Morgan Stanley POLITICAL

Target: Morgan Stanley Research date: 28 October 2026 Scope: Corporate political communications, governance, Israel-Palestine-related financial relationships, civil-society scrutiny, lobbying, institutional partnerships and executive activity.

Corporate Communications & Public Stance

Corporate position and public communications

Morgan Stanley was named in a 20 June 2024 UN experts’ communication calling on investors in arms manufacturers transferring weapons to Israel to address human-rights risks associated with those investments; the company-specific Business & Human Rights Resource Centre record documents an invitation to respond on 3 July 2024 and a lack of response as recorded on 12 July 2024.¹

The Business & Human Rights Resource Centre’s 24 July 2024 publication reported responses from companies and investors approached following the UN experts’ appeal, providing the wider context for Morgan Stanley’s company-specific response record.²

The acting organisation in the response request was the Business & Human Rights Resource Centre, the recipient was Morgan Stanley, the communication channel was the Resource Centre’s public website, and the recorded observation period was 3–12 July 2024; the company-specific page remained available when reviewed in October 2026, while any subsequent private correspondence could not be established.¹

No public evidence identified of a verified Morgan Stanley corporate statement specifically endorsing Israeli military operations, calling for a ceasefire in Gaza, or announcing a corporate position on Palestinian statehood in the reviewed materials.^{1, 2}

Comparative public posture

Morgan Stanley’s 2024–2026 proxy filings describe corporate governance, political-activity oversight and public-policy participation, but the reviewed disclosures do not establish an equivalent company-specific public statement concerning Palestinian civilian casualties.^{3, 4, 5}

No public evidence identified sufficient to establish a comprehensive comparison between Morgan Stanley’s official public statements concerning Ukraine, Black Lives Matter and Palestinian civilian harm.^{3, 4, 5}

Market framing

Morgan Stanley’s reported admission to Israel’s government-bond primary-dealer programme was framed by the Israeli Ministry of Finance in May 2026 as supporting market liquidity, broadening the investor base and reducing financing costs.⁶

Independent reporting on 12 May 2026 described the relationship as participation in Israel’s government-debt market, with the Israeli Finance Ministry identified as the source of the announcement.⁷

The acting entity was identified as Morgan Stanley, the beneficiary was the State of Israel’s sovereign-debt market, and the communication originated with the Israeli Finance Ministry through external financial-publishing channels; the programme admission was announced on 12 May 2026, but the original announcement reserved operational commencement until completion of necessary procedures.^{6, 7}

Operations in Occupied or Contested Territories

Israeli operating presence

Contemporaneous reporting dated 10 October 2023 identified Morgan Stanley among international banks with employees in Israel and stated that the firm had instructed its Israeli employees to work remotely following the attacks of 7 October 2023.⁸

The acting entity was Morgan Stanley, the immediate beneficiaries were its Israel-based employees, the channel was an internal workplace instruction reported by an independent publisher, and the observed date was October 2023; the duration of the temporary arrangement and its subsequent termination date were not established.⁸

Morgan Stanley’s SEC subsidiary disclosure for 31 December 2025 identifies several significant US, UK, Japanese and European group entities, including Morgan Stanley & Co. International plc, Morgan Stanley & Co. LLC, Morgan Stanley Investment Management Inc. and Morgan Stanley MUFG Securities Co., Ltd.; the exhibit explicitly states that certain smaller subsidiaries are omitted under SEC reporting rules.⁹

The 2025 subsidiary exhibit therefore provides evidence of identified legal entities but does not provide an exhaustive list of Morgan Stanley’s Israeli operating companies or establishments.⁹

Sovereign-debt-market operations

On 12 May 2026, the Israeli Ministry of Finance announced that Morgan Stanley was joining its government-bond primary-dealer programme alongside twelve existing banks.⁶

The Ministry’s announcement explained that a primary dealer operates under an agreement with the Accountant General, participates regularly in government-bond auctions and maintains activity in the secondary market; it stated that Morgan Stanley’s operational start would follow completion of required procedures.⁶

