PGGM...decided to no longer invest in five Israeli banks, namely Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank and Mizrahi Tefahot Bank. For several years PGGM has been in dialogue with these banks. The reason for this engagement was their involvement in financing Israeli settlements in the occupied Palestinian territories. This was a concern, as the settlements in the Palestinian territories are considered illegal under international humanitarian law...In line with the Responsible Investment policy a dialogue has taken place with the...banks...The dialogue showed...that, given the day-to-day reality and domestic legal framework they operate in, the banks have limited to no possibilities to end their involvement in the financing of settlements in the occupied Palestinian territories...[I]t was concluded that engagement as a tool to bring about change will not be effective in this case. As concerns remain and changes are not expected in the foreseeable future, PGGM no longer invests in the companies concerned as of January 1st 2014.