In an analysis of Canada Pension Plan Investment Board’s (CPPIB) 2024/25 fiscal year end report, we identified more than $27 billion of investments in 61 companies implicated in illegal activities in the occupied Palestinian territory (oPt). You can read the full report, download the PDF, or review the text only version below.
You can also take action by writing a letter to CPPIB President & CEO John Graham and Chair Dean Connor with a copy to Finance Minister François-Philippe Champagne.
Introduction
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 – aka, the residents of Canada. CPP “provides income replacement to contributors and their families in the event of retirement, disability or death.” CPP funds are managed by the CPP Investment Board (CPPIB) which focuses on “maximizing long-term returns without undue risk of loss.” In other words, CPPIB decides how to invest the contributions of millions of individuals in Canada.
For the sixth consecutive year, we have analyzed CPPIB’s investments to identify complicity in Israeli war crimes. At fiscal year end 2024/25, CPPIB had over $27 billion invested in 61 complicit in Israel’s genocide, war crimes, and apartheid. This represents 12.5% of CPPIB’s total holdings in 24/25.
This includes $335 million in companies listed on the UN Database, including Airbnb, Bank Hapoalim, Bank Leumi, Booking Holdings, Israel Discount Bank, and Mizrahi Tefahot Bank. This is a 30% increase in companies already included on the UN Database. CPPIB’s complicit investments also include $338 million in Israeli companies [see Table 2].
Background on the Analysis
We have used five main sources to conduct this analysis: Who Profits, AFSC Investigate, UN Database, Canada Stop Arming Israel (as hosted by World Beyond War, WBW), and Don’t Buy Into Occupation (DBIO) [see Appendix A for a brief description of each]. Each of these organizations includes companies for which there is a significant amount of evidence linking them to occupation / war crimes.
It is important to note that this year’s analysis cannot be directly compared to our previous analyses. This is because the list of complicit companies has expanded since 2023/24 year end. For instance, a significant number of companies have been added to the AFSC Investigate list since that time. Similarly, Canada Stop Arming Israel has updated their list of companies and we did not include DBIO in our 23/24 year end analysis. Therefore, we have re-analyzed CPPIB’s 23/24 annual report to provide direct comparisons between the last two years. Notably, even with the re-analysis of the 23/24 data, CPPIB has still increased their investments between year end 23/24 and 24/25 – by 24%.
In each table below, we provide a list of sources for each company. The following legend represents the list of sources we used:
- WP: Who Profits
- A: AFSC Investigate
- W: Canada Stop Arming Israel
- U: UN Database
- D: Don’t Buy Into Occupation
To check out our previous advocacy against CPPIB’s complicity, go to the “Historical Analysis and Actions” section below. To review CPPIB’s Annual Report directly, check out CPPIB’s webpage.
Analysis
2024/25 Report
Table 1. All complicit CPPIB investments identified in the 2024/25 Annual Report.
