Risk of harmful investments with AXA

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Environment:no investment policy
Peace:unsatisfactory investment policy
Freedom & democracy:no investment policy
Labour rights:no investment policy

Despite the efforts that have been made regarding investments in weapons, the chance of a harmful investment with AXA remains very high. Hopefully the risk of harmful investments will be reduced drastically by AXA in the near future.

Explanation of the AXA ranking  

AXA has no policy regarding labour rights, environment and freedom & democracy. AXA completely avoids its responsibility here, and passes the buck to politicians.

AXA has a policy regarding the exclusion of cluster munitions and anti-personnel mines. This policy has been evaluated as unsatisfactory for two reasons:

  • Limited applicability: The policy does not apply to all investments of AXA. The policy is only valid for investments made by AXA for its own portfolio and since 2008 for the the funds managed by AXA IM.
  • Unclear application: AXA does not show how the policy has affected the practice of the bank. It is never stated which investments are allowed and which are refused.


Examples of harmful investments by AXA

Begin 2009: AXA owns or manages shares in:

  • Total - US$ 1119,13 million: Total works with the Burmese military dictatorship to extract gas from the Yadana gas field. The project is the largest source of income for the military dictators. The laying of the pipeline in Burma has been achieved as a result of forced labour, murder and torture.
  • Wal-Mart – US$ 1112 million: The US supermarket chain Wal-Mart breaches the most basic labour rights both in its stores and in its suppliers.
  • Vedanta Resources - US$ 331,33 million: The Indian mining company has illegally driven indigenous people from their land in India. The company has dumped toxic waste in India and Zambia.
  • Freeport McMoRan – US$ 880,11 million: Freeport McMoRan, that operates the Grasberg mine in Papua. Freeport releases 230,000 tonnes of polluted rubble into the local river system each day. Opponents of the mine are treated harshly by the military forces hired by the company.


More harmful investments by AXA and other banks, check www.banksecrets.eu

application/pdf iconProfile AXA (update February 2010)
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