Tiohtià:ke/Mooniyang/Montréal, Thursday, June 18, 2026 – The Quebec Coalition URGENCE Palestine and Just Peace Advocates/Mouvement pour une paix juste (JPA) are today releasing their comprehensive analysis of the 2025 annual report of the Caisse de dépôt et placement du Québec (La Caisse). The analysis reveals that as of December 31, 2025, La Caisse had invested $26.4 billion in 81 companies whose economic activities are complicit in genocide, occupation, colonization, and violations of the Palestinian people’s rights, representing 5.1% of its total assets. After being singled out in a UN report, “From Economy of Occupation to Economy of Genocide,” in June 2025, La Caisse continues to be complicit. The Coalition, JPA, and several labor unions are demanding immediate action regarding all these investments.
Leaders of Major Unions Write to La Caisse
Since the launch of the “Sortons la Caisse des crimes en Palestine” campaign (the campaign) on March 17, 2025, more than 20 local and national labor organizations have adopted resolutions calling on La Caisse to divest from complicit companies, in solidarity with the Palestinian people’s struggle for liberation. Today, leaders of the FNEEQ, CSN, FAE, SPGQ, and APTS sent a letter to La Caisse demanding “that the Caisse immediately take the necessary steps to sever all ties with companies complicit in human rights violations in Palestine.” They also demand “that La Caisse establish a transparent oversight process to ensure that none of its current or future investments are linked to such violations.”
Together, these labor organizations represent 488,000 workers who contribute to the Quebec Pension Plan and the Pension Plan for Employees of the Government and Public Bodies (RREGOP). These two pension funds are, respectively, the first and third largest depositors with La Caisse, totaling $238.6 billion, or 46% of La Caisse’s net assets. La Caisse manages the money of all Quebecers: it must listen to them.
Investments in Complicit Companies on the Rise Across Various Sectors
A year ago, an analysis of La Caisse’s 2024 annual report highlighted $27.4 billion in investments in 76 companies. There has therefore been an overall reduction of $1 billion worth of investments in complicit companies. However, this is the result of conflicting trends and does not indicate an explicit intention on the part of La Caisse. On the one hand, last year’s major investments in Alstom and WSP ($7.8 billion) were not included in this year’s figures because these companies have discontinued their complicit activities. This reduction is therefore “offset” by a significant increase in La Caisse’s other investments in complicit companies. Furthermore, investments in military companies profiting from the genocide in Gaza increased by 10.7%; those in Alphabet, Amazon, and Microsoft by 30%; and those in Airbnb, Booking, and Expedia by 208%.
More than two and a half years after the escalation of the genocide in Palestine, it is necessary to reiterate the campaign’s demands to La Caisse: that it require all targeted companies to cease all activities linked to human rights violations in Palestine; and, in the event of a refusal, that it withdraw all its investments from these companies. The organizations are also urging La Caisse to establish a transparent oversight process to ensure that none of its current or future investments are linked to violations of human rights and international law.
QUOTES
“La Caisse boasts that it has reduced its ‘exposure in Israel’ by $190 million over the past two years. But we’re not talking about financial risk in a ‘conflict zone.’ We’re talking about respect for the lives and rights of the Palestinian people. And it’s about divesting $26.4 billion—that’s 140 times more money, OUR money—from companies complicit in Israel’s crimes in Palestine.” says Raymond Legault, spokesperson for the Quebec Coalition URGENCE Palestine.
“La Caisse can say whatever it wants about its responsible investment practices, but it will have no credibility as long as it continues to finance companies involved in genocide. It must take immediate, definitive, and transparent action.” says Benoît Allard, spokesperson for the “Divest for Palestine” collective, which organized a sit-in at Square-Victoria in Montreal in the summer of 2024 to demand that La Caisse divest.
“La Caisse continues to ignore the mounting evidence against them. They may claim to be at “arms length” but it is they who fund the murder of Palestinians and the destruction of Palestinian land, through investments in companies like Caterpillar, BAE Systems, and many more. Bulldozers and bullets are not free, they are paid for with Quebecer’s money by La Caisse. La Caisse must stop funding Israel’s illegal occupation, genocide, and apartheid.”, says Becca Steckle, spokesperson for Just Peace Advocates.
Additional Information on the Analysis’s Findings
The Military Sector
As of December 31, 2025, La Caisse had invested $4.2 billion in 27 companies in the military sector that supply the Israeli military, a 24% increase from the $3.4 billion invested in 24 companies identified last year. In particular, the Fund had invested $153.7 million in L3Harris Technologies, nearly seven times more than last year. This company manufactures components that are integrated into many of the Israeli military’s weapons systems, including air-to-ground bombs and its aircraft, tanks, and warships. L3Harris has several branches in Canada, including one in Mirabel.
Digital Technologies
As of December 31, 2025, La Caisse had invested $3.8 billion in Alphabet, $2.5 billion in Amazon, and $4.2 billion in Microsoft. For years, these tech giants have provided essential infrastructure to the Israeli government, military, intelligence services, and prison system. Their technologies support the mass surveillance of Palestinians, the administration of the apartheid system that imprisons them, and the operation of illegal Israeli settlements. From the very start of the genocide in Gaza, as part of preparations for the ground invasion of Gaza, the Israeli military turned to their server farms, computing power, and artificial intelligence tools.
Colonial Tourism
As of December 31, 2025, La Caisse had invested $183 million in Airbnb, $613 million in Booking, and $223 million in Expedia. These three companies offer rentals in illegal Israeli settlements and present them as being in Israel rather than in the occupied Palestinian territory. In doing so, they provide jobs and income to settlers, while concealing from customers that their payments support colonization. And they make themselves complicit in discrimination against Palestinians in the occupied West Bank, who—unlike Israelis and tourists—do not have access to these locations. It is worth noting that Airbnb, Booking, and Expedia have been on the UN’s list of companies whose activities contribute to settlement expansion for several years.
The Criminal Heavy Machinery
La Caisse is also investing $377 million in Caterpillar. This company has been the target of campaigns by Amnesty International and Human Rights Watch for its involvement in the destruction of thousands of homes and the construction of illegal settlements in occupied Palestine. More recently, Caterpillar’s D-9 armored bulldozers were used to raze entire neighborhoods and cities during Israel’s genocidal assault on Gaza.
CAMPAIGN DEMANDS
- We demand that La Caisse take immediate steps to cut all ties with companies complicit in human rights violations in Palestine. Specifically, this means:
- requiring all targeted companies to cease all activities linked to human rights violations in Palestine;
- in the event of refusal, withdrawing all La Caisse investments from these companies.
- We also demand that La Caisse establish a transparent oversight process to ensure that none of its current or future investments are linked to violations of human rights and international law. The implementation of such a process must be carried out in consultation with civil society.
TIMELINE
Complete timeline (in French)
May 12, 2026. Charles Émond answers questions from the opposition – Review of the 2026-2027 budget appropriations for the Ministry of Finance, Finance, La Caisse.
June 18, 2026. Analysis of the CDPQ’s 2025 Annual Report by the Coalition and JPA: $26.4 billion
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About the Coalition
The Coalition du Québec URGENCE Palestine was formed in February 2024 to make visible the outrage of Quebec civil society over the genocide perpetrated by Israel in Gaza and to support the Palestinian struggle against occupation, colonization, and dispossession. It brings together 54 unions, community, and citizen groups from across Quebec.
About Just Peace Advocates
A Canadian based independent human rights organization promoting Just Peace/Paix Juste through the rule of law and respect for human rights in Canada and around the world for the Palestinian and Kashmiri peoples and those that stand in solidarity.
