KLP, Norway's largest pension fund, is divesting from 16 companies spanning telecoms, banking, energy and construction because of their ties to Israeli settlements in the West Bank.
According to Reuters, KLP considers the settlements a breach of international law and therefore risk making the pension fund complicit. KLP also said the settlements go against the fund’s ethical guidelines.
The list of companies excluded by KPL includes Alstrom and Motorola, whose video security and software was used in border surveillance. Telecom companies Bezeq and Cellcom Israel were also removed, along with banks such as Leumi.
“In KLP's assessment, there is an unacceptable risk that the excluded companies are contributing to the abuse of human rights in situations of war and conflict through their links with the Israeli settlements in the occupied West Bank,” said KLP in a statement.
KLP said it has sold NOK 275 million ($32 million) of shares in the comp
