Norway’s $1.3 trillion wealth fund has decided to exclude two companies associated with the Israeli settlements in the West Bank, in a statement Wednesday.
The Norges Bank has decided “to exclude the companies Shapir Engineering and Industry Ltd and Mivne Real Estate KD Ltd due to unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations or war or conflict…from the Government Pension Fund Global.”
The independent Council on Ethics has advised the move on the basis that Shapir is engaged in the construction of homes in Israeli settlements in the West Bank while Mivne is engaged in letting industrial real estate linked to the settlements.
In its recommendation for Shapir, the Council said that, “the Israeli settlements in the West Bank have been built in violation of international law and that their existence and constant expansion causes significant harm and disadvantage to the area’s Palestinian population.”
They stated that Mivne’s “letting of buildings constructed in violation of international law contributes to the continuation of an illegal state that their construction once initiated.”
The wealth fund has also excluded Japanese Honeys Holdings Co Ltd after considering workers’ rights at two of its factories in Myanmar.