| Company | Shares # | Amount $ | Sources |
| Airbnb Inc | 42 | $7,000,000 | WP, A, U, D |
| Alphabet Inc-A | 9,515 | $2,118,000,000 | A, W |
| Alphabet Inc-C | 5,474 | $1,231,000,000 | A, W |
| Amazon.Com Inc | 10,673 | $2,923,000,000 | A, W |
| Apollo Global Management Inc* | 1,574 | $1,509,400,000 | A |
| Atlas Copco Ab-A | 4,435 | $101,000,000 | WP, A |
| Atlas Copco Ab-B | 2,967 | $60,000,000 | WP, A |
| Bank Hapoalim Bm | 2,568 | $50,000,000 | A, U, D |
| Bank Leumi Le-Israel Bm | 2,904 | $56,000,000 | A, U, D |
| Bank Of Nova Scotia/The | 4,331 | $295,000,000 | W |
| Bezeq The Israeli Telecommunication Corp Ltd | 4,025 | $8,000,000 | A, D |
| Boeing Co/The | 479 | $118,000,000 | WP, A |
| Bombardier Inc | 98 | $8,000,000 | A |
| Booking Holdings Inc | 30 | $198,000,000 | WP, A, U, D |
| BRP Inc | 161 | $8,000,000 | A |
| Canon Inc | 1,725 | $77,000,000 | A |
| Carlsberg As | 39 | $9,000,000 | D |
| Caterpillar Inc | 221 | $105,000,000 | WP, A, W, D |
| Cemex Sab De Cv | 40,489 | $33,000,000 | WP, A, D |
| Chevron Corp | 1,732 | $417,000,000 | A |
| Cisco Systems Inc | 3,933 | $349,000,000 | WP, A, W, D |
| Enlight Renewable Energy Ltd | 255 | $6,000,000 | WP, A |
| Exxon Mobil Corp | 4,569 | $782,000,000 | A |
| First International Bank Of Israel Ltd/The | 100 | $7,000,000 | WP, A |
| First Solar Inc | 671 | $122,000,000 | WP, A |
| General Dynamics Corp | 338 | $132,000,000 | A, W, |
| General Electric Co | 7,468 | $2,155,000,000 | WP, A, W |
| General Motors Co | 1,903 | $129,000,000 | WP, A, W |
| Heidelberg Materials Ag | 84 | $21,000,000 | WP, A, D |
| Honeywell International Inc | 232 | $71,000,000 | A, W |
| ICL Group Ltd | 1,527 | $12,000,000 | WP, A, D |
| Israel Discount Bank Ltd | 2,390 | $24,000,000 | WP, A, U, D |
| Kongsberg Gruppen Asa | 323 | $68,000,000 | A |
| L3harris Technologies Inc | 246 | $74,000,000 | WP, A, W |
| Lockheed Martin Corp | 363 | $233,000,000 | A |
| Mercedes-Benz Group Ag | 1,922 | $164,000,000 | A |
| Meta Platforms Inc | 2,671 | $2,216,000,000 | A |
| Mitsubishi Corp | 8,049 | $203,000,000 | WP, A |
| Mitsubishi Motors Corp | 4,550 | $18,000,000 | WP, A |
| Mizrahi Tefahot Bank Ltd | 296 | $19,000,000 | WP, A, U, D |
| Northrop Grumman Corp | 275 | $203,000,000 | A, W |
| NVIDIA Corp | 31,777 | $4,957,000,000 | A |
| Palantir Technologies Inc | 2,174 | $264,000,000 | A, W |
| Paypal Holdings Inc | 1,445 | $136,000,000 | A |
| Safran Sa | 662 | $249,000,000 | W |
| Shufersal Ltd | 428 | $6,000,000 | WP, A, D |
| Siemens Ag | 1,125 | $374,000,000 | WP, A, D |
| Sun Pharmaceutical Industries Ltd | 2,744 | $80,000,000 | A |
| Tata Motors Ltd | 25,451 | $289,000,000 | A |
| Teva Pharmaceutical Industries Ltd | 2,277 | $49,000,000 | A |
| Textron Inc | 81 | $8,000,000 | A, W |
| Thyssenkrupp Ag | 957 | $14,000,000 | WP, A, W |
| Toyota Motor Corp | 15,739 | $398,000,000 | WP, A |
| Traton Se | 106 | $5,000,000 | A |
| Valero Energy Corp | 536 | $102,000,000 | A |
| Vinci Sa | 2,080 | $376,000,000 | A, D |
| Volkswagen Ag | 63 | $10,000,000 | WP, A |
| Volvo Ab-A | 401 | $17,000,000 | WP, A, D |
| Volvo Ab-B | 3,020 | $127,000,000 | WP, A, D |
| Volvo Car Ab | 5,911 | $16,000,000 | WP, A, D |
| WSP Global Inc | 13,403 | $3,278,000,000 | WP, A, D |
| Total | $27,094,400,000 |
*This figure includes $36 million in public equities and $1.473 billion in private equities.
