An Act to amend the Prohibiting Cluster Munitions Act (investments)
Bill S-225 was a Senate Private Member's Bill amending the Prohibiting Cluster Munitions Act (S.C. 2014, c. 27) to prohibit Canadian investment in companies producing cluster munitions. Canada ratified the Convention on Cluster Munitions in March 2015. The 2014 Act prohibits Canadian persons from using, developing, or transferring cluster munitions but does not explicitly prohibit investment in foreign cluster-munition producers (a gap noted by Mines Action Canada). The Canadian Pension Plan Investment Board, Caisse de depot et placement du Quebec, and major bank pension funds have historically held investments in companies including Textron, RTX (Raytheon), and General Dynamics that produced cluster munitions. Did not pass third reading.
Status
Quick learn
Would close a gap in Canada's cluster-munitions ban by also prohibiting Canadian investment in companies that make them. Using or transferring the weapons is already banned, but pension and bank funds have held shares in foreign producers. A Senate bill; it did not pass third reading.
Issues this bill touches
- Foreign Policy & Defence
Bans Canadian financial institutions from investing in companies that produce cluster munitions.
Legislative history
- First reading
First reading in the Senate.
View source - Second reading
Second reading in the Senate.
View source
Official source
Read full text on Parliament of Canada