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It’s about this
The text of the initiative requires that the Swiss National Bank, as well as foundations and pension funds, are prohibited from financing producers of war material. This affects companies that generate more than 5 percent of their annual turnover from the production of war material. This would mean that the National Bank or the pension funds would have to restrict their investment policy. For example, you cannot buy securities, stocks, or financial products in connection with these companies.
An employee of the Ruag armaments company is working on a Leopard armored pipeline. (File image)
Photo: Peter Schneider (Keystone)
The initiative also requires the federal government to work domestically and internationally to ensure that the relevant conditions also apply to banks and insurance companies. (Read a full presentation of the initiative).
Who is for, who is against?
There is a classic left / right pattern between supporters and opponents. The Federal Council and the bourgeoisie opposed the initiative, the SP and the Greens are in favor. The concern was raised by the Young Greens and the Group for a Switzerland without an Army (GSoA). It has the support of more than 40 organizations, including the SP and Green parties, as well as many peace organizations and trade unions.
That’s what the proponents say
The initiators are convinced that Switzerland, as one of the largest financial centers and as a neutral country, which has promoted peace on the flag, is of particular importance in the field of armaments. It is incredible, on the one hand, to stoke conflicts with money from Switzerland and, at the same time, to act as a neutral diplomatic mediator. The requested restrictions are an opportunity to lead by example. In addition, fewer people would have to flee their countries because if the initiative was accepted, fewer weapons would end up in war zones.
That’s what the opponents say
For the opponents of the initiative, this would restrict too much the activities of the pension funds and the National Bank and, above all, it would severely affect the local metal, machinery and electricity industries. Contrary to the claims of the initiators, the referendum has little influence on the global arms industry. Furthermore, the initiative can only be implemented with an enormous control effort, as particular conglomerates do not continuously produce the same amount of goods that are considered war material. Furthermore, the initiative creates a dangerous prejudice for greater influence over the Swiss National Bank to restrict its investment activities in other areas, such as in the climate area.