Table 2. All Israeli companies which CPPIB holds investments
| Company | Shares # | Amount $ |
| Azrieli Group Ltd | 65 | $ 6,000,000 |
| Bank Hapoalim BM | 2,568 | $ 50,000,000 |
| Bank Leumi Le-Israel BM | 2,904 | $ 56,000,000 |
| Bezeq The Israeli Telecommunication Corp Ltd | 4,025 | $ 8,000,000 |
| Big Shopping Centers Ltd | 28 | $ 5,000,000 |
| Enlight Renewable Energy Ltd | 255 | $ 6,000,000 |
| First International Bank Of Israel Ltd/The | 100 | $ 7,000,000 |
| Global-e Online Ltd | 214 | $ 11,000,000 |
| ICL Group Ltd | 1,527 | $ 12,000,000 |
| Israel Discount Bank Ltd | 2,390 | $ 24,000,000 |
| JFrog Ltd | 197 | $ 9,000,000 |
| Mizrahi Tefahot Bank Ltd | 296 | $ 19,000,000 |
| Nice Ltd | 74 | $ 16,000,000 |
| Nova Ltd | 59 | $ 15,000,000 |
| Phoenix Financial Ltd | 331 | $ 9,000,000 |
| Plus500 Ltd | 141 | $ 7,000,000 |
| Shufersal Ltd | 428 | $ 6,000,000 |
| Teva Pharmaceutical Industries Ltd | 2,277 | $ 49,000,000 |
| Tower Semiconductor Ltd | 225 | $ 11,000,000 |
| Wix.com Ltd | 53 | $ 12,000,000 |
| Total | $ 338,000,000 | |
| Total included in Table 1 | $ 237,000,000 | |
| Total not included in Table 1 | $ 101,000,000 |
Investments in Illegal Activities
We have categorized each company based on the types of activities in which it participates. This is based on evidence provided by Who Profits, AFSC Investigate, Canada Stop Arming Israel, and Don’t Buy Into Occupation. The seven categories we use are:
- 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;
- providing banking / financial operations or support;
- surveillance / identification equipment, materials, or support.
Table 3. Total number of companies participating in each activity.
| Activity | # of Companies |
| Weapons Manufacturing / Military Support | 32 |
| Security Services / Supplies | 4 |
| Construction / Demolition re: Settlements & Occupied Land | 13 |
| Services /Utilities for Settlement Maintenance | 28 |
| Banking / Finances | 7 |
| Natural Resources | 8 |
| Surveillance / Identification Equipment | 8 |
Table 4. Total amount of investments in each activity by $.
| Activity | Amount ($) |
| Weapons Manufacturing / Military Support | $ 18,836,400,000 |
| Security Services / Supplies | $ 521,000,000 |
| Construction / Demolition re: Settlements & Occupied Land | $ 4,053,000,000 |
| Services /Utilities for Settlement Maintenance | $ 10,718,000,000 |
| Banking / Finances | $ 587,000,000 |
| Natural Resources | $ 2,839,000,000 |
| Surveillance / Identification Equipment | $ 6,909,000,000 |
Company Spotlight: WSP Global
WSP is a publicly listed company that provides technical expertise and strategic advice regarding property and buildings, transportation, and infrastructure sectors. Headquartered in Montreal, Quebec, WSP maintains global offices, and 8 major subsidiaries (of which WSP holds 100% interest). Both CDPQ and the Canada Pension Plan Investment Board (CPPIB) are major shareholders, holding 14.2% and 10.27% of WSP respectively.
WSP is included in the list of complicit companies because it is an active participant is Israeli apartheid and occupation through its participation in the Jerusalem Light Rail (JLR) project and the Tel-Aviv Jerusalem Fast Train (A1 train). Both of these transportation systems cross into the West Bank. The JLR project is ongoing with various new lines and expansion projects. It not only connects various illegal settlements, but does so through “significant expropriation of Palestinian property.”
