UK pension fund drops Israeli arms firm
Activism and BDS Beat 18 February 2021
Palestine Solidarity Campaign activists in Brighton have declared a victory.
PSCA major local government pension fund in Britain has divested from Israeli arms maker Elbit Systems, the Palestine Solidarity Campaign said on Friday.
East Sussex Pension Fund “has no exposure to Elbit Systems” as of December, the council’s pensions committee chair revealed last week.
Council documents show the fund previously had $22,000 indirectly invested in Elbit as part of a passive index tracker fund – a type of investment where the client does not actively choose which company’s shares to buy.
Elbit was dropped after the council moved to an investment scheme run by Storebrand, a Norwegian firm which excludes Elbit due to human rights concerns.
A council spokesperson denied divesting, telling The Electronic Intifada that “our holding in Elbit Systems and a number of other companies fell out of the portfolio” after a review of “environmental, social and corporate governance factors.”
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