2025 Q1 Report: An analysis of 7 major public sector pension plans finds over $16 billion USD invested in war crimes and genocide. You can read the full report, download the PDF, or review the text only version below.

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Table of Contents

• Introduction
• Currently in Palestine
• Legal Context
• Background for the Analysis
• Analysis
  • AIMCo
  • BCI
  • HOOPP
  • IMCO
  • PSPP
  • OMERS
  • OTPP
• Frequently Asked Questions
• Contact Us
• Appendix A: Brief Description of Sources

Introduction

In Canada, pensions are a major economic force. In 2021, research by the Canadian Centre for Economic Analysis found that Canada’s public sector pension plans (CPSPPs) alone supported 877,100 jobs and 55,500 businesses across Canada, produced $33.1 billion in annual wages, and created $21.4 billion in tax revenue. At the time, CPSPPs included 3.41 million active and 1.85 million retired members. CPSPPs are a benefit to Canada’s economy as they are a critical source of retirement income, representing 40% of all private retirement income nationally. CPSPPs contribute $82 billion in GDP, equivalent to 3% of the Canadian economy. Common examples of occupations of CPSPP members are teachers, healthcare workers, engineers, scientists, maintenance workers, food service workers, police, and firefighters.

Currently in Palestine

As of June 11, 2025, the Office for the Coordination of Humanitarian Affairs in the occupied Palestinian territory (oPt), has reported: 

• Mass casualties as a result of attacks on Palestinians in the Gaza Strip attempting to access food supplies;
• Nasser Medical Complex in Khan Younis is facing an ongoing imminent attack; 
• Israeli continues to escalate bombardment from the air, land, and sea across the Gaza Strip; 
• Between March 18 and June 11 2025, more than 664, 800 Palestinians in the Gaza Strip were displaced; 
• The death toll in the Gaza Strip is officially at 55,104, but more accurately in the hundreds of thousands; 
• In May 2025 alone, 18 journalists were murdered, bringing the total Palestinian journalists killed since October 2023 to 227;
• Between May 27 and June 2, the IOF killed 4 and injured 73 Palestinians in the West Bank;
• The IOF obstructed access to health care, and enforced movement restrictions on 2,800 residents of Turmus’ayya for at least nine days;
• Demolition of 23 Palestinian-owned structures in the West Bank, resulting in 21 people being forcibly displaced;
• Illegal Israeli settlers continued violent attacks, with at least 32 documented between May 27 and June 2; and
• Also between May 27 and June 2, 45 Palestinian-owned fruit / olive trees were destroyed and 24 vehicles vandalized.

Legal Context

The Canadian financial sector is complicit in the ongoing violations of international law by Israel in the oPt and occupied Syrian Golan 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 the 2024 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).

Additionally, they are contraventions of domestic law. For example, 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 occupied Syrian Golan. 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: 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, such as those held by CPSPPs in companies complicit in violations in the oPt and the occupied Syrian Golan, 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.

Context for 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 B 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 crimes. 

Perhaps the most important thing to note is that this analysis only includes companies that are registered / issued under certain US legislation. Therefore, the SEC filings we use in this report represent only a fraction of the investments made by each of the banks. For example, investments in companies that are only listed on the Toronto Stock Exchange, like the Canadian company WSP Global, will not appear on quarterly SEC filings. This also means Israeli companies not listed / registered under US security laws, such as Israeli banks, will not be included in this analysis. Therefore, the figures represented in this report are likely largely underestimated. 

Finally, while we include some comparisons between our 2024 analysis of these entities, it is important to note that they are not equal comparisons. For instance, a significant number of companies have been added to the AFSC Investigate list since that time. Similarly, WBW has updated their list of companies, and finally, we did not include DBIO in our 2024 analysis. Our 2024 analysis was used as part of a submission to the UN Special Rapporteur Francesca Albanese, in response to her call for input for the report of the Special Rapporteur on the occupied Palestinian territory to the Human Rights Council (HRC) 58th session. To check out our previous advocacy against CPSPPs, go to the “Canadian Pensions Complicit in War Crimes and Genocide” section below. The current report will also be sent to Special Rapporteur Albanese. She will be reporting back to the UN HRC in June/July 2025. 

