Stop Explosive Investments

Peace organisation PAX is one of the leading organisations in the national and international stop explosive investment campaign. PAX and the Cluster Munition Coalition (CMC) want to stop investment in cluster munitions producers and call on financial institutions to stop these investments. We also call for national legislation by states to prohibit investment in companies that produce cluster munitions.

Situation & Urgency

The 2008 international Convention on Cluster Munitions (CCM) forbids the use, stockpiling, transfer and production of cluster munitions. States may also not assist with prohibited activies, such as cluster munition production. According to PAX, the Cluster Munition Coalition and a growing number of states, this means that investment in companies that produce these weapons is also forbidden. After all, no money means no production, and investment therefore constitutes assistance. Moreover, it is completely illogical to ban a weapon for the humanitarian harm it causes while permitting investment in its production elsewhere.

Meanwhile, nine countries have adopted legislation forbidding investment in cluster munitions. In the Netherlands, Dutch financial institutions are forbidden to make direct investments in cluster munitions producers, effective 1 January 2013. Additionally, there are more than twenty-five other countries that, while not yet having adopted legislation, have stated that they consider investments in cluster munitions to be prohibited under the Convention on Cluster Munitions.

Activiteiten & Resultaten

  • Monitoring investment policies

    Since 2007, PAX has critically monitored the investment policies of banks and pension funds with regard to cluster munitions.

  • Worldwide Investments in Cluster Munitions: A Shared Responsibility

    The report Worldwide Investments in Cluster Munitions: A Shared Responsibility, the result of research commissioned by PAX and Flemish NGO FairFin, was first published in 2009. Every year we publish an update. Since 2013 PAX publishes the research, that is partly carried out by Dutch economic research company Profundo. The report systematically documents which of the world's financial institutions invest in cluster munitions producers, which of them have a policy excluding such investment and what states do to prevent such investment.

  • Fair Bank Guide and Fair Insurance Guide

    PAX is part of the Dutch Fair Bank Guide and the Fair Insurance Guide  that offers consumers information on the companies in which their banks or insurance company invest. Everyone can use the Fair Bank Guide to determine how sustainable their own bank or insurance company is and whether it, for example, invests in controversial arms or not.


A growing number of financial institutions have modified or introduced new policies on cluster as a result of the Stop Explosive Investment campaign. Yet a lot of money is still flowing to cluster munitions producers. PAX does its utmost to stop these Explosive Investments.

Contact information

Suzanne Oosterwijk,

Security & Disarmament