Norway’s sovereign wealth fund, which reportedly invests about $2 trillion, divested in recent days from 11 Israeli companies it says do not meet its “equity benchmark.” More than that, it plans to move the other 50 companies in which it invests in-house, Norges Bank Investment Management announced on Monday.
“We are terminating contracts with external managers in Israel,” it said.
Fund managers have divested from Israeli companies before, citing what they said were “particularly serious violations of fundamental ethical norms” and “serious violations of individuals’ rights in situations of war or conflict,” among other issues. It also excludes those who produce tobacco or nuclear weapons.
The 11 Israeli companies the fund cut off are guilty of “serious norm violations associated with business operations in the West Bank,” it said.
When asked about those violations, the bank directed JNS to a press release, adding that information about “additional measures” would be provided once finalized.
“These measures were taken in response to extraordinary circumstances,” stated Nicolai Tangen, CEO of Norges Bank Investment Management. “We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.”
Maram Stern, executive vice president of the World Jewish Congress, told JNS that this decision is “rooted in anti-Israel bias and blames Israel for a war that Hamas started and has exacerbated by withholding aid from their own civilians.”
He said, “Norges Bank’s decision to single out Israel for condemnation does nothing to address the humanitarian crisis in Gaza, where Hamas still holds 50 hostages, or bring the region toward a peaceful future. We urge Norges Bank to reconsider this reckless decision and not add to a climate of hostility for Israeli businesses.”
At the end of the 2024 fiscal year, the fund’s investment in the State of Israel totaled about $216 billion in 65 companies, representing 0.1% of its investments.
