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Regina doctors remove money from banks investing in Israeli arms industry
Dr. Kieran Conway and several colleagues wanted to do something as news of killings continued to flow out of Gaza.
'There was a group of physicians that felt really demoralized by what was happening in Gaza and feeling quite powerless about what we could do,' said Conway in a recent interview.
That's why he and his fellow physicians brought forward a motion to the Regina Medical Staff Association (RMSA) annual general meeting on June 24. It called for the transfer of all funds from major Canadian banks investing in arms manufacturing over to Saskatchewan-based credit unions.
Conway, a family physician and hospitalist in Regina, was among the 21 people, or 75 per cent, who voted in favour of the motion which named Scotiabank and RBC. Six voted against.
Elbit Systems and Scotiabank's investment in the defence company has come under increasing scrutiny for its role in supplying weapons — including loitering munitions more commonly referred to as 'suicide drones' — following Hamas' Oct. 7, 2023 attack on Israel in which 1,200 were killed and about 250 were taken hostage.
It's difficult to assess the number of Palestinians killed in the 20 months of conflict following the Oct. 7 attack. Palestinian health authorities say more than 50,000, mostly civilians, have been killed, while the United Nations says that number is likely low.
According to The Guardian, 879 Israeli soldiers have been killed since Oct. 7.
The RMSA has the authority to make such decisions and the Saskatchewan Medical Association 'has no comment on it,' the SMA said an email response to questions from the Leader-Post.
'Individual securities are held based on their investment merit and are not influenced by protest activity,' Scotiabank said in an emailed statement provided Friday.
And when it comes to holding of Elbit, 'Scotia Global Asset Management's exposure to Elbit Systems is 1.6 per cent of outstanding shares, as of March 31, 2025.'
Past reporting from The Canadian Press indicated Scotiabank's 1832 Asset Management held 642,000 shares in Elbit at the end of second quarter 2024 which was down from about 2,237,000 shares in 2023.
On Friday, Scotiabank said 1832 Asset Management holds 700,100 shares of Elbit as of March 31, 2025.
Comment was sought from RBC as well, but no response was offered.
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As of 2023, Scotiabank was one of the top five investors in Elbit Systems, Israel's largest weapons manufacture. Since then, the bank has reduced its holding in the company though it does still hold significant investments, according to reporting by Reuters.
Between the two banks, the RMSA has more than a quarter-million dollars invested, which it will now move to local institutions.
Doctors have a moral responsibility 'to stop it, and if we can't stop it, at least make sure that we're not supporting it anyway we can,' said Conway of the ongoing conflict.
'It's hard to know what to do from where we are. Myself, like all physicians, our role, the reason we came into this profession, is to support life,' he said. 'We've watched in horror as it seems Israel has tried to exterminate life in Gaza.'
In early January, Médecins Sans Frontières (Doctors Without Borders) stated 'out of 36 hospitals in Gaza, Palestine, only 17 remained partially functional by early December 2024, with the other 19 closed, while over 1,000 health workers have been killed.'
In 2024, a United Nations special committee found 'Israel's warfare in Gaza is consistent with the characteristics of genocide, with mass civilian casualties and life-threatening conditions intentionally imposed on Palestinians there.'
Conway said other medical associations in Canada have tried to pass similar motions, but to his knowledge none have been successful.
'I hope this shows other medical associations and other professional associations, even outside of the medical field, that there are tangible things, there is action you can take to to oppose the genocide,' he said.
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