Norway's giant wealth fund drops Israeli telecom over West Bank connections
Norwayʼs $1.8 trillion wealth fund sold its stake in Israels biggest telecom company due to its West Bank operations. This move follows the funds new-strict policy on companies working in occupied territories
Norways sovereign wealth fund (the worlds biggest with $1.8 trillion in assets) has made a ground-breaking decision about its mid-east investments. The fund completely removed Bezeq – Israels top telecom provider from its portfolio
The funds ethics-watchdog made this choice because Bezeq helps Israeli settlements in the West Bank: providing phone and internet services there which goes against global rules. “These settlements dont follow international laws and Bezeq helps them work“ the watchdog explained in its mid-december report
The fund had already cut-down its Bezeq investment from 2.2% to less than 1% (worth about $23.7 million) in early-2023; now its gone completely. This comes after the watchdogs new super-strict rules from last summer that look at how companies work in occupied areas
The wealth fund owns parts of many companies worldwide:
- Has shares in 8700 different businesses
- Controls 1.5% of all stocks globally
- Already stopped investing in 9 other companies working in occupied areas
- Looks closely at how companies affect occupied territories
This choice fits with what other money-managers in Europe are doing – many are taking another look at their Israel-connected investments. The watchdog says its checking more companies now; so dont be surprised if there are more changes coming up