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

In addition to providing a list of complicit investments for each pension plan, 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. The seven categories we use are: 

1. weapons manufacturing / supply and/or military support; 
2. security services or supplies; 
3. construction equipment, materials, or services for the demolition/destruction of occupied land/property; 
4. services or utilities that support settlement maintenance; 
5. exploitation of natural resources; 
6. providing banking / financial operations or support;
7. surveillance / identification equipment, materials, or support.

Analysis

The seven pension plans included in this report are: 

• AIMCo (Alberta Investment Management Corporation)
• BCI (British Columbia Investment Management Corporation)
• HOOPP (Healthcare of Ontario Pension Plan)
• IMCO (Investment Management Corporation of Ontario)
• PSPP (Public Service Pension Investment Board)
• OMERS (Ontario Municipal Employees Retirement System)
• OTPP (Ontario Teachers’ Pension Plan)

Together, these pension plans hold over $16 billion USD of investments in companies actively participating and/or complicit in violations of international law in the oPt / occupied Syrian Golan ($16,568,073,884 USD). As detailed through the remainder of the report, each of the CPSPPs has complicit investments, with the majority of complicit investments in companies that support surveillance, weapons, and/or settlement maintenance.

Pension	Total $ USD
AIMCo	$745,409,344
BCI	$2,654,949,056
HOOPP	$5,424,797,951
IMCO	$835,905,495
PSPP	$3,930,906,152
OMERS	$1,979,547,496
OTPP	$996,558,390

Activity	% of Investments by $
Weapons/Military support	38.2%
Security services	1.8%
Construction/Demolition	0.3%
Settlement maintenance	24.1%
Banking/Finance	2.6%
Natural resource exploitation	1.8%
Surveillance/Identification	31.3%

Alberta Investment Management Corporation (AIMCo)

Overall total of Q1 investments (SEC): $14.6 billion

Total Q1 investments in complicit companies: $745 million

• 5% of total Q1 holdings are in complicit companies. 
• As part of these investments, AIMCo has more than $15 million in companies listed in the UN Database, including Airbnb, Booking Holdings, and Motorola Solutions.

All complicit AIMCo investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	46,571	$5,563,372	WP, A, U, D
Alphabet Inc	255,800	$39,963,634	A, W
Alphabet Inc	576,700	$89,180,888	A, W
Amazon Com Inc	731,811	$139,234,361	A, W
Bank Nova Scotia Halifax	2,126,600	$100,814,951	W
Boeing Co	47,229	$8,054,906	WP, A
Booking Holdings Inc	1,300	$5,988,983	WP, A, U, D
CAE Inc	217,000	$5,334,348	W
Caterpillar Inc	12,300	$4,056,540	WP, A, W, D
Chevron Corp	130,835	$21,887,387	A
Exxon Mobil Corp	216,872	$25,792,587	A
Meta Platforms Inc	207,261	$119,456,950	A
GE Aerospace	33,100	$6,624,965	WP, A, W
International Business Machs	29,700	$7,385,202	WP, A, D
Microsoft Corp	337,636	$126,745,178	WP, A, W
Minerals Technologies Inc	29,500	$1,875,315	WP
Motorola Solutions Inc	8,500	$3,721,385	WP, A, U
Oshkosh Corp	20,000	$1,881,600	WP, A
Paypal Holdings Inc	70,900	$4,626,225	A
Sony Group Corp	1,000,000	$25,390,000	WP, A
Teva Pharmaceutical Inds Ltd	119,100	$1,830,567	WP, A
Total		$745,409,344 USD

AIMCo Investments in Illegal Activities

1. Percentage of companies included in AIMCO’s complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	32.4%
Security services	2.7%
Construction/Demolition	8.1%
Settlement maintenance	27%
Banking/Finance	5.4%
Natural resource exploitation	5.4%
Surveillance/Identification	18.9%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	12
Security services	1
Construction/Demolition	3
Settlement maintenance	10
Banking/Finance	2
Natural resource exploitation	2
Surveillance/Identification	7

