Canadian Banks' Investments in Weapons Manufacturers Engaged in Gaza Genocide
Sarah Abdul-Karim, a member of the Palestinian Youth Movement,
speaks about
RBC investments in weapons companies at this rally in Ottawa on
April 6.
The role of Canadian banks investing in weapons manufacturers that provide arms to Israel is of great concern to anti-war activists and all those working to stop its genocide in Gaza. So too is the refusal of the Canadian government to adhere to its obligations under international law to end support for genocide, which include the activities of these banks and weapons manufacturers.
Canada,
as a signatory to the Genocide Convention, is bound by the January 26
ruling of the International Court of Justice, that Israel's actions in
Gaza could amount to genocide. Canada is obligated to uphold the
provisional measures issued by the court that any actions that could be
considered
to support the genocide must be ended, such as sending military aid to
Israel. Canada has used sleight of hand to continue providing military
support to the Israeli genocide in Gaza, claiming that this aid is not
weaponry. Canada has also said nothing about sales in Canada of
Palestinian land in the
West Bank, with such "real estate" sales being held in Toronto and
Montreal, another clear violation of international law by Israel.
The UN also has Guiding Principles on Business and Human Rights that provide pertinent guidance to companies doing business with Israel, which state: "The responsibility to respect human rights is a global standard of expected conduct for all business enterprises wherever they operate." They also state that "[This responsibility] exists independently of States' abilities and/or willingness to fulfil their own human rights obligations and does not diminish those obligations. And it exists over and above compliance with national laws and regulations protecting human rights." In other words, the complicity of the Canadian government in supporting Israeli crimes in Gaza does not then excuse the activities of the banks to act in a way that violates human rights.
General Dynamics manufactured F-16 fighter jets for the Israeli air force and the 500-pound MK82 and the 2,000-pound MK84 bombs dropped on Gaza by those jets. The Royal Bank of Canada (RBC) holds $809 million in stock in General Dynamics. Other Canadian banks that hold General Dynamics stock include the Bank of Montreal ($370 million), the Toronto Dominion Bank ($170 million), the National Bank of Canada ($95 million), TD Waterhouse Canada ($84 million), TD Asset Management Inc. ($80 million), Bank of Nova Scotia ($72 million), CIBC Asset Management Inc. ($51 million), and CIBC World Markets Inc. ($48 million).
Elbit
Systems is an Israel-based military technology company and contractor
that operates internationally, and is a major supplier of arms to the
Israeli military. These include the Skylark and Hermes military drones
used extensively in Gaza. Numerous Canadian banks hold Elbit stock. The
Bank of
Nova Scotia has held up to $500 million in stock in Elbit Systems,
while the Bank of Montreal, TD, the RBC, and the National Bank of
Canada are also holders of millions of dollars in Elbit shares. Elbit's
reputation is such that the pension funds of Norway, Denmark and Sweden
divested from Elbit
stocks between 2009 and 2010 due to its role in supplying surveillance
systems for Israel's West Bank wall, not wanting to support companies
that violate human rights and international law.
Picket at TTM technologies in Scarborough against export of military materials to Israel,
February 26, 2024.
The movement in support of Palestine across Canada and Quebec has made clear with pickets outside weapons manufacturers and increasingly the major banks that complicity in Israel's genocidal crimes is unacceptable and must be ended.
This article was published in
Volume 54 Number 26 - April 15, 2024
Article Link:
https://cpcml.ca/Tmlm2024/Articles/MS542618.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca