Norway wealth fund divests from Israel's Bezeq for providing telecoms services to West Bank settlements

Gwladys Fouche - Reuters - 04/12
Norway's sovereign wealth fund, the world's largest, has sold all of its shares in Israel's Bezeq as it provides telecoms services to the Israeli settlements in the occupied West Bank, it said late on Tuesday.
  • Norway fund is world's largest sovereign wealth fund
  • Companies active in occupied territories were under review
  • First divestment announced since sharpened policy adopted
OSLO, Dec 4 (Reuters) - Norway's sovereign wealth fund, the world's largest, has sold all of its shares in Israel's Bezeq (BEZQ.TA), opens new tab as it provides telecoms services to the Israeli settlements in the occupied West Bank, it said late on Tuesday.
The decision to divest 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 carries influence.
Bezeq is Israel's largest telecoms group. It did not reply immediately to a request for comment.
"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 fund's watchdog said in its recommendation to divest.
"By doing so the company is itself contributing to the violation of international law," it added.
The watchdo...
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