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	31.4%
Security services	0.3%
Construction/Demolition	0.5%
Settlement maintenance	29.3%
Banking/Finance	7.2%
Natural resource exploitation	1.6%
Surveillance/Identification	29.6%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$457,975,594
Security services	$3,721,385
Construction/Demolition	$7,813,455
Settlement maintenance	$426,872,275
Banking/Finance	$105,441,176
Natural resource exploitation	$23,762,702
Surveillance/Identification	$431,620,648

British Columbia Investment Management Corporation (BCI)

Overall total of Q1 investments (SEC): $16.2billion

Total Q1 investments in complicit companies: $2.7 billion

• 16% of total Q1 holdings are in complicit companies. 
• As part of these investments, BCI has nearly $57 million in companies listed in the UN Database, including Airbnb, Booking Holdings, Expedia, and Motorola Solutions.

All complicit BCI investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	82,788	$9,889,854	WP, A, U, D
Alphabet Inc	952,509	$148,810,481	A, W
Alphabet Inc	1,775,122	$274,504,866	A, W
Amazon Com Inc	2,582,188	$491,287,089	A, W
Apollo Global Mgmt Inc	75,750	$10,373,205	A
Bank Nova Scotia Halifax	692,516	$32,839,893	W
Boeing Co	143,082	$24,402,635	WP, A
Booking Holdings Inc	6,331	$29,166,347	WP, A, U, D
CAE Inc	177,806	$4,372,208	W
Caterpillar Inc	92,333	$30,451,423	WP, A, W, D
Chevron Corp New	326,496	$54,619,516	A
Cisco Sys Inc	761,679	$47,003,211	WP, A, W, D
CNH Indl N V	167,195	$2,053,155	WP, A, D
Expedia Group Inc	23,490	$3,948,669	WP, A, U, D
Exxon Mobil Corp	840,536	$99,964,946	A
First Solar Inc	51,952	$6,568,291	WP, A
Ford Mtr Co	746,527	$7,487,666	WP, A, W
GE Aerospace	206,982	$41,427,447	WP, A, W
General Dynamics Corp	44,698	$12,183,781	A, W
General Mtrs Co	210,312	$9,890,973	WP, A, W
Hewlett Packard Enterprise C	251,546	$3,881,355	WP, A, W, D
Honeywell Intl Inc	124,354	$26,329,472	A, W
International Business Machs	176,831	$43,970,796	WP, A, D
L3Harris Technologies Inc	36,274	$7,592,511	WP, A, W
Leidos Holdings Inc	24,243	$3,271,350	W
Lockheed Martin Corp	40,798	$18,224,875	A
Meta Platforms Inc	606,935	$349,813,057	A
Microsoft Corp	1,979,134	$742,947,112	WP, A, W
Motorola Solutions Inc	31,961	$13,992,845	WP, A, U
Northrop Grumman Corp	26,472	$13,553,929	A, W
Palantir Technologies Inc	402,396	$33,962,222	A, W
Paypal Hldgs Inc	182,157	$11,885,744	A
RTX Corporation	254,552	$33,717,958	A, W
Textron Inc	35,486	$2,563,864	A, W
Valero Energy Corp	60,546	$7,996,310	A
Total		$2,654,949,056 USD

BCI Investments in Illegal Activities

1. Percentage of companies included in BCI’s complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	46.4%
Security services	71.%
Construction/Demolition	1.8%
Settlement maintenance	17.9%
Banking/Finance	3.6%
Natural resource exploitation	3.6%
Surveillance/Identification	19.6%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	26
Security services	4
Construction/Demolition	1
Settlement maintenance	10
Banking/Finance	2
Natural resource exploitation	2
Surveillance/Identification	11

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	38.8%
Security services	0.9%
Construction/Demolition	0.5%
Settlement maintenance	25.6%
Banking/Finance	0.8%
Natural resource exploitation	1.1%
Surveillance/Identification	32.2%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$2,154,164,530
Security services	$49,863,138
Construction/Demolition	$30,451,423
Settlement maintenance	$1,423,035,935
Banking/Finance	$44,725,637
Natural resource exploitation	$61,187,807
Surveillance/Identification:	$1,787,152,589

Healthcare of Ontario Pension Plan (HOOPP)

Overall total of Q1 investments (SEC): $46.9 billion

Total Q1 investments in complicit companies: $5.4 billion

• 12% of total Q1 holdings are in complicit companies. 
• As part of these investments, HOOPP has nearly $162 million in companies listed in the UN Database, including Airbnb, Booking Holdings, Expedia, and Motorola Solutions.

