Norway Pension Fund Exits Caterpillar Stake on Israel Links
- KLP says it sold $69 million holding earlier this month
- Caterpillar among firms UN urges investors to take action on
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Norway’s largest private pension fund has exited its stake in Caterpillar Inc., citing concerns that the US company may be contributing to human rights abuses in the West Bank and Gaza.
KLP, based in Oslo, sold Caterpillar shares and bonds worth 728 million kroner ($69 million) earlier this month, according to Kiran Aziz, the firm’s head of responsible investments. She pointed to the use of the Texas-based company’s equipment “to demolish Palestinian homes and infrastructure to clear the way for Israeli settlements.” Aziz also cited allegations that Caterpillar equipment is being used by the Israeli Defense Forces.