CDPQ investment in Israeli War Crimes is approaching 5% of the portfolio



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The CDPQ December 31, 2021, year-end reports show investments in 10 companies with $3B fair-market value on the UN Data base as complicit with war crimes, along with about $10 B in other companies complicit with Israeli war crimes, and majority ownership in Allied Universal which purchased G4S.

Investments of over $3 billion in companies identified by the UN as complicit is war crimes

Company # of shares $ Amount
(in millions)
Bank Hapoalim B.M. (E,F) 317990.00                                           4.10 Hapoalim Bank – whoprofits
Bank Leumi Le-Israel B.M. (E,F) 26,495                                               0.40 Leumi Bank – whoprofits
Booking Holdings Inc  (E ) 51,975                                           157.50 – whoprofits
General Mills (G) 37,500                                               4.50 General Mills (Pillsbury)
Israel Discount Bank (E,F) 299,850                                               2.50 Discount Bank – whoprofits
Mizrahi Tefahot Bank Ltd.(E,F) 3,103                                               0.20 Mizrahi Tefahot Bank – whoprofits
Motorola Solutions  (B) 6,100                                               2.10 Motorola Solutions – whoprofits
Re/Max ( E) 232,738                                               9.00  

REMAX Israel (Impact Property Developers) – whoprofits

YES Bank Ltd.  ( E) 1,948,603                                               0.50
Alstom SA (E,F) 65,367,765                                       2,931.50 Alstom – whoprofits

Total Value: $3,108. M or $3.1 B

There are 10 companies compared to 12 in 2020, but value has increased to $3 billion from approximately $1 billion** (see below for 2020-year end)

The United Nations (UN) Database of companies complicit with human rights violations

The UN Database was released on February 12, 2020 in the Report of the United Nations High Commissioner for Human Rights (A/HRC/43/71) after the independent international fact-finding mission to investigate the implications of the Israeli settlements on the civil, political, economic, social and cultural rights of the Palestinian people throughout the oPt, including East JerusalemThere are a total of 112 companies included on the UN list.  Based on CDPQ 2020 Annual Report of equity holding, the CDQP is invested in at least a dozen companies that are listed in the United Nations database.

UN Security Council resolution 2334 (2016) reaffirmed that settlements have no legal validity and constitute a flagrant violation under international law.

Violations by Code (codes are by each company)

In resolution 31/36, the Council defined the database by reference to the listed activities compiled by the fact-finding mission in its report, which were:

A The supply of equipment and materials facilitating the construction and the expansion of settlements and the wall, and associated infrastructures;

 B  The supply of surveillance and identification equipment for settlements, the wall and checkpoints directly linked with settlements;

 C  The supply of equipment for the demolition of housing and property, the destruction of agricultural farms, greenhouses, olive groves and crops;

 D  The supply of security services, equipment and materials to enterprises operating in settlements;

  E  The provision of services and utilities supporting the maintenance and existence of settlements, including transport;

  F Banking and financial operations helping to develop, expand or maintain settlements and their activities, including loans for housing and the development of businesses;

  G The use of natural resources, in particular water and land, for business purposes;

   H Pollution, and the dumping of waste in or its transfer to Palestinian villages;

   I Captivity of the Palestinian financial and economic markets, as well as practices that disadvantage Palestinian enterprises, including through restrictions on movement, administrative and legal constraints;

   J Use of benefits and reinvestments of enterprises owned totally or partially by settlers for developing, expanding and maintaining the settlements.

Alarming! CDPQ is reported to own 80% of Allied Universal

CDPQ reports holding over $1.5 billion* in Allied Universal Holdco LLC but does not report the actual amount.

Also, CDPQ holds between $10-30 million*, Allied Universal Manager LLC but does not give actual figure.


In April 2021, Allied Universal, a leading security and facility services company in North America, announced the acquisition of G4S.

G4S held 50% of Policity Ltd., a company contracted  to build & run the Israel’s National Police Academy, as well as provide training.

Caisse de dépôt et placement du Québec (“CDPQ”) in February 2019 announced a huge investment in Allied Universal (the “Company”) noting that this is the leading security services provider in North America, and indicated the transactions values Allied Universal at more than US$7 billion.

This meant Allied Universal is controlled by Québec’s CDPQ, alongside U.S. private equity firm Warburg Pincus.