All complicit HOOPP investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	726,712	$86,813,016	WP, A, U, D
Alphabet Inc	1,266,386	$195,833,931	A, W
Alphabet Inc	1,784,935	$278,860,395	A, W
Amazon Com Inc	2,547,179	$484,626,277	A, W
Bank Nova Scotia Halifax	290,000	$13,753,180	W
Bank Nova Scotia Halifax	10,069,139	$477,526,485	W
Boeing Co	8,943	$1,525,229	WP, A
Booking Holdings Inc	14,385	$66,270,400	WP, A, U, D
Caterpillar Inc	5,699	$1,879,530	WP, A, W, D
Cellebrite Di Ltd	28,386	$551,540	A
Chevron Corp New	2,029,926	$339,586,321	A
Cisco Sys Inc	5,272,977	$325,395,411	WP, A, W, D
Expedia Group Inc	28,671	$4,819,595	WP, A, U, D
Exxon Mobil Corp	3,797,898	$451,684,009	A
First Solar Inc	1,277	$161,451	WP, A
Ford Mtr Co	46,409	$465,482	WP, A, W
General Dynamics Corp	9,125	$2,487,292	A, W
GE Aerospace	679,798	$136,061,570	WP, A, W
General Mtrs Co	63,863	$3,003,477	WP, A, W
Hewlett Packard Enterprise C	64,659	$997,688	WP, A, W, D
Honeywell Intl Inc	284,836	$60,314,023	A, W
International Business Machs	27,024	$6,719,788	WP, A, D
L3Harris Technologies Inc	2,245	$469,901	WP, A, W
Leidos Holdings Inc	1,564	$211,046	W
Lockheed Martin Corp	7,298	$3,260,090	A
Meta Platforms Inc	1,129,148	$650,795,741	A
Microsoft Corp	4,290,515	$1,610,616,426	WP, A, W
Minerals Technologies Inc	14,200	$902,694	WP
Motorola Solutions Inc	9,332	$4,085,643	WP, A, U
Northrop Grumman Corp	1,622	$830,480	A, W
Paypal Hldgs Inc	14,400	$1,354,752	WP, A
Palantir Technologies Inc	1,223,250	$103,242,300	A, W
Perrigo Co Plc	433,546	$28,288,876	A
RTX Corporation	171,800	$4,817,272	WP, A
Solaredge Technologies Inc	15,882	$2,103,730	A, W
Tempur Sealy Intl Inc	2,176	$157,216	A, W
Valero Energy Corp	562,775	$74,325,694	A
Total		$5,424,797,951 USD

HOOPP Investments in Illegal Activities

1. Percentage of companies included in BCI’s complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	39.3%
Security services	4.9%
Construction/Demolition	3.3%
Settlement maintenance	21.3%
Banking/Finance	4.9%
Natural resource exploitation	6.6%
Surveillance/Identification	19.7%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	24
Security services	3
Construction/Demolition	2
Settlement maintenance	13
Banking/Finance	3
Natural resource exploitation	4
Surveillance/Identification	12

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	33.2%
Security services	5.8%
Construction/Demolition	5.8%
Settlement maintenance	11.4%
Banking/Finance	7.7%
Natural resource exploitation	8.1%
Surveillance/Identification	27.9%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$1,940,949,880
Security services	$339,148,591
Construction/Demolition	$339,586,321
Settlement maintenance	$669,002,231
Banking/Finance	$451,684,009
Natural resource exploitation	$475,647,891
Surveillance/Identification	$1,634,204,197

Investment Management Corporation of Ontario (IMCO)

Overall total of Q1 investments (SEC): $4.9 billion

Total Q1 investments in complicit companies: $835 million

• 17% of total Q1 holdings are in complicit companies. 
• As part of these investments, IMCO has over $59 million in companies listed in the UN Database, including Airbnb, Booking Holdings, Expedia, and Motorola Solutions.

