For the seventh consecutive year, we have analyzed Canada Pension Plan Investment Board’s (CPPIB) investments. As of 31 March 2026 (fiscal year end 2025/2026), CPPIB had over $54 billion invested in 120 companies complicit in Israel’s genocide, war crimes, and apartheid. This represents 6.9% of CPPIB’s total holdings in 25/26.
You can check out the full report in PDF or text only versions below.
Introduction to CPP and CPPIB
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.
A 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).1 Each of these organizations includes companies for which there is a significant amount of evidence linking them to occupation crimes. In each table below, we provide a list of sources for each company.
In addition to providing a list of complicit investments for each entity, we have also 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. These are the seven categories we use:
- 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
It is important to note that it is difficult to compare analyses year to year. This is because the list of complicit companies changes year over year. For instance, since fiscal year 23/24, a significant number of companies were added to AFSC Investigate’s database. On the other hand, some companies have been removed from our own database (e.g., WSP Global). Therefore, we have re-analyzed CPPIB’s 24/25 and 23/24 annual reports to provide direct comparisons between the last three years.
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 web page.
Analysis
Table 1. 31 March 2026 Holdings in Complicit Companies
CPPIB has a total of $54.8 billion worth of complicit investments.
1There are three additional companies included in this report that do not appear on any of these lists. Two (Ametek and Amphenol) of these companies’ complicity has been extensively documented by the Campaign Against Arms Trade in the UK. The third (Azrieli Group) has assets in the occupied West Bank, including East Jerusalem and is directly linked to a Canadian foundation involved in the Canada to Israel Charity Pipeline.
Table 2. 31 March 2026 Holdings in All Israeli Companies
Overall, CPPIB is invested in 45 Israeli companies for a total of $1.28 billion.
‘New’ Investments in 25/26
CPPIB reported investments in 21 complicit companies that did not appear in either the 23/24 or 24/25 annual report. Of these 21 companies, 14 are Israeli companies (66%). The remaining are US (4) and Indian (3) companies. This shows a clear intention to expand investments in Israeli companies that are aiding and assisting Israel’s illegal occupation, genocide, and apartheid.
Investing in Dispossession
4 of these 14 Israeli companies were exposed by Who Profits in their 2022 report “Insuring Dispossession”. Migdal Insurance and Financial Holdings, Harel Insurance Investments and Financial Services, Clal Insurance Enterprises Holdings Limited, and Menorah Mivtahim Holdings are all “involved in widespread activities that work to entrench Israel’s prolonged military occupation and processes of colonial dispossession and control.” CPPIB is also invested in the fifth company named by Who Profits, Phoenix Financial. These insurance companies are involved in financing settlement construction, settlement transportation project construction, exploitation of natural resources, Israel’s military-industrial complex, and/or activities of companies involved in Israel’s illegal occupation. Two of the companies are also involved in providing services to settlement councils (Phoenix provided services to councils of the illegal settlements Beitar Ilit and Oranit; Migdal provided services for the illegal settlement of Modi’in Ilit).
Investments in Illegal Activities
Table 3. Total # of companies participating in each activity and the total value in CAD
Note: Companies may be categorized into more than one category. This means that the total value included in the table is more than $54 billion.
| Activity | # Companies | Total $ |
|---|---|---|
| Military | 60 | $43,090,000,000 |
| Security | 19 | $2,274,000,000 |
| Construction | 17 | $2,662,000,000 |
| Settlements | 36 | $21,669,000,000 |
| Finance | 13 | $525,000,000 |
| Natural Resources | 16 | $3,850,000,000 |
| Surveillance | 17 | $21,926,000,000 |
A Comparison of the Past Three Years
Table 4. Updated analysis of complicit investments by CPPIB since 23/24
Over the past 3 years, CPPIB’s complicit investments have increased from $20.3 billion in 23/24, to $31.1 billion in 24/25, and to $54.8 billion in 25/26.
The Case of WSP Global
CPPIB maintains a $1.2 billion stake in WSP Global, a Quebec-based multinational engineering, consulting and design firm. For the first year, WSP is not included in our list of complicit companies. This is because WSP sold its Israeli operations to a local company (PB Israel) and is, reportedly, no longer operating in occupied Palestinian territory. WSP is highly complicit in the expansion and maintenance of illegal Israeli settlements in the occupied West Bank, including East Jerusalem. WSP has played an integral role in both the Jerusalem Light Rail (JLR) project and the Tel-Aviv Jerusalem Fast Train (A1 train). Both projects expropriate occupied Palestinian land and furthers Israeli occupation and apartheid. WSP also facilitates the transfer of settlers into occupied Palestinian territories. WSP is involved in gross and systematic violations of fundamental human rights against the protected Palestinian population. Further, WSP designed the Chenab Bridge in Indian-occupied Kashmir. The Chenab Bridge is an integral part of India’s settler-colonial project in occupied Kashmir, including through annexation and dispossession.
