Norway’s $2 trillion wealth fund, the world’s largest, said on Monday it has divested from US construction equipment group Caterpillar, opens new tab as well as five Israeli banking groups on ethics grounds.
The five banks are Hapoalim, Bank Leumi, Mizrahi Tefahot Bank , First International Bank of Israel, and FIBI Holdings, the fund said in a statement.
The six groups were excluded “due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict”, said the fund, which is operated by Norway’s central bank.
The fund’s ethics watchdog, called the Council on Ethics, said that “in the council’s assessment, there is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law”.
Prior to its divestment, the fund held a 1.17% stake in Caterpillar valued at $2.1 billion as of 30 June, its records showed.
The stakes in the five Israeli banks were valued at a combined $661 million, also as of 30 June, according to fund data.
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