All complicit IMCO investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	30,655	$3,662,046	WP, A, U, D
Alphabet Inc	348,950	$54,516,459	A, W
Alphabet Inc	475,847	$73,584,980	A, W
Amazon Com Inc	954,544	$181,611,541	A, W
Apollo Global Mgmt Inc	12,771	$1,748,861	A
Bank Nova Scotia Halifax	222,301	$10,543,736	W
Boeing Co	21,101	$3,598,776	WP, A
Booking Holdings Inc	4,947	$22,790,384	WP, A, U, D
CAE Inc	20,436	$502,521	W
Caterpillar Inc	24,075	$7,939,935	WP, A, W, D
Chevron Corp New	151,031	$25,265,976	A
Cisco Sys Inc	204,837	$12,640,491	WP, A, W, D
CNH Indl N V	24,700	$303,316	WP, A, D
Expedia Group Inc	15,999	$2,689,432	WP, A, U, D
Exxon Mobil Corp	165,333	$19,663,054	A
First Solar Inc	2,833	$358,176	WP, A
Ford Mtr Co	110,319	$1,106,500	WP, A, W
GE Aerospace	60,966	$12,202,345	WP, A, W
General Dynamics Corp	6,590	$1,796,302	A, W
General Mtrs Co	226,471	$10,650,931	WP, A, W
Hewlett Packard Enterprise C	37,164	$573,441	WP, A, W, D
Honeywell Intl Inc	18,359	$3,887,518	A, W
International Business Machs	44,588	$11,087,252	WP, A, D
L3Harris Technologies Inc	5,341	$1,117,925	WP, A, W
Leidos Holdings Inc	25,396	$3,426,936	W
Lockheed Martin Corp	6,064	$2,708,849	A
Meta Platforms Inc	145,428	$83,818,882	A
Microsoft Corp	598,470	$224,659,653	WP, A, W
Motorola Solutions Inc	68,383	$29,938,761	WP, A, U
Northrop Grumman Corp	6,912	$3,539,013	A, W
Palantir Technologies Inc	182,922	$15,438,617	A, W
Paypal Hldgs Inc	63,037	$4,113,164	A
Teva Pharmaceutical Inds Ltd	30,260	$465,096	WP, A
Textron Inc	38,344	$2,770,354	A, W
Valero Energy Corp	8,967	$1,184,272	A
Total		$835,905,495 USD

IMCO Investments in Illegal Activities

1. Percentage of companies included in IMCO’s complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	44.6%
Security services	5.4%
Construction/Demolition	3.6%
Settlement maintenance	19.6%
Banking/Finance	3.6%
Natural resource exploitation	3.6%
Surveillance/Identification	19.6%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	25
Security services	3
Construction/Demolition	2
Settlement maintenance	11
Banking/Finance	2
Natural resource exploitation	2
Surveillance/Identification	11

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	36.7%
Security services	0.6%
Construction/Demolition	0.03%
Settlement maintenance	26.4%
Banking/Finance	0.8%
Natural resource exploitation	1.4%
Surveillance/Identification	32.5%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$681,895,287
Security services	$34,932,779
Construction/Demolition	$8,243,251
Settlement maintenance	$490,984,048
Banking/Finance	$14,656,900
Natural resource exploitation	$25,624,152
Surveillance/Identification	$603,808,370

Public Sector Pension Investment Board (PSPP)

Overall total of Q1 investments (SEC): $23.2 billion

Total Q1 investments in complicit companies: $3.9 billion

• 17% of total Q1 holdings are in complicit companies. 
• As part of these investments, PSPP has over $120 million in companies listed in the UN Database, including Airbnb, Booking Holdings, Expedia,  Motorola Solutions, and Tripadvisor.