The acting entity was Morgan Stanley, the beneficiary was the State of Israel, and the institutional counterparty was the Israeli Accountant General; the earliest verified announcement was 12 May 2026, the last research observation was October 2026, and actual trading commencement remained unverified from the retrieved documents.^{6, 7}

Occupied Palestinian territory

No public evidence identified in the reviewed corporate filings and settlement-database coverage of a Morgan Stanley branch, company-operated facility, direct property-development project or independently verified service contract physically located in an Israeli settlement in the occupied West Bank or East Jerusalem.^{9, 10}

Regulatory and international scrutiny

The Business & Human Rights Resource Centre reported in September 2026 that OHCHR had issued an expanded settlement-related business database containing 214 companies from eleven countries; the retrieved coverage did not establish Morgan Stanley’s inclusion in that database.¹⁰

The Austrian Red Cross’s ecoi.net repository identifies the Special Rapporteur’s report A/HRC/59/23, published on 2 July 2025, but the reviewed material did not establish a Morgan Stanley-specific finding in that report.¹¹

Civil-society engagement

The Business & Human Rights Resource Centre documented Morgan Stanley as a named investor contacted in connection with the UN experts’ arms-transfer concerns in July 2024, with no response recorded on its company-specific page.¹

No public evidence identified of a verified Morgan Stanley-specific BDS campaign response, settlement divestment commitment or formally announced withdrawal from Israel in the reviewed civil-society records.^{1, 2, 10}

Internal Governance, Content & Retail Policies

Employee relations

Following the 7 October 2023 attacks, independent reporting stated that Morgan Stanley instructed employees in Israel to work remotely, alongside similar measures implemented by other international financial institutions.⁸

The acting entity was Morgan Stanley, the affected population was its Israel-based workforce, and the reported communication was an internal workplace instruction observed through external news reporting in October 2023; the precise number of affected employees, duration of the policy and termination date were not established.⁸

No public evidence identified of Morgan Stanley dismissing, suspending or disciplining employees specifically for pro-Palestinian statements, symbols or participation in Gaza-related demonstrations in the reviewed records.^{3, 1, 8}

Platform and editorial policy

Morgan Stanley’s 2026 corporate filings describe an investment-banking, securities and wealth-management business, and the reviewed sources did not establish that the company operates a consumer social-media platform responsible for moderating Israel-Palestine political speech.^{3, 12}

No public evidence identified of a Morgan Stanley-operated platform suppressing Palestinian content through algorithmic moderation, editorial filtering or a state-directed content-removal programme.^{3, 12}

Retail and supply-chain policies

Morgan Stanley’s SEC subsidiary reporting identifies financial-services companies rather than a consumer retail distribution business.⁹

No public evidence identified of Morgan Stanley applying discriminatory country-of-origin labels, settlement-product classifications or Palestine-related restrictions to consumer merchandise.^{9, 12}

Shareholder governance

Morgan Stanley’s 2024 proxy statement documents shareholder debate concerning corporate political activities, lobbying disclosures and oversight of political contributions.⁵

The reviewed 2024–2026 proxy disclosures do not establish a company-specific shareholder proposal requesting Israel-Palestine due diligence that Morgan Stanley subsequently suppressed through litigation or employment sanctions.^{3, 4, 5}

Brand Heritage & State Partnerships

Brand heritage and commercial positioning

Morgan Stanley’s 2026 proxy describes an international financial-services institution with investment banking, securities, investment management and wealth-management activities; its documented contemporary institutional structure is that of a publicly traded financial-services firm.³

No public evidence identified in the reviewed corporate disclosures of a founding mandate requiring Morgan Stanley to advance Israeli national-security objectives or promote the Israeli settlement enterprise.^{3, 9}

Israeli government partnership

The Israeli Ministry of Finance’s May 2026 announcement identifies Morgan Stanley as a participant in a formal government-bond-market programme administered through the Accountant General.⁶

