The decision, announced late on Tuesday, comes after the fund’s ethics watchdog, the Council on Ethics, adopted a new, tougher interpretation of ethics standards for businesses that aid Israel’s operations in the occupied Palestinian territories.
The $1.8-trillion fund has been an international leader in the environmental, social and governance (ESG) investment field. It owns 1.5% of the world’s listed shares across 8,700 companies, and its size gives it influence.
It is the latest decision by a European financial entity to cut back links to Israeli companies or those with ties to the country, as pressure mounts from foreign governments to end the war in Gaza.
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“The company, through its physical presence and provision of telecom services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements, which are illegal under international law,” the sovereign wealth fund’s watchdog said in its recommendation to divest.
“By doing so the company is itself contributing to the violation of international law.”
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