The $20 billion New Zealand Superannuation Fund has excluded three Israeli companies from its portfolio on ethical grounds because of their involvement in illegal settlements and its security wall.
The fund's investments in the firms were insubstantial. Some $9744 was held in Africa Israel and its subsidiary Danya Cebus, which had been involved in building Israeli settlements in the Occupied Palestinian Territories.
Shikun & Binui, of which the fund held $19,898 of shares, was also excluded because of its involvement in building settlements.
The fund held $36,532 in another firm, Elbit Systems, which was excluded because of its involvement in the construction of the separation barrier in the Occupied Palestinian Territories, which Israel built as a protection against terrorist attacks and the fund cited as being illegal under international law.
"Findings by the United Nations that the separation barrier and settlement activities were illegal under international law were central to the fund's decision to exclude the companies," says the fund's manager for responsible investment, Anne-Maree O'Connor, in a statement.
"The fund also factored in votes by New Zealand for UN Security Council resolutions demanding the cessation and dismantling of the separation barrier, and the cessation of Israeli settlement activities in the Occupied Palestinian Territories," she says.
All three stocks were held passively in the fund's global equity portfolio, which is managed externally and includes shares in more than 6500 companies around the world, the Super Fund said.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Carter Holt Harvey draws councils into leaky school claim
- Crown argues it has power to revoke status of conservation land in Ruataniwha appeal
- MARKET CLOSE: NZ shares gain on Metlifecare result
- Bill English: Drug abuse preventing young kiwis from working
- Spark partners with Netflix to boost flagging broadband share
Most listened to
- New EO on regulations while cyber and ISIS fight to get boost, on Trump’s Beltway
- NZ's strong economy behind another record high migration figure
- Metlifecare's Glen Sowry on trying to be different from the competition
- Vector CEO Simon Mackenzie on how investment is subduing today's profits
- Villa Maria chief winemaker Nick Picone says the next few weeks' weather will determine the quality of this year's vintage