “RULES ON THE GRANTING OF CREDIT IN THE ARMAMENT SECTOR”, December 2011, page 3., available at (http://www.group.intesasanpaolo.com/scriptIsir0/si09/contentData/view/Regole_settore_armamenti_eng.pdf?id=CNT-04-000000008539D&ct=application/pdf), viewed 21 May 2015.

[iii]          Intesa Sanpaolo, written response to PAX dated 7 May 2015.

[iv]          Intesa Sanpaolo, written response to PAX dated 7 May 2015.

[v]           Intesa Sanpaolo, written response to PAX dated 7 May 2015.

[vi]          Intesa Sanpaolo, written response to Profundo, 2014.

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.