The acting entity was Morgan Stanley, the governmental counterparty was Israel’s Ministry of Finance, the beneficiary was Israel’s sovereign-debt market, and the public announcement was distributed through an external Israeli financial publication; the relationship was announced in May 2026, with operational commencement expressly conditional on completion of required procedures.⁶

Independent financial reporting confirmed the programme announcement and described the government’s objectives of improving liquidity and reducing financing costs.⁷

Israeli banking-sector relationship

Goldfarb Gross Seligman reported on 19 January 2026 that Morgan Stanley & Co. International plc was one of six international underwriters of Bank Hapoalim’s $2 billion bond offering.¹³

The acting legal entity was Morgan Stanley & Co. International plc, the beneficiary and issuer was Bank Hapoalim, the transaction channel was international debt underwriting, and the public evidence came from the underwriters’ Israeli legal adviser on 19 January 2026; the individual underwriting allocation and precise termination date of the engagement were not disclosed.¹³

The law firm’s announcement reported approximately $7 billion in investor demand and stated that the bonds were listed on TASE UP, the Tel Aviv Stock Exchange’s institutional trading platform.¹³

A separate Bank Leumi announcement dated 13 January 2026 identified Barclays, JPMorgan, Goldman Sachs and UBS as underwriters of its €750 million covered-bond transaction, and did not identify Morgan Stanley as an underwriter of that separate offering.¹⁴

Cultural sponsorships and state honours

No public evidence identified of a verified Morgan Stanley corporate sponsorship of an Israeli government public-relations campaign, a settlement-promotion event or a military-themed branding initiative in the reviewed material.^{3, 4, 5}

Lobbying, Advocacy, Financing & Logistics

Corporate political activity and lobbying

Morgan Stanley’s 2024 SEC proxy statement describes its policies concerning political contributions, the employee-funded political action committee, federal lobbying disclosures and trade-association participation.⁵

The 2025 proxy statement continued to describe board oversight of corporate political activities and related governance arrangements.⁴

Morgan Stanley’s 2026 SEC proxy identified Mitsubishi UFJ Financial Group, State Street, Vanguard and BlackRock as significant shareholders and disclosed ordinary-course financial transactions with those institutions or their affiliates during 2025.³

The acting entity for Morgan Stanley’s documented political-activity framework was Morgan Stanley, the institutional audience was shareholders and regulators, the disclosure channel was SEC filing, and the reviewed observations span the 2024, 2025 and 2026 proxy statements.^{3, 4, 5}

No public evidence identified in the reviewed proxy materials of a specifically documented Morgan Stanley lobbying campaign advocating Israeli settlement expansion, anti-BDS legislation or restrictions on Palestinian political advocacy.^{3, 4, 5}

Israeli sovereign financing

The Israeli Ministry of Finance announced Morgan Stanley’s entry into its government-bond primary-dealer programme in May 2026, explaining that the programme was designed to deepen government-debt-market liquidity and improve financing conditions.⁶

The Israeli announcement stated that primary dealers have obligations concerning participation in government-bond issuance and secondary-market trading, while noting that Morgan Stanley’s commencement would follow completion of the necessary procedures.⁶

The recipient and intended financial beneficiary was the State of Israel, the channel was a government securities market-making programme, and the verified announcement date was 12 May 2026; the retrieved evidence did not establish executed trade volumes, underwriting fees or the precise commencement date.^{6, 7}

Bank Hapoalim financing

Morgan Stanley & Co. International plc participated as one of the named global underwriters in Bank Hapoalim’s $2 billion international bond transaction announced on 19 January 2026.¹³

The beneficiary was Bank Hapoalim, the channel was international bond underwriting, and the evidence was published by Goldfarb Gross Seligman, which identified itself as counsel to the participating investment banks.¹³

Elbit Systems securities exposure

Morgan Stanley’s SEC Form 13F filings identify the firm as an institutional investment manager reporting securities holdings for the quarters ending 30 September 2025, 31 March 2026 and 30 June 2026.^{15, 16, 17}

