KLP Excludes Companies Linked to Israeli Settlements
Date: [Insert Date]
The Norwegian pension fund, KLP, has announced that it will exclude 16 companies with ties to Israeli settlements in the West Bank from its investment portfolio effective June 2021.
Background
According to a report released by KLP, the excluded companies are involved in various sectors including construction and engineering, banking, telecommunications, integrated oil and gas, renewable energy, and technology hardware. These companies have been linked to human rights violations and breaches of international law.
Excluded Companies
The following 16 companies will be excluded from KLP’s investment portfolio:
- ALSTOM SA
- ASHTROM GROUP LTD
- ELECTRA LTD
- BANK HAPOALIM BM
- BANK LEUMI LE-ISRAEL
- FIRST INTL BANK ISRAEL
- ISRAEL DISCOUNT BANK
- MIZRAHI TEFAHOT BANK LTD
- ALTICE EUROPE NV
- BEZEQ THE ISRAELI TELECOM CO
- CELLCOM ISRAEL LTD
- PARTNER COMMUNICATIONS CO
- DELEK GROUP LTD
- ENERGIX RENEWABLE ENERGIES
- PAZ OIL CO LTD
- MOTOROLA SOLUTIONS INC
Reasons for Exclusion
KLP has conducted due diligence on these companies and found that they contribute to the violation of international law through their activities in the occupied territory. The fund has also contacted all concerned companies, but only Alstom SA has agreed to meet with KLP and provided a response.
Alstom SA claimed that it does not contribute to the violation of international law through its activities in the West Bank. However, KLP’s investigation found that the company is involved in light rail infrastructure projects in the region.
Energix Renewable Energies, one of the excluded companies, informed KLP that it has withdrawn from its operations in the West Bank. However, the company also revealed plans to launch a wind power project on the occupied Golan Heights, which the UN considers a violation of international law.
Based on KLP’s due diligence criteria, the future risk of human rights violations is considered too high for the fund to consider re-including Energix in its investments.
Compliance with Ethical Guidelines
The exclusions are part of KLP’s efforts to comply with its ethical investment guidelines and avoid any involvement in activities that violate human rights or international law.
“The exclusion of these companies is necessary to ensure that our investments do not contribute to violations of human rights or international law,” said [Name], CEO of KLP. “We will continue to monitor the situation and take appropriate action to ensure that our investments are aligned with our values and ethical guidelines.”
Effective Date
The exclusions are effective from June 2021, and KLP will continue to monitor the situation and take appropriate action to ensure that its investments are aligned with its values and ethical guidelines.