Norway’s Finance Ministry has expelled an Israeli firm called Elbit Systems Ltd. Why? Because investing in Elbit “constitutes an unacceptable risk of contribution to serious violations of fundamental ethical norms.” What has Nasdaq-listed Elbit done to deserve this condemnation? Nothing really, other than supply a piece of non-lethal equipment to a customer which happens to be the democratically elected government of Israel. As Norway puts it: Elbit has an “integral involvement in Israel’s construction of a separation barrier on occupied territory” in the West Bank. Specifically, Elbit makes a surveillance system which is part of the separation barrier. Therefore, Elbit is, in the Ministry’s words, contributing “to violations of international humanitarian law.” Elbit isn’t commenting. It should. There’s a lot to say about the political selectivity of pension funds, public ones in particular.
Israel
Posted by Gabriella Stern
on September 03, 2009
Corporate Governance, Investing, Israel, Norway / Comments Off
Corporate Governance, Investing, Israel, Norway / Comments Off