“WSP facilitates the practice of forcible transfer of settlers into the occupied Palestinian territory (OPT), through its construction and servicing of the JLR, while deepening the physical, social and economic integration of the settlements. Through its active maintenance of Israel’s illegal settlement enterprise in occupied Eastern Jerusalem, WSP is involved in gross and systematic violations of fundamental human rights against the protected Palestinian population.”
Datumate, a construction technology company whose software WSP is using, describes WSP as “an integral part of the operation, with a wide role that includes reviewing the designs, monitoring quality and progress on behalf of the State, and ensuring the project is completed to specification.” According to WSP Global Control Manager, Asaf Yaffe, ” In many ways, the Light Rail project was unchartered territory . . . It’s a long-term project over a wide area, and there are multiple stakeholders to consider and include. We have the project company, which is responsible for the build, project managers on the state side, the municipality, the Bursar’s offices of the State, many designers from every side. I could go on.”
Don’t Buy into Occupation (DBIO) also notes that WSP’s activities are concerning because they are linked to the use of natural resources in occupied Palestinian territories.
WSP is complicit in gross and systematic violations of fundamental human rights against Palestinians, a protected population under Article 4 of the Fourth Geneva Convention (1949), through its foundational involvement in the JLR extension into occupied Palestinian territory, in blatant violation of international law.
2023/24 Report
Table 5. Updated analysis containing all complicit CPPIB investments identified in the 2023/24 Annual Report.
| Company | Shares # | Amount $ | Sources |
| Alphabet Inc-A | 19,131 | $3,907,000,000 | A, W |
| Alphabet Inc-C | 4,719 | $972,000,000 | A, W |
| Amazon.Com Inc | 3,764 | $919,000,000 | A, W |
| Apollo Global Management Inc | 229 | $35,000,000 | A |
| Atlas Copco Ab-A | 3,761 | $86,000,000 | WP, A |
| Atlas Copco Ab-B | 2,938 | $59,000,000 | WP, A |
| BAE Systems Plc | 1,355 | $31,000,000 | A, W |
| BRP Inc | 108 | $10,000,000 | A |
| Bank Hapoalim Bm | 2,177 | $28,000,000 | A, U, D |
| Bank Leumi Le-Israel Bm | 2,637 | $30,000,000 | A, U, D |
| Bank Of Nova Scotia/The | 1,957 | $137,000,000 | W |
| Boeing Co/The | 426 | $111,000,000 | WP, A |
| Bombardier Inc | 282 | $16,000,000 | A |
| Booking Holdings Inc | 29 | $141,000,000 | WP, A, U, D |
| Canon Inc | 1,761 | $71,000,000 | A |
| Carlsberg As | 270 | $52,000,000 | D |
| Carrefour Sa | 1,461 | $34,000,000 | A, D |
| Caterpillar Inc | 77 | $38,000,000 | WP, A, W, D |
| Cemex Sab De Cv | 53,121 | $64,000,000 | WP, A, D |
| Chevron Corp | 305 | $65,000,000 | A |
| General Dynamics Corp | 136 | $52,000,000 | A, W |
| General Electric Co | 6,637 | $1,577,000,000 | WP, A, W |
| General Motors Co | 692 | $42,000,000 | WP, A, W |
| Heidelberg Materials Ag | 406 | $61,000,000 | WP, A, D |
| Hitachi Ltd | 2,396 | $299,000,000 | WP, A |
| Honeywell International Inc | 85 | $24,000,000 | A, W |
| ICL Group Ltd | 1,074 | $8,000,000 | WP, A, D |
| Israel Discount Bank Ltd | 2,142 | $15,000,000 | WP, A, U, D |
| Kongsberg Gruppen Asa | 143 | $13,000,000 | A |
| L3harris Technologies Inc | 97 | $28,000,000 | WP, A, W |
| Lockheed Martin Corp | 185 | $114,000,000 | A |
| Mercedes-Benz Group Ag | 1,109 | $121,000,000 | A |
| Meta Platforms Inc | 2,621 | $1,722,000,000 | A |
