Category: Ethics
NZ Super says banks’ financing of Israeli settlements ‘inconsistent’ with UN Global Compact NZ Super says banks’ financing of Israeli settlements ‘inconsistent’ with UN Global Compact NZ Super says banks’ financing of Israeli settlements ‘inconsistent’ with UN Global Compact
New Zealand’s sovereign wealth fund NZ Super has announced that it has pulled its money from five Israeli banks over their financing of Israeli settlements in the Occupied Palestinian Territories.
The exclusions apply to: First International Bank of Israel, Israel Discount Bank, Bank Hapoalim, Bank Leumi and Bank Mizrahi-Tefahot.
The same five banks were divested by Dutch pension fund PFZW in 2014 – a decision that sparked a diplomatic incident at the time, including protests and the Israeli Government summoning a Dutch ambassador to “clarify” the decision.
NZ Super, which announced its decision yesterday, pointed to “credible evidence” that the banks are providing project finance for the construction of Israeli settlements in occupied Palestinian territiories.
“We believe that without the banks’ involvement, the settlement activity would not be proceeding at the scale seen in recent times,” it said in a statement on its website.
NZ Super …