All complicit PSPP investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	58,816	$7,026,159	WP, A, U, D
Alphabet Inc	2,728,513	$421,937,250	A, W
Alphabet Inc	734,684	$114,779,681	A, W
Amazon Com Inc	3,475,888	$661,322,451	A, W
Apollo Global Mgmt Inc	119,552	$16,371,451	A
Bank Nova Scotia Halifax	120,236	$5,699,982	W
Boeing Co	102,402	$17,464,661	WP, A
Booking Holdings Inc	4,495	$20,708,060	WP, A, U, D
CAE Inc	30,438	$748,234	W
Caterpillar Inc	64,469	$21,261,876	WP, A, W, D
Chevron Corp New	446,893	$74,760,730	A
Cisco Sys Inc	617,672	$38,116,539	WP, A, W, D
Elbit Sys Ltd	14,474	$5,534,118	WP, A, D
Expedia Group Inc	16,855	$2,833,326	WP, A, U, D
Exxon Mobil Corp	1,462,827	$173,974,015	A
First Solar Inc	17,200	$2,174,596	WP, A
Foot Locker Inc	261,759	$3,690,802	A
Ford Mtr Co	529,340	$5,309,280	WP, A, W
GE Aerospace	244,915	$49,019,737	WP, A, W
General Dynamics Corp	37,147	$10,125,529	A, W
General Mtrs Co	121,769	$5,726,796	WP, A, W
Hewlett Packard Enterprise C	586,496	$9,049,633	WP, A, W, D
Honeywell Intl Inc	136,474	$28,898,370	A, W
ICL Group Ltd	419,218	$2,349,759	WP, A, D
International Business Machs	272,565	$67,776,013	WP, A, D
L3Harris Technologies Inc	25,435	$5,323,800	WP, A, W
Leidos Holdings Inc	18,427	$2,486,539	W
Lockheed Martin Corp	108,055	$48,269,249	A
Meta Platforms Inc	1,007,707	$580,802,007	A
Microsoft Corp	3,435,560	$1,289,674,868	WP, A, W
Minerals Technologies Inc	116,769	$7,423,005	WP
Motorola Solutions Inc	195,106	$85,419,358	WP, A, U
Northrop Grumman Corp	18,217	$9,327,286	A, W
Osi Systems Inc	49,579	$9,635,183	WP, A
Palantir Technologies Inc	540,792	$45,642,845	A, W
Paypal Hldgs Inc	157,570	$10,281,443	A
RTX Corporation	181,535	$24,046,126	A, W
Solaredge Technologies Inc	183,776	$2,973,496	WP, A
Sturm Ruger & Co Inc	53,264	$2,092,743	WP, A
Tempur Sealy	98,950	$5,925,126	WP, A
Teva Pharmaceutical Inds Ltd	587,167	$9,024,757	WP, A
Textron Inc	24,452	$1,766,657	A, W
Tripadvisor Inc	349,163	$4,947,640	WP, A, U, D
Valero Energy Corp	84,637	$11,178,009	A
Wyndham Hotels & Resorts Inc	88,465	$8,006,967	A
Total		$3,930,906,152 USD

PSPP Investments in Illegal Activities

1. Percentage of companies included in PSPP’s complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	41.4%
Security services	5.7%
Construction/Demolition	2.9%
Settlement maintenance	22.9%
Banking/Finance	2.9%
Natural resource exploitation	5.7%
Surveillance/Identification	18.6%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	29
Security services	4
Construction/Demolition	2
Settlement maintenance	16
Banking/Finance	2
Natural resource exploitation	4
Surveillance/Identification	13

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	38.8%
Security services	1.6%
Construction/Demolition	0.3%
Settlement maintenance	24.9%
Banking/Finance	0.2%
Natural resource exploitation	1.1%
Surveillance/Identification	33.1%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$3,182,278,297
Security services	$129,262,191
Construction/Demolition	$28,684,881
Settlement maintenance	$2,046,723,858
Banking/Finance	$15,981,425
Natural resource exploitation	$87,331,827
Surveillance/Identification	$2,716,782,229

Ontario Municipal Employees Retirement System (OMERS)

Overall total of Q1 investments (SEC): $11.4 billion

Total Q1 investments in complicit companies: $1.98 billion

• 17% of total Q1 holdings are in complicit companies. 
• As part of these investments, OMERS has over $22 million in companies listed in the UN Database, including Airbnb, Booking Holdings, Expedia, and Motorola Solutions.

