Norway's $2tn Norges Bank Investment Management excluded Caterpillar and five Israeli banks on ethics grounds for links to actions deemed to contribute to violations of international humanitarian law. The independent council on ethics found Caterpillar machinery was used by Israeli authorities in widespread unlawful destruction of Palestinian property in Gaza and the West Bank and stated the company had not implemented measures to prevent such use. The council judged resumed deliveries would pose an unacceptable risk of contributing to serious violations of individuals' rights in conflict. NBIM held $2.1bn of Caterpillar shares, making it the company's eighth-largest shareholder. The five banks were excluded for financing construction activities that support Israeli settlements.
There is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law, said the fund's independent council on ethics. It added that the machinery was being used by Israeli authorities in the widespread unlawful destruction of Palestinian property. The violations were taking place in Gaza and the West Bank, the council said, adding that the company has also not implemented any measures to prevent such use.
As deliveries of the relevant machinery to Israel are now set to resume, the council considers there to be an unacceptable risk that Caterpillar is contributing to serious violations of individuals' rights in war or conflict situations, it said. The fund said had not independently assessed all aspects of the recommendations but found them sufficiently substantiated that the criteria for exclusion have been fulfilled.
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