Canada, 22 May 2026 — In an initial analysis of Canada Pension Plan Investment Board’s (CPPIB) 2026 Annual Report, Just Peace Advocates identified over $54 billion dollars of investments complicit in Israel’s illegal occupation, apartheid, and genocide. This is an increase of over $23 billion from 2025.
The Canada Pension Plan (CPP) is the Canadian national social insurance plan (with the exception of Quebec which has CDPQ). CPP is funded through contributions from employees, employers, and self-employed individuals – the residents of Canada. In other words, CPPIB decides how to invest the contributions of millions of individuals in Canada.
For the seventh consecutive year, we have analyzed CPPIB investments to identify complicity in Israeli war crimes. Our preliminary analysis shows $54.788 billion worth of complicit investments in 111 companies. These companies participate in one or more of the following activities: weapons manufacturing, supply, and/or military support; security services or supplies; construction equipment, materials, or services for the demolition/destruction of occupied land/property; services or utilities that support settlement maintenance; exploitation of natural resources in occupied land, providing banking / financial operations or support; surveillance and/or identification equipment, materials, or support. These activities all materially support Israel’s illegal occupation and apartheid regime.
Notably, CPPIB is invested in 21 new companies in which they did not have holdings in either of the two previous fiscal years. 14 of these companies (or 66%) are Israeli companies actively supporting Israel’s illegal occupation, apartheid, and genocide. In total, CPPIB has $863 million worth of investments in complicit Israeli companies.1 This includes at least 5 Israeli banks that directly finance Israel’s war crimes. It also includes the Azrieli Group, an Israeli real estate company with deep Canadian connections—including the Azrieli Foundation which participates in the Canada to Israel Charity Pipeline.
Investments in these companies directly violate international law, including obligations articulated by the International Court of Justice in their July 2024 Advisory Opinion. In their October 2024 Position Paper, the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel clearly articulated State requirements for implementing the 2024 ICJ AO.
“States must:
- abstain from entering into economic or trade dealings with Israel concerning the Occupied Palestinian Territory or parts thereof which may entrench its unlawful presence in the territory… (para 29)
- cease all financial, trade, investment, and economic relations with Israel that maintain the unlawful occupation or contribute to maintaining it… (para 29)
- examine private enterprises incorporated in the State and non-profit or non-governmental organizations registered in the State and their dealings with the State of Israel and the Occupied Palestinian Territory… (para 30)
- require a thorough due-diligence review of these entities and ensure that they are not engaging in any business, activity or financial support that maintains the unlawful occupation or contributes to maintaining it. If a State finds that such entities are engaging in activities that maintain the unlawful occupation, the State must take all reasonable measures to prevent the activities, such as revoking a corporation’s articles of incorporation or revoking a non-profit organization’s registration in that State…” (para 30)
International humanitarian law (IHL) is binding on all actors where activity is closely linked to armed conflict, including business enterprises, even if they don’t take part in active hostilities. Both corporations and individuals within them can be held accountable under domestic Canadian law, as described below. International war crimes are indictable offences under the Criminal Code in Canada, based on the interplay of the Crimes Against Humanity and War Crimes Act, the Geneva Conventions Act, and the Interpretation Act.
CPPIB is violating international and Canadian law through its investments in companies participating in atrocity crimes in occupied Palestinian territory and the occupied Syrian Golan. This implicates every Canadian who contributes to CPP — that is over 22 million people.
Just Peace Advocates will be releasing a full report next week outlining CPPIB’s investments and full scope of complicity in Israel’s illegal occupation, apartheid, and genocide.
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1This does not include all Israeli companies. In total, CPPIB has $1.281 billion dollars of investments in Israeli companies.
