Norway’s $1.9 trillion sovereign wealth fund, one of the world’s largest, is closely reviewing investments made in five Israeli banks due to their involvement with financing housing projects within settlements in the occupied West Bank. The review conducted by its Council on Ethics could result in divestments totaling up to $500 million from those holdings. For more information visit: reuters.com; en.wikipedia; tradingview; or reuters; +11 The Council is investigating how Hapoalim, Bank Leumi, Israel Discount Bank, Mizrahi Tefahot and First International Bank of Israel provide financial guarantees to settlers that protect their investments if construction companies default. Such practices could potentially contribute to illegal settlement expansion under international law and thus are under scrutiny for possibly encouraging further settlement expansion. Reuters.com/+1 @ Arab News for details At the end of 2024, the fund held approximately 5 billion Norwegian crowns ($500 million), an increase of 62% year-on-year and raising concerns regarding exposure to entities involved in contentious activities in occupied territories. Reuter.com/TimesofIsrael/2; Tradingview.com/2 and Finance.yahoo.com/8 each had similar reports with regard to this. +1 at 2024 the fund held approximately 5 billion Norwegian crowns ($500 million) invested in banks holding approximately 50% or more shares. At that point investors became alarmed about being exposed to entities engaging in contentious activity, such as banks holding shares associated with entities involved in contentious activity in occupied territories.finanzielle Yahoo Finance had five pages dedicated pages dedicated towards such investment growth trt/global/815 Norway’s Ministry of Finance established the Council on Ethics to oversee investment decisions that meet ethical guidelines set out by Parliament. While the Council has previously recommended divesting from companies directly linked with settlement activities such as Paz Retail and Energy and Bezeq, such as Airbnb and Booking.com despite being listed there. Their rationale being these companies do not have significant influences over ethical violations committed therein. ft.com arabnews.com +13, tradingview.com, en.wikipedia.org +13 and Reuters +13 all have news reuters + 13 presstv +13 presstv +13 presstv +13 presstv +13 presstv +13 for more. Pro-Palestinian activists have strongly criticized Norway’s Council of Ministers’ approach, alleging that their threshold for divestment is set too high and calling for a wider boycott of companies operating in occupied territories. But Norway’s parliament is likely to uphold their current selective approach focusing on companies involved in unethical practices rather than adopt a blanket boycott similar to Russia 2022 divestment. timesofisrael.com +3 and reuters.com for details +3 This ongoing review illustrates the Fund’s dedication to ethical investment practices and responsiveness to international legal standards surrounding Israel-Palestine conflict. As circumstances evolve, its Council on Ethics assesses portfolio compliance with ethical guidelines set out for them by the fund.
