Norway’s Largest Pension Fund Divests From 16 Companies Working in Settlements

The largest pension fund in Norway, KLP, has divested itself from 16 companies for doing business in Israeli settlements in the West Bank, selling off nearly $32 million in shares of the companies because, according to a statement issued on Monday by the fund, their activities in the settlements violate the company’s ethical guidelines as well as international law.

The companies include Motorola and Altice Europe, three telecom and communications companies, five Israeli banks and two energy companies.  The companies all appear on the blacklist of companies that have links to West Bank settlements made public last year by the UN High Commissioner for Human Rights.

“Our assessment is that there is an unacceptable risk that the excluded companies will contribute to human rights violations in war and conflict situations through their connection to the Israeli settlements in the occupied West Bank. This is anchored in the rules on occupation in the Hague Regulations and the Fourth Geneva Convention, senior analyst at KLP Kapitalforvaltning, Kiran Aziz, said in the statement.

In May, Norway’s sovereign wealth fund disinvested from two companies involved in construction and real estate in the West Bank.