UniCredit

UniCredit is an Italian banking group that provides corporate, investment and private banking services.[i] It operates in 17 European countries.[ii]

UniCredit’s Position Statement on the Defence/Weapons Industry states: “Any involvement of UniCredit in business transactions concerning weapons is restricted to countries that comply with the most important international Treaties and Conventions on the following issues: nuclear weapons, biological & chemical weapons, conventional weapons, missiles, small arms, light weapons and dual-use goods.”[iii]

In addition, the bank “abstains from financing transactions involving manufacturing, maintaining or trading controversial/unconventional products such as nuclear, biological & chemical weapons of mass destruction, cluster bombs, mines and Uranium 238.”[iv] Thus, Unicredit does not exclude companies as a whole, only transactions related to the nuclear weapons’ related activities of a company.

UniCredit considers delivery systems that are specifically designed for nuclear weapons to fall under the nuclear weapons category. Its definition of manufacturing includes the development of these weapons as well.[v] UniCredit’s nuclear weapons policy applies to its commercial banking and investment banking activities.[vi] The bank’s asset management unit, Pioneer Investments, does not apply the nuclear weapons policy.[vii]

UniCredit makes use of an exclusion list, but the list is not publicly available.[viii] The list is based on information from specialist advisory firms and tools such as Oekom and RepRisk.[ix]

We commend UniCredit for adopting a public policy on nuclear weapons. We recommend UniCredit all activities of nuclear weapons producing companies. In addition, UniCredit should apply the policy to all financial products, including those managed by its subsidiary Pioneer. We look forward to engaging with UniCredit, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
 

 

Unicredit's policy on nuclear weapons is leaky. Tell them to fix it!

Congratulations Unicredit!

[signature]

Share this with your friends:

   

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

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 Unicredit 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 Unicredit made the following changes to make the policy airtight:
• Exclude all activities of nuclear weapons producing companies.
• Apply the policy to all financial products, including those managed by its subsidiary Pioneer.

With kind regards,

Or :

Tweet: Even @UniCredit_PR knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes! http://ctt.ec/c4zu8+

 

Website: Twitter: Facebook:
https://www.unicreditgroup.eu @UniCredit_PR https://www.facebook.com/UniCreditItalia

 

[i]           UniCredit, “Business model”, website UniCredit (https://www.unicreditgroup.eu/en/banking-group/business-model.html), viewed 11 May 2015.

[ii]           UniCredit, “At a glance”, website UniCredit (https://www.unicreditgroup.eu/en/banking-group/at-a-glance.html), viewed 11 May 2015.

[iii]          UniCredit, “UniCredit Position Statement on Defense/Weapons Industry”, available at https://www.unicreditgroup.eu/content/dam/unicreditgroup/documents/en/sustainability/our-vision-of-a-sustainable-bank/governance-and-sustainability/UniCredit_Position_Statement_On_Defence_English_new.pdf, viewed 11 May 2015.

[iv]          UniCredit, “UniCredit Position Statement on Defense/Weapons Industry”, available at https://www.unicreditgroup.eu/content/dam/unicreditgroup/documents/en/sustainability/our-vision-of-a-sustainable-bank/governance-and-sustainability/UniCredit_Position_Statement_On_Defence_English_new.pdf, viewed 11 May 2015.

[v]           UniCredit, written response to Profundo dated 25 June 2014.

[vi]          UniCredit, “UniCredit Position Statement on Defense/Weapons Industry”, available at https://www.unicreditgroup.eu/content/dam/unicreditgroup/documents/en/sustainability/our-vision-of-a-sustainable-bank/governance-and-sustainability/UniCredit_Position_Statement_On_Defence_English_new.pdf, viewed 11 May 2015; UniCredit, written response to Profundo dated 25 June 2014.

[vii]          UniCredit, written response to Profundo dated 25 June 2014.

[viii]         UniCredit, written response to Profundo dated 28 May 2014.

[ix]          UniCredit, written response to Profundo dated 28 May 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.