FilingExplorer’s SEC-derived position history identifies Morgan Stanley’s reported Elbit Systems Ltd. holdings as 287,855 shares valued at approximately $146.75 million at 30 September 2025.¹⁸

At 31 December 2025, the same position-history database reports 212,250 shares of Elbit Systems with an estimated quarter-end value of $122.62 million.¹⁹

At 31 March 2026, the reported position was 164,226 shares valued at approximately $139.44 million, and at 30 June 2026 it was 169,101 shares valued at approximately $128.30 million.¹⁹

Stockzoa independently displays historical Morgan Stanley Elbit Systems holdings across earlier reporting periods, providing a second public data presentation of the relationship.²⁰

The reporting entity was Morgan Stanley, the security issuer was Elbit Systems Ltd., the channel was SEC Form 13F investment-holdings reporting, the public observation period includes 2023–2026, and the relationship remained present in the latest identified June 2026 quarter-end snapshot.^{19, 18, 17}

These quarter-end holdings establish reported securities exposure, while the filings and position-history summaries do not independently identify the ultimate economic beneficiaries of every managed position or establish that the shares were purchased directly from Elbit Systems in a primary issuance.^{17, 16, 15}

Public securities-market material also identifies Morgan Stanley as initiating analyst coverage of Elbit Systems in December 2025, a separate research activity from the reported institutional securities position.²¹

International human-rights scrutiny

The Business & Human Rights Resource Centre reported that it approached Morgan Stanley on 3 July 2024 concerning the UN experts’ call for investors to address relationships with arms manufacturers transferring weapons to Israel.¹

Its company-specific record states that Morgan Stanley had not responded as of the recorded July 2024 publication.¹

The Centre’s wider July 2024 announcement described investor outreach, responses and the concern that financial relationships with arms manufacturers could present human-rights risks.²

The acting organisation issuing the correspondence was the Business & Human Rights Resource Centre, the recipient was Morgan Stanley, the communication channel was direct outreach followed by public website reporting, and the relevant dated observation period was July 2024; no verified subsequent Morgan Stanley response was established from the reviewed company-specific record.^{1, 2}

Military-welfare and settlement donations

No public evidence identified in the reviewed company-specific records of a direct Morgan Stanley corporate donation to the IDF, Friends of the Israel Defense Forces, JNF/KKL, Regavim, Im Tirtzu or a named Israeli settlement organisation.^{3, 4, 1}

No public evidence identified of an established Morgan Stanley corporate policy subsidising Israeli military reservist salaries beyond legally applicable employment obligations.^{3, 9, 8}

Crisis asset mobilisation

No public evidence identified of Morgan Stanley providing aircraft, military logistics, military software infrastructure or free operational services directly to Israeli military units during the Gaza conflict.^{9, 1, 2}

Constructive-notice chronology

The July 2024 Business & Human Rights Resource Centre correspondence preceded the International Court of Justice’s 19 July 2024 advisory opinion concerning Israel’s occupation of the Palestinian territory.^{1, 22}

Morgan Stanley’s documented 2025 Elbit Systems securities positions and January–May 2026 Israeli financial-sector and government-debt relationships occurred after July 2024 and after the November 2024 ICC arrest warrants.^{13, 19, 18, 6}

The records establish the chronology of the disclosed financial relationships but do not establish any individual’s knowledge, intention or legal culpability.^{3, 13, 19}

Morgan Stanley Global Impact Funding Trust Inc. (MS GIFT; EIN 52-7082731), a Morgan Stanley-branded donor-advised charitable fund sponsor, reported a $1,739,995 grant paid to Friends of the Israel Defense Forces (FIDF; EIN 13-3156445) during fiscal year 2024. The IRS Form 990 Schedule I-derived record identifies the recipient as Friends of the Israel Defense Forces, New York, NY, specifies the purpose as “UNRESTRICTED GENERAL SUPPORT,” and identifies IRS filing 202503239349300435. The exact amount, recipient and purpose are independently reproduced in the public grant database maintained by InfluenceWatch. ProPublica confirms the trust’s fiscal-year-end December 2024 filing and its donor-advised-fund status. The grant is therefore supported by multiple public presentations of IRS-derived records, although the original Schedule I grant row could not be independently inspected because direct filing downloads returned access errors.^{23, 24, 25}

