Please ensure Javascript is enabled for purposes of website accessibility
Norway Fund Excludes Companies Operating in West Bank
gvw_ap_news
By Associated Press
Published 4 years ago on
July 6, 2021

Share

COPENHAGEN, Denmark — Norway’s largest pension fund said it has divested itself of 16 companies that operate in Israeli settlements in the occupied West Bank.

Oslo-based KLP, which manages more than 300 billion kroner ($35 billion), said that after attempting to talk with the companies, it sold shares and bonds valued at 275 million kroner ($32 million).

“There is an unacceptable risk that the excluded companies will contribute to the violation of human rights in war and conflict situations through their connection to the Israeli settlements in the occupied West Bank,” senior analyst Kiran Aziz said in a statement Monday.

All 16 companies appeared on a list published by the United Nations last year of 112 companies it said were complicit in violating the human rights of Palestinians by operating in the West Bank.

As of June 2021, KLP won’t do business with companies including those in banking, construction, infrastructure and telecommunications in the West Bank. Among them are Motorola Solutions and French power and transportation company Alstom SA. Messages seeking comment were left with both companies.

Human Rights Violations

Aziz said banks are on the list because they finance housing construction and contribute to the development, expansion or maintenance of the settlements, and construction companies because of their deliveries of materials and infrastructure. The exclusion of the telecommunications companies is because communication services are considered basic infrastructure for modern societies.

“The companies have a responsibility to respect and protect human rights in all countries in which they operate, regardless of whether the state itself respects these rights,” Aziz said in the statement. “Conflict can involve a particularly high risk of human rights violations.”

There was no immediate Israeli reaction, but Israel has critiqued the UN list as biased and even antisemitic.

Last month, KLP excluded Myanmar-linked company AdaniPorts and SpecialEconomicZone on the basis of their affiliation with Myanmar’s military breach of the fund’s responsible investment policy. Two years ago, it excluded British security company G4S from investments, saying the group was operating in countries such as Qatar and United Arab Emirates where there is a risk of violating international labor norms.

Aziz said KLP had contacted the affected companies to create a dialogue but that did not yield results. Only Alstom was willing to meet, but maintained that its activity in the occupied territories does not contribute to violations of international law, Aziz said.

Israeli Settlements in East Jerusalem

Israel captured the West Bank, along with east Jerusalem and the Gaza Strip, in the 1967 Mideast war. Today, some 500,000 Israeli Jews live in West Bank settlements, in addition to roughly 200,000 settlers in east Jerusalem.

The Palestinians claim all three territories for a future independent state. The international community widely considers the settlements illegal and obstacles to peace.

KLP did not take a position on Israeli settlements in east Jerusalem.

Israel annexed the area after the 1967 war and considers it part of its capital, but the annexation is not internationally recognized. Israel withdrew from Gaza in 2005.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

UP NEXT

Mexico’s Sheinbaum Urges US to Avoid Immigration Action at LA Soccer Game

Fresno Shooting Leaves Man Dead Near Griffith and Hughes

16 hours ago

Iran and Israel Say a New Wave of Iranian Missile Attacks Has Begun. Explosions Heard Over Jerusalem

16 hours ago

Vacant Fresno Restaurant Heavily Damaged in Early Morning Fire

An early morning fire caused significant damage to a vacant restaurant building in Fresno, the Fresno Fire Department reported.   ...

15 hours ago

A vacant Fresno restaurant was heavily damaged in a fire early Friday, June 13, 2025, morning, with no injuries reported and the cause under investigation. (Fresno FD)
15 hours ago

Vacant Fresno Restaurant Heavily Damaged in Early Morning Fire

15 hours ago

Visalia Police Make Arrest in Deadly Hit-and-Run

Michael Sanchez, 30, a Madera County inmate, who failed to return from a funeral day-pass was arrested Friday after a police chase and crash involving children. (Madera County SO)
16 hours ago

Madera County Inmate Arrested After Chase and Crash With Kids in Car

16 hours ago

Fresno Shooting Leaves Man Dead Near Griffith and Hughes

Israeli Iron Dome air defense system fires to intercept missiles over Tel Aviv, Israel, Friday, June 13, 2025. (AP Photo/Tomer Neuberg)
16 hours ago

Iran and Israel Say a New Wave of Iranian Missile Attacks Has Begun. Explosions Heard Over Jerusalem

A man in his 80s was found dead in Bass Lake on Friday, June 13, 2025, morning while attempting to launch a boat, authorities said. (Madera County SO)
16 hours ago

Man Found Dead in Bass Lake, Cause Under Investigation

U.S. Marines detain a person outside the Wilshire Federal Building after Marines were deployed to Los Angeles, as protests against federal immigration sweeps continue, in Los Angeles, California, U.S. June 13, 2025. (Reuters/Aude Guerrucci)
17 hours ago

US Marines Carry out First Known Detention of Civilian in Los Angeles, Video Shows

17 hours ago

Tensions Boil Between Arias and Dem Congressmembers

Help continue the work that gets you the news that matters most.

Search

Send this to a friend