Divestment
Institutional investors including the Presbyterian Church USA and the United Methodist Church (UMC), the Dutch pension fund PGGM and the Norwegian, Luxembourg and New Zealand governments have divested from companies over their role in Israeli violations of international law. Major European private banks including Nordea and Danske Bank and wealthy individuals including George Soros and Bill Gates have also divested from BDS targets.
Public Sector Pensions Divestment
The activities of pension schemes, including its investment portfolio can be an important point of pressure to encourage companies to divest from Israel. Pensions contributions are deferred wages and members of schemes have a say in their investment strategies. We also recognise that many members are also concerned that their deferred wages are well invested in companies that don’t undermine basis human rights. There have been successful examples of pension scheme divestment which have been undertaken without any impact on the overall financial viability of pension schemes. Divestment activity must be led by members supported by their union. Unison’s guide to pensions divestment can be found here. [Link]
Current Divestment Targets
- AXA Insurance Company (Link)
- Elbit Systems (Link)
- Volvo (Link)
- JCB (Link)
- Chevron (Link)
- Barclays (Link)
- TKH Security (Link)
- HIKVision (Link)
- CAF (Link)
- CAT (Link)
- HD Hyundai(Link)
Barclays
Research has uncovered that Barclays bank now holds over £2 billion in shares, and provides £6.1 billion in loans and underwriting, to 9 companies whose weapons, components and military technology are being used by Israel in its attacks on Palestinians.
This includes investing £100 million in General Dynamics, which produces the gun systems that arm the fighter jets used by Israel to bombard Gaza. As well as investing in Elbit Systems, which produces armoured drones, munitions and artillery weapons used by the Israeli military. By providing investment and financial services to these arms companies, Barclays is facilitating the provision of weapons and technology for Israel’s attacks on Palestinians. The call of the BDS movement is for people and organisations to boycott all Barclays services until the bank ends its grave complicity in Israel’s attacks on Palestinians.
AXA
An insurance company should protect lives, not destroy them. AXA’s investment in Israeli banks that finance Israel’s illegal settlements makes it complicit in grave violations of international law. Although AXA is a signatory of the UN Global Compact, it doesn’t comply with its principles. Israeli banks help create, sustain and grow illegal Israeli settlements, considered war crimes under international law. The French insurer promotes its ethical guidelines, while violating them by investing in Israeli banks that finance the illegal settlements. AXA has a global responsible investment policy, including “sector guidelines” addressing “controversial weapons” and countries that pose a “political risk”. Israel fist this criteria.