MS GIFT’s published 2022 Grantee Guidelines establish that its grantmaking programme operates through donor-advised funds. Donors or grant advisors recommend charitable recipients, while MS GIFT reviews and approves grant requests. The guidelines state that grants are generally unrestricted unless the trust instructs otherwise in writing, that recipient charities retain discretion over the application of unrestricted funds, and that contributions become the legal property of MS GIFT when donated. The guidelines also identify Morgan Stanley Smith Barney LLC as providing investment-management services and RenPSG as an unaffiliated charitable gift administrator. Consequently, the documented FIDF grant is consistent with donor-recommended charitable giving administered through MS GIFT. The available grant-level disclosure does not independently identify the recommending donor, establish whether the recommendation originated with an individual or institutional donor, or disclose the trust’s specific approval deliberations concerning FIDF.^{25, 26}

Fiscal year 2024 - no public evidence identified establishing that the $1,739,995 FIDF grant originated from Morgan Stanley corporate funds, was funded through a corporate charitable-giving budget, or resulted from a Morgan Stanley corporate grant-selection decision. The trust’s IRS-derived grant disclosures, ProPublica filing information and published donor-advised-fund guidelines were examined for funding attribution and decision-making authority. These materials establish a grant by the legally distinct charitable trust and describe its donor-recommendation and approval framework, but do not identify the original source of the particular donated assets or the individuals responsible for recommending and approving this payment. The grant should therefore be attributed to MS GIFT without representing it as a verified direct Morgan Stanley corporate donation or independently established corporate endorsement of FIDF.^{23, 25, 26}

Corporate Structure & Primary Mission

Legal identity and organisational structure

Morgan Stanley is a publicly traded financial-services company whose 2026 SEC proxy identifies a substantial external shareholder base and a board-led corporate governance structure.³

The company’s SEC Exhibit 21 for the year ended 31 December 2025 identifies significant subsidiaries, including Morgan Stanley & Co. LLC, Morgan Stanley Bank, N.A., Morgan Stanley Investment Management Inc., Morgan Stanley & Co. International plc and Morgan Stanley MUFG Securities Co., Ltd.⁹

The exhibit explicitly excludes certain smaller subsidiaries under SEC significance thresholds, meaning its published entity list is not an exhaustive ownership chart.⁹

Major shareholders

Mitsubishi UFJ Financial Group, Inc. was the only shareholder identified above the 10% threshold in the 2026 proxy statement, with 380,010,887 shares representing 24.0% of Morgan Stanley common stock.³

The same disclosure identified State Street at 7.2%, Vanguard at 6.9% and BlackRock at 5.7%, based on the filing’s disclosed reference dates and beneficial-ownership information.³

The proxy identified MUFG-designated directors and described the shareholder relationship under an investor agreement.³

Foundational mandate

Morgan Stanley’s SEC filings identify commercial banking, securities, investment-management and related financial-services activities, without establishing an explicit corporate founding mandate to advance Israeli geopolitical objectives.^{3, 9}

No public evidence identified in the reviewed charter and governance disclosures of an Israeli state-held golden share or Israeli government contractual veto over Morgan Stanley’s corporate strategy.^{3, 4}

Integrated entities and entity-specific searches

The following records identify each group entity considered in the reviewed subsidiary disclosures and transaction evidence; a negative result means that the reviewed sources did not establish a separate Israel-Palestine political act for that specific legal entity.⁹