While WSP may have sold its Israeli operations, its complicity in both occupied Palestine and Kashmir has not ended. We reaffirm our call for WSP to address the human rights violations that occurred, and continue to occur, because of its participation in these occupation projects.
Legal Analysis
This report comes at a particularly interesting time. Just last week, the Canadian government warned businesses not to bid for construction tenders in for Israeli settlement developments. Yet, at the same time, CPPIB released its report showing significant investment in companies actively supporting illegal settlement projects. This includes investments directly in Israeli companies participating in illegal settlement construction and companies financing it. Canada continues to say one thing while doing another. It’s (far past) time for Canada to take meaningful action. It is not enough to say that “Israeli settlements in the West Bank are illegal.” Canada, its agencies, and all Canadian entities, must end support for the illegal Israel occupation.
International Law
The Canadian financial sector is complicit in the ongoing violations of international law by Israel in the oPt and oSG through a variety of institutional practices and policies, as well as through their actual investments. These actions and omissions contravene international law, including those articulated in the2024 International Court of Justice (ICJ) Advisory Opinion (2024 ICJ AO). 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)
They also explicitly describe the real risk of States failing to fulfill their international legal obligations, in particular regarding the “issue of genocide” as “all States are on notice that Israel may be or is committing internationally wrongful acts in both its conduct in the military operations in Gaza and its unlawful occupation of the West Bank, including East Jerusalem.” Therefore, “unless States cease their aid and assistance to Israel in the commission of these acts, those States shall be deemed to be complicit in those internationally wrongful acts” (para 23).
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. Investment managers who make investments in war-crimes-complicit companies are either wilfully blind or recklessly indifferent to the effect of their investments regarding war crimes, crimes against humanity, and ‘plausible’ genocide.
Canadian Law
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. This applies not only to individuals but to all “legal persons” including “(a) a public body, body corporate, society, company, firm, partnership, trade union, or municipality, or, (b) an association of persons that is i) is created for a common purpose, ii) has an operational structure, and iii) holds itself out to the public as an association of persons.”
These violations are not limited to the oPt but include the oSG. There are countless UN resolutions affirming the existence and illegality of Israel’s occupation in the Syrian Golan and its responsibility to uphold international law including the Fourth Geneva Convention. These resolutions include but are not limited to the following: UNSC Res 237 (1967), UNSC Res 497 (1981), UNGA Res 78/77 (2023), UNGA Res 77/125 (2022), UNGA Res 76/81 (2021), UNGA Res 75/99 (2020), UNGA Res 74/90 (2019),
Investments in companies complicit in violations in the oPt and the oSG can be prosecuted domestically. For example, “aiding and abetting” war crimes is applicable in the domestic sphere. Section 21 of the Criminal Code defines “aiding and abetting” as “everyone is party to an offence who (a) actually commits it, (b) does or omits to do anything for the purpose of aiding any person to commit it or (c) abets any person in committing it.” As outlined in R v Briscoe (2010 SCC 13), the two central components to prosecute this offence are i) proof of pre-knowledge and ii) intent. Contributing to weapons supplies for the Israeli military – whether through investments or exports – materially supports violations of international humanitarian law. The 2024 ICJ AO, and longstanding Canadian policy, make it essentially impossible for entities to suggest they do not have a priori knowledge of secondary liability.
Historical Analysis and Actions
- 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.
- 2024/2025 Analysis: This has been re-analyzed in the current report, however, you can see the previous analysis here.
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.
We have analyzed additional public pension plans, many using US Securities and Exchange Commission (SEC) data. Find out more:
- March 2026: CDPQ, AIMCo, BCI, HOOPP, IMCO, PSPIB, OMERS, OTPP, CPPIB, CDPQ, Canada Post, and Vestcor.
- August 2025: UPP and Fonds FTQ.
- June 2025: AIMCo, BCI, HOOPP, IMCO, PSPIB, OMERS, OTPP.
- April 2025: CDPQ.
To learn more about divestment campaigns generally, check out our webinar “How To Start a Divestment Campaign”.
Conclusion
It is more clear than ever that CPPIB will not willingly end its complicity in Israeli war crimes, genocide, and apartheid. We must force them to take action. This year, CPPIB will host its bi-annual, legally required, stakeholder engagement. They will host meetings in each province this Fall (with the exception of Alberta who already had theirs). That means we have a chance to confront CPP directly, just like we did in 2022 and 2024. If you’re ready to get involved, fill out this form and we’ll be in touch in the coming weeks.
