Hard-fought battle over Alameda County ethical investment policy comes to a mixed resolution and a muted response

"The debate over Alameda County's investment policies has been raging since December, when Alameda County Treasurer Henry Levy sold the county's holdings in Caterpillar Inc. as the company faced accusations of supporting illegal Israeli settlements amid the political firestorm over Israel's war in Gaza. The Board of Supervisors directed Levy to create an ethical investment policy for its $10 billion investment portfolio."

"Alameda County, which previously boycotted apartheid in South Africa in the 1990s, has not been shy about stepping into the political fray. Meanwhile, supporters of the policy have lobbied hard for it, and opponents have just as vehemently claimed that it is not actually about avoiding companies that do business with human-rights violators around the globe, but specifically a tool to punish Israel for its ongoing military assault on Gaza."

"That's why it was a strange scene when the Board of Supervisors voted 4-1 to adopt the policy, with silence from the scores of pro-Palestinian activists in the room who had demanded it. Their ambivalence stemmed from the supervisors' motion to seek a peer review of the policy that would delay its implementation for months. Ultimately, for both the policy's supporters and opponents, the results of the Oct. 3 meeting were a mixed bag."

Alameda County sold holdings in Caterpillar amid accusations of supporting illegal Israeli settlements, prompting a directive to create an ethical investment policy for a $10 billion portfolio. Alameda County previously boycotted apartheid in South Africa and has engaged in politically charged investment choices. Supporters lobbied for the new policy while opponents argued it targets Israel rather than global human-rights violators. The Board of Supervisors voted 4-1 to adopt the policy, but a motion for a peer review will delay implementation for months. The Oct. 3 meeting produced mixed reactions, with concerns about antisemitism and moral responsibility cited by different groups.

Read at www.mercurynews.com