Swedish pension fund bans investment in Israeli company on ethical grounds
Fund shuns Elbit Systems because it provides surveillance equipment for West Bank separation barrier.
By Haaretz Service Tags: Israel news SwedenThe biggest Swedish pension fund has barred Israeli defense electronics company Elbit Systems from its investment portfolios on ethical grounds, Israel Radio reported Monday.
Following the lead of Norway's state oil fund, the Första AP-Fonden pension fund said it had banned investment in Elbit because the Israeli company had built and is operating a surveillance system for the much debated West Bank separation barrier.
Critics of the controversial barrier argue that it is an illegal attempt to annex Palestinian land under the guise of security and that it severely restricts Palestinians who live nearby, particularly their ability to travel freely within the West Bank and to access work in Israel. Proponents, however, argue that the barrier has greatly reduced the incidence of suicide bombers coming from the West Bank and carrying out terror attacks within Israel.
According to the Swedish website the Swedish Wire, the pension fund said in a statement that "the Ethical Council recommended that Elbit Systems Ltd. should be excluded from each portfolio because it deems that the company can be linked to violations of fundamental conventions and norms."
In its annual report, the ethical council wrote that "the Council has noted that both the European Union and the Swedish government consider the part of the separation barrier being built on West Bank to be illegal under international law. This position is also supported by the advisory opinion from 2004 by the International Court of Justice regarding the separation barrier."
Israel has so far completed 413 kilometers (256 miles) of the planned 709-kilometer (435-mile) barrier, according to UN figures.
The Swedish fund, which only had small investments in Elbit according to its ethics council chairwoman Annika Andersson, said that Grupo Ferrovial, PetroChina, Thales and Yahoo had successfully addressed its concerns about ethics violations.
Last September, Norway's state pension fund, one of the world's biggest investors, also banned Elbit from its portfolio, prompting the Israeli Foreign Ministry to summon Norway's ambassador in protest at the move.
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Not buying Arab because of Kurdistan? Not buying Chinese goods beacuse of Tibet? Who are you kidding?
after the failed Arab genocide are not the border. Thank the Arabs they insisted on not recognising the border. The elected government of Palstine insists it willl never recognise any border. You peple want it both ways.
"the world will be begging Israel to share its alternative energy savvy" What secret alternative energy savvy would that be?
Israelis defending themselves against suicide bombers. Same as Carter.
Where did you get that nonsense about Malmo? I am hart wormed by your concern, but we in Sweden haven?t heard about it being problematic in Malmo, and I was even born there, so I should know. Sweden is one of the safest counties in the world, trying hard to live up to our obligations as humans, in a democratic society.
All you who made sweeping allegations about what the First Swedish Pension Fund invests in without any justification at all for your claims might want to retract those statements. I've checked the fund's holdings and it has not invested in Iran, Syria, Lebanon or any other of the other claims that were made. It does however hold stocks in 18 other Israeli companies (19 with Elbit), so calling it anti-Israeli might be a bit of a hard-sell. Hope I didn't ruin anyone's fun by actually looking into things instead of just running my mouth. Speaking of that, I just wanted to thank our new Nostradamus Jasper for the laughs his complete lack of insight in Swedish internal politics gave me.
All you who made sweeping allegations about what the First Swedish Pension Fund invests in without any justification at all for your claims might want to retract those statements. I've checked the fund's holdings and it has not invested in Iran, Syria, Lebanon or any other of the other claims that were made. It does however hold stocks in 18 other Israeli companies (19 with Elbit), so calling it anti-Israeli might be a bit of a hard-sell. Hope I didn't ruin anyone's fun by actually looking into things instead of just running my mouth. Speaking of that, I just wanted to thank our new Nostradamus Jasper for the laughs his complete lack of insight in Swedish internal politics gave me.
Re lahras- it is a perfunctory loose noose, easily removed. In general, Israel is increasingly an economic and technological powerhouse; Sweden has had a troubled economic history in recent years: plagued by slow productivity growth and wage inflation; to a great extent it is still a resource-based economy. Norway is also a remote, resource-based economy with a small scattered population. Dont get your hopes up - we are not frightened
...saving jewish lives in Israel is the number one priority.. Thats the official version, but a look at the maps tells a different truth. Though Israel was meant as a safe heaven for Jews the number one priority of the Zionists since the Balfour Declaration is land expansion and ethnic cleansing of the Palestinians regardless of the cost in jewish lives. Every jewish death can be added to the argument of rising anti-Semitism and the need of more security and military might. Its time for the Jews to wake up and realise that by her own making Israel has become the most dangerous place for Jews.
that the world "needs" absolutely NOTHING from Israel.
Don't make me laugh. Your Ethics or Euro-Arabia. 60 years years had been past from the whole Arab boycots. What had happened to Israel? It doesn't matter if you boycott or not. Yes big wheels are rolling. No matter what you do the chalenge is you are obvious to use the high tech that we had produce.You'll ask for Israeli tech. We are the doers. Aby
Agreed! In Israel. Israel proper that is. Not in Golan, and not in West Bank (including East Jerusalem).
in my opinion they just stopped investing in them.
How conveniant it managed to take in nice juicy parts of the West Bank as well. More land and water - how conveniant!
The world can wake up all it wants, saving jewish lives in Israel is the number one priority..
Today, a small divestment. Tomorrow, large sanctions. Great oak trees from tiny acorns grow.
Step in the right direction. Elbit Systems....SELL, SELL, SELL
as practiced by Israel in the occupied territories. Oh and Gaza.
This is not slowly and surely.Being unable to destroy Israel in the battlefield, the world is now trying to deligitimize Israel and the Jews.I like the point of the article,"under the guise of security". It is not under the guise, it is the rationalle.
...are winning over the stupid 'democratic West'. Have the Swedes stopped investing in undemocratic Lybia, Sudan, Saudia.... Are they supplying Iran who is supplying Hizbolah who is destroying Lebanon ? Does the Swedish population in Malmo feel safe these days ? Wake up now Sweden ! or you will not have much to invest anyway.
...the world will be begging Israel to share its alternative energy savvy with them to end their dependency on OPEC oil.
is waking up to the fact that Sweden is replicating its WWII stance of collaboration with fascists.
Isn't it a bit arrogant to assume that Israeli apartheid will turn out to be a light unto the nations?
Ethics over profit - thank you Stockholm! May the rest of the world join in. Big wheels are rolling.
Their loss, more opportunities for other smarter investors. Be interesting to know how much they and their buddies in Norway have invested in Iran, Syria or in Arab oil. I would say that Jews everywhere should boycott them but that would be small minded.
the world is waking up.
Within 10 years, Sweden will be coming to Elbit for help in sealing off certain parts of Malmo. Ditto for other EU cities. Elbit: Strong Buy