In a significant move underscoring its commitment to ethical investment practices, the Norwegian Sovereign Wealth Fund has decided to withdraw its $1.41 billion investment from Bezeq, Israel’s largest telecommunications company. This decision follows the company’s involvement in providing services to Israeli settlements in the occupied West Bank, an area considered under international law to be occupied territory.
The withdrawal was made through the sale of the Fund’s shares in Bezeq, reflecting a clear stance against activities that violate international law. The decision is rooted in a new interpretation by the Ethics Council of the Fund, which now regards Bezeq’s services to these settlements as supporting the continuation of illegal activities in Palestinian territories.
The Norwegian Sovereign Wealth Fund, which manages assets worth over $1.7 trillion, had investments totaling 16 billion Norwegian kroner (about $1.41 billion) in Israel as of June 2024. These investments span across various sectors, including real estate, energy, and telecommunications. This withdrawal aligns with the Fund’s broader strategy of ensuring its investments adhere to international legal standards and ethical guidelines.
The move by the Fund highlights the growing influence of ethical investing on global financial markets, particularly in sovereign wealth funds, and underscores the increasing focus on human rights and international law in investment decision-making processes.