| Microsoft Corp | 3,806 | $2,167,000,000 | WP, A, W |
| Mitsubishi Corp | 10,514 | $328,000,000 | WP, A |
| Mitsubishi Electric Corp | 6,159 | $139,000,000 | WP, A |
| Mizrahi Tefahot Bank Ltd | 259 | $13,000,000 | WP, A, U, D |
| Motorola Solutions Inc | 62 | $30,000,000 | WP, A, U, |
| NVIDIA Corp | 2,719 | $3,325,000,000 | A |
| Northrop Grumman Corp | 132 | $86,000,000 | A, W |
| Orbia Advance Corp Sab De Cv | 2,473 | $7,000,000 | A, D |
| Palantir Technologies Inc | 1,645 | $51,000,000 | A, W |
| Paypal Holdings Inc | 836 | $76,000,000 | A |
| Rolls-Royce Holdings Plc | 2,905 | $21,000,000 | A |
| Safran Sa | 694 | $213,000,000 | W |
| Shufersal Ltd | 731 | $7,000,000 | WP, A, D |
| Siemens Ag | 859 | $224,000,000 | WP, A, D |
| Siemens Energy Ag | 454 | $11,000,000 | WP, A, D |
| Solvay Sa | 148 | $7,000,000 | WP, A, D |
| Sun Pharmaceutical Industries Ltd | 3,256 | $86,000,000 | WP, A |
| Tata Motors Ltd | 10,074 | $162,000,000 | A |
| Tata Motors Ltd A | 654 | $7,000,000 | A |
| Teva Pharmaceutical Industries Ltd | 2,477 | $48,000,000 | A |
| Thales Sa | 100 | $23,000,000 | W |
| Toyota Motor Corp | 10,362 | $352,000,000 | WP, A |
| Valero Energy Corp | 202 | $47,000,000 | A |
| Vinci Sa | 662 | $115,000,000 | A, D |
| Volkswagen Ag | 34 | $7,000,000 | WP, A |
| Volvo Ab A | 233 | $9,000,000 | WP, A, D |
| WSP Global Inc | 15,221 | $3,442,000,000 | WP, A, D |
| Woodward Inc | 30 | $6,000,000 | A |
| Thyssenkrupp Ag | 944 | $7,000,000 | WP, A, W |
| Total | $21,898,000,000 |
Historical Analysis and Actions
As mentioned above, previous analyses did not use the same list of complicit companies as we are currently using. However, based on the updated analysis for 23/24 detailed above, CPPIB continues to increase its investment in companies actively supporting Israel’s genocide, war crimes, and apartheid.
- 2019/20 Analysis: Along with the original analysis by JPA, over organizations globally and 130+ individuals including former federal members of parliament Libby Davies & Jim Manly, former UN rapporteur John Dugard, former NY Times bureau chief Chris Hedges, academics, faith community leaders, and labour leaders signed on to urge the CPPIB to divest from Israeli war crimes
- 2020/21 Analysis: Posted to the Canadian BDS Coalition site. Note that the 19/20 analysis was done early in 2021, prior to the release of the 20/21 report. Jeffrey Hodgson, Director, Industry and Stakeholder Affairs at CPPIB wrote to us stating they would review the information but no further action or response was provided.
- 2021/22 Analysis: The Campaign by JPA was supported with thousands of calls to CPPIB to divest from complicit companies.
- 2022 Actions: In 2022, local engagement increased as individuals attended 2022 stakeholder meetings across the country. Additionally in 2022, we hosted a specific campaign regarding WSP Global – which provides technical expertise and strategic advice regarding property and buildings, transportation, and infrastructure sectors – for their role in the plan, design, maintenance, and extension of the Jerusalem Light Rail (JLR). The JLR is a massive Israeli public tramway system that contributes to the maintenance of illegal Israeli settlements in the occupied West Bank, including East Jerusalem.
- 2023 Webinar: Panelists spoke about the CPPIB and its investment in the military arms, mining, Israeli war crimes, and privatization of life sustaining public infrastructure including water in the Global South, and other alarming investments. This recording includes Portuguese translation.