All complicit OMERS investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb Inc	31,670	$3,783,298	WP, A, U, D
Alphabet Inc	1,741,834	$269,357,210	A, W
Alphabet Inc	184,804	$28,871,929	A, W
Amazon Com Inc	2,708,692	$515,355,740	A, W
Apollo Global Mgmt Inc	28,749	$3,936,888	A
Bank Nova Scotia Halifax	466,940	$22,136,054	W
Boeing Co	28,035	$4,781,369	WP, A
Booking Holdings Inc	2,436	$11,222,433	WP, A, U, D
Caterpillar Inc	31,741	$10,468,182	WP, A, W, D
Cellebrite Di Ltd	44,850	$871,435	A
Chevron Corp New	69,423	$11,613,774	A
Childrens Pl Inc New	64,600	$564,604	A
Cisco Sys Inc	233,251	$14,393,919	WP, A, W, D
CNH Indl N V	169,446	$2,080,797	WP, A, D
Expedia Group Inc	15,678	$2,635,472	WP, A, U, D
Exxon Mobil Corp	1,127,024	$134,036,964	A
Ford Mtr Co	290,119	$2,909,894	WP, A, W
GE Aerospace	47,239	$9,454,886	WP, A, W
Genasys Inc	74,800	$169,796	A
General Dynamics Corp	8,626	$2,351,275	A, W
General Mtrs Co	52,578	$2,472,743	WP, A, W
Hewlett Packard Enterprise C	151,662	$2,340,145	WP, A, W, D
Honeywell Intl Inc	24,470	$5,181,523	A, W
ICL Group Ltd	41,000	$233,290	WP, A, D
International Business Machs	54,150	$13,464,939	WP, A, D
Leidos Holdings Inc	17,453	$2,355,108	W
Lockheed Martin Corp	6,896	$3,080,512	A
Meta Platforms Inc	457,355	$263,601,128	A
Microsoft Corp	1,602,503	$601,563,601	WP, A, W
Motorola Solutions Inc	10,701	$4,685,005	WP, A, U
Northrop Grumman Corp	5,141	$2,632,243	A, W
Palantir Technologies Inc	91,033	$7,683,185	A, W
Paypal Hldgs Inc	68,010	$4,437,652	A
Primo Brands Corporation	92,600	$3,286,374	A
RTX Corporation	57,113	$7,565,188	A, W
Teva Pharmaceutical Inds Ltd	21,947	$337,325	WP, A
Textron Inc	28,128	$2,032,248	A, W
Valero Energy Corp	12,110	$1,599,368	A
Total		$1,979,547,496 USD

OMERS Investments in Illegal Activities

1. Percentage of companies included in OMERS complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	44.8%
Security services	6.9%
Construction/Demolition	3.4%
Settlement maintenance	20.7%
Banking/Finance	3.4%
Natural resource exploitation	1.7%
Surveillance/Identification	19%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	26
Security services	4
Construction/Demolition	2
Settlement maintenance	12
Banking/Finance	2
Natural resource exploitation	1
Surveillance/Identification	11

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	38.5%
Security services	0.3%
Construction/Demolition	0.3%
Settlement maintenance	26.2%
Banking/Finance	0.6%
Natural resource exploitation	0.3%
Surveillance/Identification	33.9%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$1,653,615,295
Security services	$12,946,218
Construction/Demolition	$12,548,979
Settlement maintenance	$1,126,421,837
Banking/Finance	$26,573,706
Natural resource exploitation	$11,613,774
Surveillance/Identification	$1,455,731,774

Ontario Teachers’ Pension Plan (OTPP)

Overall total of Q1 investments (SEC): $6.7 billion

Total Q1 investments in complicit companies: $9.97 million

• 15% of total Q1 holdings are in complicit companies. 
• As part of these investments, OTPP has over $7 million in companies listed in the UN Database, including Airbnb, Booking Holdings, and Expedia.

