CPPIB Increases Investments in Companies Tied to Israel’s Military Operations

The Canada Pension Plan Investment Board (CPPIB) raised its holdings in firms identified as “complicit” in Israel’s actions against Palestinians by more than $23 billion for the fiscal year ending March 2026. The increase represents an 82.6 % rise from the previous year and more than doubles the level of $20.3 billion recorded two years earlier, bringing total exposure to $54.8 billion.

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CPPIB manages the pension assets of 22 million Canadian workers (excluding Quebec) and reports total assets of $793.3 billion. Its publicly stated objective is “to maximize long-term investment returns without undue risk.” The fund receives mandatory contributions from employee paycheques and distributes benefits upon retirement.

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• Canada Pension Plan Investment Board (CPPIB) – the institutional investor responsible for the portfolio increase.

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• Just Peace Advocates – a human-rights organization that compiled the report identifying the companies as complicit, using five sources: Who Profits, AFSC Investigate, UN Database, Canada Stop Arming Israel, and Don’t Buy Into Occupation.

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• Becca Steckle – research and policy analyst at Just Peace Advocates, who commented on the investment growth.

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• Kathleen Copps – a 75-year-old retired teacher from British Columbia and CPP beneficiary, who plans to protest the fund’s decisions.

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• Investment increase: > $23 billion (82.6 % YoY).

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• Current exposure to identified firms: $54.8 billion.

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• Previous exposure (two years prior): $20.3 billion.

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• CPPIB total assets: $793.3 billion.

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• Beneficiaries: 22 million Canadians (all provinces/territories except Quebec).

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CPPIB’s website reiterates its singular objective of maximizing long-term returns while managing risk. The board did not respond to a request for comment on the Just Peace Advocates report, leaving its stance on the specific companies unrecorded.

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Just Peace Advocates allege that the targeted firms supply weapons, surveillance technology, demolition equipment, and banking services to the Israeli government and military, thereby supporting what they describe as “Israel’s apartheid, occupation and genocide.” Critics argue that the fund’s investments conflict with broader public concern over the humanitarian situation in Gaza and Lebanon.

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• “I’m not easily surprised, but what was somewhat surprising is that CPPIB [Canada Pension Plan Investment Board] almost doubled its investments [...] to $54.8 billion this year,” — Becca Steckle, research and policy analyst, Just Peace Advocates

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• “So it’s more than doubled if we’re looking back over two years.” — Becca Steckle

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• “Canada is deeply integrated and supportive of Israel’s illegal occupation and its settler colonial project. That’s not new,” — Becca Steckle

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• “Every working Canadian is either paying into it, and then when you get to be a certain age, you are receiving the benefits from it. So I feel, in a way, we are funding the genocide, which is horrifying,” — Kathleen Copps, retired teacher, British Columbia

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• “After seeing the horrific and sickening images in Lebanon now, and in Gaza, and knowing that they’ve increased their funding, it’s just really inexcusable.” — Kathleen Copps

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The CPPIB has not provided a response to inquiries about the specific companies or the methodology used to assess “complicity.” Consequently, the fund’s internal risk-assessment criteria and any planned adjustments remain undisclosed.

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Copps intends to raise the issue at the next CPPIB public meeting, indicating that the investment surge may prompt broader stakeholder debate about the alignment of pension fund allocations with Canadian public values and international human-rights concerns.

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