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WEAPONS

Pension funds divest from cluster bomb firms

Two of Sweden’s public pension funds announced plans on Monday to sell their holdings in companies involved in the manufacturing of cluster bombs.

Published: 15 September 2008 12:31 CEST
Pension funds divest from cluster bomb firms

Both the First and the Third National Pension Funds (AP1 and AP3) are going ahead with the sale following a recommendation from the Ethical Council of the Swedish National Pension Funds.

“The issue concerns inhuman weapons that often injure innocent civilians, an issue that demands action which now has the support of a convention that bans such weapons,” said Carl Rosén, chair of the Ethical Council, in a statement.

In May, Sweden endorsed an international convention banning cluster munitions, prompting many to question whether it was appropriate for the country’s state pension funds to invest in companies that manufactured the weapons.

The Ethical Council ultimately found that the companies contravene the convention and recommended that the First to Fourth Swedish National Pension Funds exclude a number of defence companies from their investment portfolios.

Among the companies to be excluded are several large American defence contractors, including Alliant Techsystems, General Dynamics, Lockheed Martin, L-3 Communications, and Raytheon.

Two South Korean firms, Hanwha Corporation and Poongsan, are also included in the ban.

WEAPONS

Swiss weapons exports up 38 percent despite pandemic

Switzerland’s weapons exports have seen a 38 percent increase in 2020, according to official government figures.

Published: 20 October 2020 12:32 CEST
Swiss weapons exports up 38 percent despite pandemic
Swiss weapons exports are on track for their highest year on record. Photo: FABRICE COFFRINI / AFP

Switzerland exported CHF690 worth of weapons over the first nine months of 2020. That’s a 38 percent increase on the CHF500 million sold over the corresponding period in 2019. 

Switzerland’s State Secretariat for Economic Affairs (SECO) published the figures on Tuesday. 

The biggest customers for Swiss weaponry were Denmark, Indonesia and Germany. 

In total, 76 countries bought Swiss weapons during the period. 

According to current figures, weapons exports are on track to be the highest in Swiss history – beating the record of CHF893 million set in 2011. 

‘Death business is flourishing’ 

The news has been heavily criticised by a number of non-government organisations critical of weapons being sold to countries at war or who may use them against their own citizens. 

The Organisation for Switzerland without an Army (GSOA) and Terre des Hommes have been critical of the figures, particularly as the industry has called for a decrease in regulation in recent years. 

GSOA wrote in a statement “the death business is flourishing”. 

Saudi Arabia – currently involved in a conflict in Yemen – appear on the list, along with Brazil. Weapons opponents are concerned the Swiss exports could be used in the country’s slums, Der Bund reports. 

 

 

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