According to AFSC Investigate

Until 2017, G4S was deeply involved in several projects of the Israeli occupation of Palestine through its Israeli subsidiary G4S Israel (formerly Hashmira). In 2016, following an international campaign, G4S plc divested G4S Israel, which was renamed G1 Secure Solutions. G4S plc still retains a 25 percent stake in the Israeli National Police Academy.

G4S is involved in the operations of the Israeli National Police Academy, which consolidated all of Israel’s police training facilities and trains all units of the Israeli Police, as well as other security forces and private security companies. The Israeli Police is in charge of enforcing Israel’s military law in the occupied West Bank and providing security for Israel’s illegal West Bank settlements. In addition, the Border Police branch is regularly deployed in the occupied Palestinian territories, where it is under military command.

The National Police Academy is owned and operated by Policity, a consortium of companies that was created for the purpose of this project. Policity is owned by Israeli infrastructure company Shikun & Binui (50 percent), Israeli security company G1 Secure Solutions (25 percent), and G4S (25 percent). Policity formed in 2010 as a joint venture between G4S and Shikun & Binui for the purpose of bidding on the National Police Academy. The facility opened in 2015, with G4S and Shikun & Binui each owning a 50 percent stake. In 2017, after G4S sold its Israeli subsidiary (see below), its stake in Policity was reduced to 25 percent. Policity has the contract to operate the Academy at least until 2035.

Security Info Watch indicated Allied Universal is 80% owned by Caisse de dépôt et placement du Québec

Valued at $8.5 B in 2020, if CDPQ owns 80% the value would seem to be around perhaps $7B.

Beyond this, CDQP is invested in an additional over $10 billion in Israeli war crimes

The AFSC Investigate report indicates the following companies, beyond those listed in the UN Database are complicit with Israeli war crimes associated with occupation.

Company # of shares $ amount
(in millions)
3M Co             495,273.00                  111.10
3M India               11,721.00                      5.10
ABB India Ltd.                 4,802.00                      0.20
ABB Ltd. 1,488,548.00                    72.00
ABB India Ltd                 4,802.00                      0.20
ACS Actividades             162,733.00                      5.50
Alphabet Inc.  3,845,390.00                      5.90
Alstrom SA        65,367,765.00              2,931.50
Atlas Copco          2,711,509.00                  236.70
BAE Systems          3,010,237.00                    28.30
The Boeing Company               75,786.00                    19.30
Bombardier          5,774,400.00                    10.00
CNH Industrial          2,395,307.00                    58.70
Canon             874,178.00                    26.90
Caterpillar Inc               33,200.00                      8.70
Cemex        18,682,957.00                    16.10
Cisco Systems Inc          6,806,439.00                  544.80
Doosan Bobcat Inc             120,256.00                      5.20
Doosan Co Ltd                 5,960.00                      0.70
Doosan Heavy Industries
& Construction Co Ltd
            300,104.00                      6.50
Hyundai Doosan Infracore Co Ltd  40,447                      0.03
Exxon Mobil             661,684.00                    51.10
Ford Motor          2,595,223.00                    68.10
Ford Credit Canada Co                  303.00
Fosun International Ltd             622,336.00                      0.80
General Dynamics Corp             935,569.00                  246.40
General Electric Co               37,500.00                      4.50
General Motors          4,964,909.00                  367.70
General Motors Financial of Canada Ltd                    83.40
HeidelbergCement AG               94,000.00                      8.00
HeidelbergCement India          2,745,405.00                    10.60
Hewlett Packard          2,106,951.00                    42.00
Hitachi Construction
Machinery Co Ltd
              66,385.00                      2.40
Hitachi Ltd             938,525.00                    64.10
Hyundai Department Store Co Ltd.                 5,931.00                      0.50
Hyundai Engineering & Construction  Co Ltd.             137,277.00                      6.50
Hyundai Glovis Co Ltd.               45,825.00                      8.20
Hyundai Heavy Industries
Holdings Co Ltd.
                3,499.00                      0.40
Hyundai Heavy Industries
Holdings Co Ltd.
            136,206.00                      7.80
Hyundai Marine & Fire
Insurance Co Ltd.
              46,174.00                      1.10
Hyundai Mipo Dockyard Co Ltd.                 1,075.00                      0.10
Hyndai Mobis Co Ltd.             205,398.00                    55.50
Hyundai Motor Co             331,375.00                    73.60
Hyundai Steel Co             226,585.00                      9.90
Hyundai Wia Corp               11,083.00                      0.90
HDC Hyundai Development Co-Engineering & Construction                 8,651.00                      0.20
IBM: International Business Machines Corp             427,864.00                    72.70
Indorama Ventures PCL          2,096,042.00                      3.40
JA Solar Technology Co Ltd.               19,800.00                      0.40
Lockheed Martin Corp             256,906.00                  115.30
Mitsubishi Chemical Holdings
            494,501.00                      4.60
Mitsubishi Corp             331,708.00                    13.30
Mitsubishi Electric Corp             106,922.00                      1.70
Mitsubishi Estate Co Ltd.          9,647,042.00                  168.70
Mitsubishi Gas Chemical Co Inc.               66,180.00                      1.40
Mitsubishi HC Capital Inc.          1,002,653.00                      6.30
Mitsubishi Heavy Industries Ltd.             106,672.00                      3.10
Mitsubishi Materials Corp.             117,100.00                      2.50
Mitsubishi Motors Corp          3,421,300.00                    12.00
Mitsubishi UF J Financial
Group Inc
         1,492,710.00                    10.20
Northrop Grumman               18,700.00                      9.10
Orbia Advance Corp SAB          8,681,285.00                    28.00
Palantir Technologies             152,200.00                      3.50
PayPal             362,763.00                    86.40
Raytheon Technologies Corp               90,000.00                      9.80
Siemens AG             107,000.00                    23.50
Siemens Healthieers AG             124,985.00                    11.80
Siemens Ltd               30,257.00                      1.20
SolarEdge Technologies Inc                 1,958.00                      0.70
Tempur Sealy International Inc.             204,544.00                    12.20
Teva Pharmaceutical Industries             715,811.00                      7.20
Toyota Motor Corp        15,437,140.00                  356.50
Toyota Tsusho Corp               50,758.00                      3.00
Toyota Industries Corp.             126,864.00                      6.80
Volvo AB               37,108.00                      1.10
WSP Global        21,191,798.00              3,891.40
TOTAL  $    10,378.03

