KLP noted that companies that sell weapons, parts, components and ammunition to Israeli forces “risk becoming complicit in serious violations of human rights and humanitarian law.”
Norway’s largest pension fund, KLP, announced that it has excluded two defense companies from its investment portfolio due to their sales of weapons to the Israeli military.
In a statement on Monday, KLP said that in June 2024, it had learned of reports from the UN that several named companies were supplying weapons or equipment to the Israeli army, “and that these weapons are being used in Gaza.”
Norway’s largest pension fund, KLP, is cutting ties with two firms that possibly supply equipment used by the Israeli military in the Gaza war https://t.co/J57h3PV5xQ pic.twitter.com/1aLIuvsH7I
— Al Jazeera English (@AJEnglish) June 30, 2025
“On the basis of this information, KLP performed a thorough assessment of the companies and engaged in dialogue with them,” Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning, stated.
“Our conclusion is that the companies Oshkosh and ThyssenKrupp are contravening our responsible investment guidelines. We have therefore decided to exclude them from our investment universe,” Aziz added.
Human Rights Violations
KLP noted that according to the UN High Commissioner for Human Rights and a group of UN experts, companies that sell weapons, parts, components and ammunition to Israeli forces “risk becoming complicit in serious violations of human rights and humanitarian law.”
“According to the expert group, there is evidence that weapons or equipment, which several of the named companies have supplied to the IDF, are being used in the war in Gaza,” the statement added.
At dawn on Monday, the Israeli occupation launched a wave of intense airstrikes across the Gaza Strip, leveling entire residential blocks and causing numerous deaths and injuries.https://t.co/NEweb9nNk0 pic.twitter.com/eOeurQ6TqD
— The Palestine Chronicle (@PalestineChron) June 30, 2025
The companies are being excluded on the basis of KLP’s criterion relating to the “sale of weapons to states in armed conflicts that use the weapons in ways that represent serious and systematic breaches of international law governing the conflicts”, which is outlined in its Guidelines for KLP as a Responsible Investor, it said.
“Companies have an independent duty to exercise due diligence in order to avoid complicity in violations of fundamental human rights and humanitarian law,” Aziz said.
The companies were being excluded because they had “failed to document the necessary due diligence in relation to their potential complicity in violations of humanitarian law,” the statement noted.
‘Long-standing Collaboration’
KLP has also emphasized the companies’ long-standing collaboration with the Israeli military and that weapons deliveries “have continued after the outbreak of the war in Gaza.”
“This is an important tool for reducing KLP’s association with unacceptable conditions that are ongoing or likely to occur in the future is to exclude such companies. This is what we are doing here,” Aziz stated.
41 Palestinians Killed in Israeli Strikes in Gaza as Aid Death Toll Surpasses 500
Up until 16 June 2025, KLP and the KLP Funds owned shares worth around NOK 19 million in Oshkosh and around NOK 10 million in ThyssenKrupp, according to the statement.
The companies have not yet commented on the fund’s decision, according to Al Jazeera Arabic.
KLP’s decision comes as part of an escalating campaign led by human rights activists and organizations globally to pressure financial institutions and consumers to divest from or boycott companies linked to the Israeli military, particularly in light of its ongoing genocidal assault on Gaza.
Since October 7, 2023, following a Palestinian Resistance operation in southern Israel, the Israeli military has killed over 56,000 in the Strip, wounding more than 131,000, with over 14,000 still missing.
Labor Federation’s Vote
Last year, KLP removed Caterpillar from its investment portfolio due to its role in supplying equipment used to demolish Palestinian homes in the occupied territories.
Overwhelming Majority – Norway’s Largest Trade Union Votes for Boycott of Israel
In May, the Norwegian Confederation of Trade Unions (LO), the country’s largest labor federation, voted in favor of a comprehensive boycott of Israel, including a ban on trade and investment with Israeli companies.
Norway joined Ireland and Spain last year in announcing its official recognition of the state of Palestine.
(The Palestine Chronicle)
Be the first to comment