The Norway Sovereign Wealth Fund, with assets totaling $2 trillion and recognized as the largest sovereign wealth fund globally, announced on Monday that it has ceased investments in the American company Caterpillar and five Israeli banks for ethical reasons, according to a report by Reuters cited by webangah News Agency.
The Israeli banks removed from the fund’s investment list include Hapoalim, Leumi, Mizrahi Tefahot, First International Bank of Israel, and Fibi Holdings.
Managed by Norway’s central bank, the fund stated these six entities were excluded due to an “unacceptable risk of contributing to serious violations of individuals’ rights under conditions of war and conflict.”
Caterpillar and three Israeli banks-hapoalim, First International Bank of israel, and Leumi-have not responded to email requests for commentary on Norway’s decision. Additionally, Mizrahi Tefahot and Fibi Holdings were inaccessible outside regular business hours.
According to fund data as of June 30th, before divesting from Caterpillar shares valued at $2.1 billion-which represented 1.17% ownership-the Norway fund held a combined total valuation of $661 million in shares across the five Israeli banks.
The fund’s Ethics Council emphasized that there is there’s no doubt whatsoever products made by Caterpillar are used in committing widespread and systematic violations of international humanitarian law.
This move comes two weeks after Norway’s Finance Minister stressed that the national wealth fund should not invest in companies linked to occupations in the West Bank or involved in the Gaza conflict.
The minister also indicated expectations for further actions from the sovereign wealth fund following Monday’s announcement concerning investments tied to Israel.
Nikolai Tangen,head of Norges Bank Investment Management which oversees this sovereign wealth fund,previously described this action as extraordinary amid what he called a dangerous humanitarian crisis unfolding in Gaza.
Tangen added that divestment had already been made from Israel’s Beit Shemesh company with more likely removals expected among firms operating within occupied territories.
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