- 2022/23 Analysis: The analysis was again paired with a letter writing campaign calling on CPPIB to divest from these companies.
- 2023/24 Analysis: This report has been re-analyzed in this report, however, you can see the previous analysis here.
- 2024 Actions: In response to UN Special Rapporteur Francesca Albanese’s call for input to the HRC 58th Session, Just Peace Advocates submitted a report on Canadian pensions including CPPIB. Additionally, in 2024 stakeholder engagement again increased, with residents across the country calling on CPPIB to stop supporting Israel’s crimes.
While the CPPIB stated they would get back to us in 2021, we have received no response, despite significant stakeholder engagement in 2022 and 2024.
This work is part of long-standing efforts to call on pension plans, including the CPPIB, to divest from companies complicit in human rights violations. For example, the Coalition Against Arms Trade produced reports calling on CPPIB’s divestment from Israeli apartheid in the early 2010’s. This work inspired Just Peace Advocates to continue this analysis beginning in 2020/21. We have also analyzed the Quebec pension plan (CDPQ) for the last four years, including most recently the 2024 Annual Report. Alongside the Coalition du Québec URGENCE Palestine, we found the CDPQ has $27.4 billion CAD invested in 76 complicit companies. Other organizations like SHIFT Action for Pension Wealth and Planet Health advocate for other changes, like comprehensive climate change strategies.
Appendix A: Brief Description of Sources
The UN Database: The OHCHR Database, originally produced in 2020 as a result of a request for public participation, includes “business enterprises domiciled in Israel, in the Occupied Palestinian Territory or abroad, carrying out listed activities in relation to the Occupied Palestinian Territory” who are engaged in any of 10 identified activities.[1] These 10 activities are: a) supplying equipment/materials that facilitate construction/expansion of settlements/wall; b) supplying surveillance/identification equipment; c) supplying equipment for demotion or destruction; d) supplying security services/equipment/materials supporting settlements; e) providing services/utilities to support settlements, including transport; f) providing banking and financial operations related to settlements; g) using natural resources for business purposes; h) polluting Palestinian villages; i) rendering captive Palestinian financial and economic markets; and j) using benefits/re-investments owned in any part by settlers, used for settlements. As of June 2023, 97 businesses were listed in the OHCHR Database; however, another review is underway. The UN Database does not include business enterprises engaged in activities in the occupied Syrian Golan as they are outside the scope of the initial Human Rights Council Resolution.
Who Profits: Who Profits (WP) is an independent research centre focused on exposing the financial involvement of international companies in the ongoing Israeli occupation of Palestinian and Syrian land and people. As part of their methodological process, WP i) examines public records, conducts field tours, and submits Freedom of Information requests (FOIAs), ii) uses a peer review process for all company profiles, and iii) allows all companies the opportunity to comment prior to publication.
AFSC Investigate: “Investigate” is a project of The American Friends for Services (AFSC). AFSC Investigate focuses on corporations who are involved in oppressive state violence, while promoting standards for corporate responsibility/human rights. Like WP, AFSC Investigate i) examines public records, ii) conducts field research (when possible), and iii) cross check information against legal documents and FOIAs. They also use information from other trusted sources, such as WP.
Don’t Buy Into Occupation: Don’t Buy Into Occupation (DBIO) is a coalition between 24 groups, including Palestinian, regional, and European organizations. DBIO focuses on highlighting the relationships between businesses in the oPt and European financial institutions. DBIO outlines their methodology, including the scope of their research, how they selected each enterprise, how they defined financial relationships, and a description of the due hearing they provided for all companies / institutions.
Canada Stop Arming Israel: World BEYOND War (WBW) is a global nonprofit organization (NPO) that uses educational, activist, and media work to advocate for ending all war. In collaboration with various organizations, WBW has compiled a list of weapons companies involved in arming the Israeli military, as well as additional corporations in Canada that support the Israeli military. As per a discussion with WBW, their methodology involves in-depth research to identify evidence that directly links a company with the Israeli military.
