Norway's Global Pension Fund Boycotts Three Israeli Partner Companies

Oslo, MINA – Norges Bank has decided to boycott three companies from the Norwegian Global Pension Fund because of their role in the businesses of Israeli settlement companies in the occupied Palestinian West Bank.

The official statement of Norges Bank recently reported the Executive Board has decided to exclude the companies Elco Ltd, Ashtrom Group Ltd, and Electra Ltd, Wafa reported on Sunday.

The three companies were boycotted because of the unacceptable risk that the company was contributing to the systematic violation of individual rights in situations of war or conflict under the Companies Observation and Exclusion Guidelines from the Global Government Pension Fund.

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The decision was based on a recommendation from the Ethics Council on March 15, 2021, which recommended Norges Bank to boycott the company based on the company’s activities related to Israeli settlements in the West Bank, the statement said.

Previously, the governing body of Norway’s largest state investment fund, on Monday 5 July 2021, announced it had divested its holdings in 16 companies linked to Israeli colonial settlements in the West Bank, including telecommunications equipment giant Motorola. (T/RE1)

Mi’raj News Agency (MINA)