• Morgan Stanley - listed parent and reporting investment manager; searched for Israeli government financing, defence-industry holdings, lobbying and political communications; sovereign-debt programme admission, Elbit securities exposure and human-rights correspondence identified.^{6, 19, 1}
• Mitsubishi UFJ Financial Group, Inc. - 24.0% shareholder; searched for Israel-related political and institutional relationships; its Morgan Stanley ownership and director-designation relationship were established, while no separately attributable Morgan Stanley political act by MUFG was established.³
• Morgan Stanley & Co. International plc - UK subsidiary; searched for Israeli underwriting and institutional financing; identified as a Bank Hapoalim bond underwriter in January 2026.^{9, 13}
• Morgan Stanley & Co. LLC - US subsidiary; searched for Israel-specific political activity and financing; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Bank, N.A. - US banking subsidiary; searched for Israel-specific political activity, settlement finance and donations; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Investment Management Inc. - investment-management subsidiary; searched for Israel-specific political acts and institutional holdings; group-level 13F positions were identified, but a separate political act attributable to this legal entity was not established.^{9, 17}
• Morgan Stanley MUFG Securities Co., Ltd. - Japanese group entity; searched for Israel-specific government financing and advocacy; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley International Limited - UK group entity; searched for Israeli financing, lobbying and advocacy; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Europe SE - German group entity; searched for Israel-related financing and political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Bank AG - German group entity; searched for Israel-specific transactions and political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Capital Management, LLC - US group entity; searched for Israel-specific transactions and political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Capital Group Inc. - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Capital Services LLC - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Private Bank, National Association - US group entity; searched for Israel-specific financing and political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Smith Barney LLC - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Finance LLC - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Holdings LLC - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley International Holdings Inc. - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Japan Holdings Co., Ltd. - Japanese group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Investments (UK) - UK group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Investment Management Limited - UK group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Domestic Holdings, LLC - US group entity; searched for Israel-specific political activity; searched, none found in the reviewed entity-specific evidence.⁹
• Morgan Stanley Israel Limited - Israeli operating company identified through the firm’s historical office information and independently corroborated at the level of Morgan Stanley’s Israeli workforce; the reviewed SEC significant-subsidiary exhibit did not independently establish its complete ownership chain or settlement presence.^{9, 8}

Executive & Leadership Footprint

Leadership and board composition

Morgan Stanley’s 2026 proxy identifies Edward “Ted” Pick as Chairman and Chief Executive Officer and provides the directors, executive officers, ownership disclosures and board-governance arrangements used for this review.³

The firm’s 2025 proxy documents the preceding governance period following James Gorman’s retirement from the executive chairmanship.⁴

The 2026 proxy identifies MUFG-linked board representation and describes the relevant investor-agreement arrangements.³

Named leadership searches

The following individual records cover Israel-Palestine political statements, Israeli military-welfare donations, settlement-organisation involvement, defence-industry affiliations and relevant advocacy relationships; where no qualifying act is identified, the finding is limited to the materials reviewed and does not represent proof of absence.^{3, 27, 28}

