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Dutch giant PGGM reconsidering companies involved in Israel-occupied territories

Author: Leen Preesman, Investment & Pensions Europe, Published on: 8 December 2010

PGGM, the asset management of the €98bn healthcare scheme PFZW, is in discussions with "a number" of international companies for being active in the occupied territories in Israel. The engagement process follows the UN Global Compact directive on companies operating in conflict zones, according to spokesman Bram van Els, who declined to provide details on the companies...following concerns by participants and stakeholders, PFZW has asked its asset manager to develop an engagement approach with these companies, such as banks that finance settlements and manufacturers of custom-made bulldozers used for the destruction of Palestinian homes...According to Nieuwhof, PFZW has disinvested from 13 Israeli firms, including Elbit, Bezeq, Bank Hapoalim, Bank Leumi, Israeli Discount Bank, Mizrahi Tefahot Bank, Cellcom, Delek Group and CLAL Group. She also said the healthcare scheme had entered discussions with transport company Veolia, Dexia Bank, Motorola and Alstom about human rights issues. [free registration required]

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Related companies: Alstom Bank Hapoalim Bezeq Dexia Elbit Systems Israel Discount Bank Leumi Motorola PGGM Veolia (formerly Vivendi Environnement) Veolia Transport (now Transdev)