BOLD: ongoing campaigns in Canada

See details of these companies at

Campaigns through the Canadian BDS Coalition related to these companies include






December 31, 2020 Holding by CDPQ  in Israeli war crimes

 CDPQ 2020 investments in companies listed by the UN as complicit with Israeli war crimes include:

Company & codes violated # of shares
(if available)
$$ Amount or Range Country
Airbnb Inc.  E $500 M to $1 B United States
Bank Hapoalim BM E, F 190,051 1.7M (FV) Israel
Bank Leumi Le-Israel BM E,F 251,904 1.9M (FV) Israel
Booking Holdings Inc E 12,896 36.6M (FV) Netherlands
Expedia Group Inc.  E 4,197 0.7M (FV) United States
Israel Discount Bank Ltd E,F 169,627 0.8M (FV) Israel
Mizrahi Tefahot Bank Ltd  E,F 24,757 0.7M (FV) Israel
Motorola Solutions Inc  B 135,361 29.3M (FV) United States
Alstom SA  E,G 213,389 15.5M (FV) France
Altice Europe NV  E 698,760 5.8M (FV) Netherlands
General Mills Inc. G 207,666 15.6M (FV) United States
Indorama Ventures PCL  G 2,557,980 4.0M (FV) Thailand

12 companies on UN list

**Worth at least $612.6 M but perhaps over 1.0 B given that not specific number for Air BNB

*the links are from Who Profits where available, or if not, AFSC Investigate

Canadian Investment complicit with War Crimes

WSP Global 20,956,623.00 shares $2,527.2M (FV) Canada

WSP Global, is a Canadian management and consulting firm that specializes in engineering projects. WSP according to Who Profits, is involved in the planning of the Israel railway system that crosses into the occupied West Bank and constitutes settlement infrastructure. With over $2.5 B of investment in WSP Global, CDPQ is very heavily invested in this Canadian firm. A firm involved in illegal settlement activities.

WSP | Parsons Brinckerhoff (Formerly Parsons Brinckerhoff International Inc.) – whoprofits

Canadian Complicity in Jerusalem Light Rail

CDPQ needs to follow global leaders

We remind the CDPQ of the large divestments from public pensions in New Zealand and Norway in 2021.