• Edward “Ted” Pick - Chairman and CEO; reviewed for Israel-Palestine statements, military-welfare donations, settlement advocacy and relevant institutional affiliations; searched, none found establishing a qualifying personal political act.³
• James P. Gorman - former CEO and Executive Chairman; reviewed for Israel-Palestine advocacy, military-welfare philanthropy and relevant foundation activity; searched, none found establishing a qualifying personal political act.⁴
• Thomas H. Glocer - independent lead director; reviewed for regional advocacy, military-welfare donations and institutional relationships; searched, none found establishing a qualifying personal political act.³
• Andrew M. Saperstein - senior executive; reviewed for regional advocacy, political contributions and military-welfare philanthropy; searched, none found establishing a qualifying personal political act.³
• Daniel A. Simkowitz - senior executive; reviewed for regional financial relationships, public advocacy and political donations; searched, none found establishing a qualifying personal political act.³
• Sharon Yeshaya - senior executive; reviewed for Israel-Palestine statements, charitable contributions and political affiliations; searched, none found establishing a qualifying personal political act.³
• Eric F. Grossman - senior executive; reviewed for regional advocacy, political affiliations and donations; searched, none found establishing a qualifying personal political act.³
• Jami Miscik - director; reviewed for defence and intelligence backgrounds, Israel-Palestine advocacy and relevant institutional affiliations; the 2026 proxy establishes board service and professional background, but no qualifying Israel-specific political act was established.³
• Hironori Kamezawa - MUFG-linked director; reviewed for Israel-specific political activity and advocacy; the shareholder-governance relationship was established, with no qualifying personal act established.³
• Yasushi Itagaki - MUFG-linked director; reviewed for Israel-specific advocacy and political activity; no qualifying personal act was established.³
• Masato Miyachi - MUFG-linked director identified in the 2026 proxy; reviewed for Israel-specific political activity; no qualifying personal act was established.³
• Megan Butler - director; reviewed for Israel-Palestine advocacy and donations; searched, none found establishing a qualifying personal political act.³
• Lynn J. Good - director; reviewed for Israel-Palestine advocacy and military-welfare philanthropy; searched, none found establishing a qualifying personal political act.³
• Robert H. Herz - director; reviewed for regional advocacy and philanthropy; searched, none found establishing a qualifying personal political act.³
• Erika H. James - director; reviewed for regional advocacy, institutional affiliations and donations; searched, none found establishing a qualifying personal political act.³
• Shelley B. Leibowitz - director; reviewed for defence-sector affiliations, regional political advocacy and donations; searched, none found establishing a qualifying personal political act.³
• Dennis M. Nally - director; reviewed for regional political advocacy and philanthropic relationships; searched, none found establishing a qualifying personal political act.³
• Douglas L. Peterson - director; reviewed for institutional affiliations, Israel-Palestine advocacy and political donations; searched, none found establishing a qualifying personal political act.³
• Mary L. Schapiro - director; reviewed for regional political affiliations, advocacy and philanthropy; searched, none found establishing a qualifying personal political act.³
• Perry M. Traquina - director; reviewed for Israel-specific political activity and military-welfare donations; searched, none found establishing a qualifying personal political act.³
• Rayford Wilkins, Jr. - director; reviewed for regional advocacy, political affiliations and donations; searched, none found establishing a qualifying personal political act.³

Principal shareholder and personal-control review

Mitsubishi UFJ Financial Group, Inc. held 24.0% of Morgan Stanley’s disclosed common stock in the 2026 proxy, while the company’s directors and named executive officers individually held substantially smaller positions.³

The 2026 proxy identifies MUFG director-designation rights, but the reviewed records did not establish a named personal or family-office vehicle holding more than 10% of Morgan Stanley common equity.³

No public evidence identified establishing that Ted Pick, James Gorman or another named Morgan Stanley controlling principal personally financed FIDF, the IDF, JNF/KKL, Regavim or an identified settlement-support organisation.^{3, 4}

Leadership statements and institutional affiliations

The 2026 SEC proxy describes the directors’ professional qualifications and other institutional affiliations, including business, financial-services, academic and public-policy experience.³

No public evidence identified in the reviewed leadership disclosures of a current Morgan Stanley director holding a named official leadership position in AIPAC, an IDF military-welfare body or an Israeli settlement-advocacy organisation on behalf of Morgan Stanley.^{3, 27}

Temporal status

The 2026 proxy provides the principal corporate governance and ownership snapshot used for the October 2026 research date, while the 2024 and 2025 proxy statements establish the preceding governance history.^{3, 4, 5}

The securities-holdings history establishes continuing reported Elbit Systems exposure through 30 June 2026, and the Israeli sovereign-debt announcement establishes a subsequent government-financing relationship announced in May 2026.^{19, 6}

No verified cessation announcement was identified for the January 2026 Bank Hapoalim transaction relationship, the reported June 2026 securities exposure or the announced May 2026 government primary-dealer relationship; their respective contractual and operational end dates therefore remain unknown.^{13, 19, 6}