All complicit OTPP investments identified in the Q1 SEC filing:

Company	Shares	Value	Sources
Airbnb, Inc.	2,006,836	$2,732,629	WP, A, U, D
Booking Holdings	529	$2,437,055	WP, A, U, D
Chevron Corp	16,181	$2,706,919	A
Cisco Systems	28,652	$1,768,115	WP, A, W, D
Expedia Group	15,120	$2,541,672	WP, A, U, D
Exxon Mobil Corp	9,370	$1,114,374	A
General Electric Co	176,411	$35,308,662	WP, A, W
Honeywell International Inc	1,436,519	$304,182,898	A, W
Leidos	7,892	$1,064,946	W
Microsoft	1,277,508	$479,563,728	WP, A, W
Paypal Holdings Inc	2,453,258	$160,075,085	A
Valero Energy Corp	23,187	$3,062,307	A
Total		$996,558,390 USD

OTPP Investments in Illegal Activities

1. Percentage of companies included in OTPP complicit investments that are involved in each type of activity. 

Activity	% Companies
Weapons/Military support	36.8%
Security services	5.3%
Settlement maintenance	26.3%
Banking/Finance	5.3%
Natural resource exploitation	10.5%
Surveillance/Identification	15.8%

2. Total # companies participating in each activity

Activity	# Companies
Weapons/Military support	7
Security services	1
Settlement maintenance	5
Banking/Finance	1
Natural resource exploitation	2
Surveillance/Identification	3

3. Percentage of investments by dollar amount invested in each type of activity. 

Activity	% of Investments by $
Weapons/Military support	45.3%
Security services	16.7%
Settlement maintenance	0.7%
Banking/Finance	8.8%
Natural resource exploitation	2.1%
Surveillance/Identification	26.5%

4. Total investments in each activity by dollar amount (USD). 

Activity	$ USD
Weapons/Military support	$826,065,030
Security services	$304,182,898
Settlement maintenance	$12,186,390
Banking/Finance	$160,075,085
Natural resource exploitation	$38,015,581
Surveillance/Identification	$482,396,789

Want to learn more?

In addition to checking out our list of “Frequently Asked Questions” below, you can review our other 2025 reports on:

• Canada Pension Plan Investment Board (CPPIB)
• Caisse de dépôt et placement du Québec (CDPQ)
• “Big 5” Canadian Banks

Have more questions or want to get involved in this work? Reach out to us at info@justpeaceadvocates.ca.

Frequently Asked Questions

Will pensions really divest?

There is precedent for divestment. For instance, some pension funds have divested from certain sectors based on moral / ethical issues. The CDPQ announced in 2021 that it would divest from all oil production investments by 2022 because of “environmental concerns.” Other pension funds like Healthcare of Ontario Pension Plan (HOOPP) follow socially responsible investment principles such as refusing investments in tobacco or certain firearms companies. There is precedent to follow, but we must increase the pressure.

What if they say they cannot divest because of their fiduciary duty?

Any fiduciary that has demonstrated ‘negative screening’ (i.e. the exclusion of certain companies or sectors from investment) towards certain companies or industries that are deemed against the interest of their clients (such as HOOPP excluding tobacco companies and certain arms manufacturers or CDPQ excluding oil companies) can clearly extend this negative screen to exclude companies profiting from genocide. While some fiduciaries may argue they are invested through an index or cannot exclude certain investments due to the costs, if they have practiced any sort of negative screening in their portfolio construction then it is clearly not an insurmountable issue for them to address.

In what ways have Canadian pension plans supported Israel’s occupation and apartheid?

CPSPPs have directly invested in companies actively supporting the illegal military occupation. In doing so, they have allowed Canadians to inadvertently invest in these same companies. CPSPPs have also bought into many market indices which include these same companies and have allowed Canadian investors to buy into the same indices. Canadian banks, credit unions and caisse populaires, trust companies, insurance companies, pension funds and other financial institutions are complicit through their direct and indirect investments.

Contact Us

Website: justpeaceadvocates.ca

Email: info@justpeaceadvocates.ca

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.