Norway’s $1.3 trillion sovereign wealth fund excluded Shapir Engineering and Industry Ltd and Mivne Real Estate KD Ltd. for their activities associated with Israeli settlements on the West Bank. The companies were excluded based on advice from the Council on Ethics “due to unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations or war or conflict,” the fund said in a statement.

We ask has the CDPQ conducted similar analysis of investments of their portfolios?

In this regard CDPQ needs also to divest from other firms complicit in Israeli war crimes:

  • Teva Pharmaceutical Industries Ltd.  Teva is the world’s largest generic drug manufacturer, and both companies are part of an oligopoly of companies who benefit from selling to the Palestinian captive market as verified by Who Profits, an Israeli research center.
  • Elbit is Israel’s largest weapon company. Makes killer drones, large weapon systems, and ammunition used against civilians. Monitors walls and borders in Palestine.  Recently, Canada has entered a contract with Elbit for $35 M of armed surveillance drones, which over 70+ organizations and thousands of people have demanded Canada cancel.
  • HP  Provides equipment to the discriminatory Israeli population registry and prison system.

Teva Pharmaceutical Industries Ltd                         565,384$7.0M (FV)Israel

Elbit Systems Ltd                                                     6,531 shares    $1.1M (FMV)  Israel

HP Inc                                                                      1,458,643 shares $45.7 (FMV)  USA


CDPQ holds Allied Universal Holdco LLC Worth over $1.5B United States

Background regarding CDPQ/Caisse de dépôt et placement du Québec

Total portfolio Dec. 31, 2020: $365.5 B

Caisse de dépôt et placement du Québec is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. CDPQ was founded in 1965 by an act of the National Assembly.

CDPQ at a Glance

Read more:

CDQP Governance and Responsibility

CDPQ indicates their “Calling for responsible governance practices” and their priority areas: • Use ESG analyses across our investment activities • Anticipate cybersecurity issues • Counter abusive use of tax planning.

The CDPQ indicates it “Foster equity, diversity and inclusion at all levels.”

CDPQ commits to: Effective risk management is crucial to our investment activities and an integral part of our portfolio management and business processes. CDPQ says that over the years, they have developed rigorous processes, strong and sustained governance, and effective measurement tools.


In “Bad” company with the Canadian Public Pension Investment Board (CPPIB)

On March 8, 2021, over 70 organizations along with dozens of individuals contacted the Canadian Pension Plan Investment Board about its investment in funds related to Israeli occupation of Palestine and the Syrian Golan Heights.

See statement in English and French

The 2021 CPPIB Annual Report indicated increased investments in Israeli war crimes with at least 10 companies identified by the UN as complicit in war crimes.

While the CPPIB indicated it was initiating a review in March 2021, no response has been received to the thousands of letters over 2021.

During 2021 over 5,000 letters were sent to the CPPIB and the Minister of Finance.

March 31, 2022 reports indicate CPPIB Invests at least 7 percent of our public pension in Israeli war crimes

CPPIB Invests at least 7 percent of our public pension in Israeli war crimes

Read more


Demands of QDPQ

1.Divest immediately from:

-United Nations (UN) identified companies held by CPPIB, and ensure that no investments in the future include these UN identified companies


-Allied Universal

-all companies listed in the AFSC Investigate list

  1. Review all portfolios for any other investments that are in violation of international law.
  2. Put in place a transparent process to ensure that companies are vetted for violations of human rights and international law.

The concerns that we raise are also in the broader context of ethical investment related to Quebec’s public fund investment including in mining, fossil fuels, private health care, and other issues of justice and humanitarian concern.

We ask the CDPQ to take all steps necessary to ensure that the activities of all companies included in all of its portfolio are in compliance with international law governing war crimes. We remind CDPQ that in Canada, parties that are complicit in war crimes are liable to criminal prosecution under the Crimes Against Humanity and War Crimes Act,[1] including corporations.[2]

[1] S.C. 2000, c. 24.[2] R.S.C., 1985, c. C-46, ss. 22.1-22.2.

Note: information about the mentioned companies, have been verified by Who Profits, an independent Israeli research organization and/or the American Friends Service Committee “Investigate” as per links provided with each of companies listed.

You can review the details associated with each of these companies listed on the United Nations High Commissioner for Human Rights report.



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