Overview

• The fund, managed by Norges Bank Investment Management, said it has sold its stakes in 11 Israeli companies that were not part of its equity benchmark index.
• It terminated all contracts with external asset managers for its Israeli assets and will now oversee those investments internally.
• The move followed media reports revealing its shareholding in Bet Shemesh Engines, a jet engine group supplying Israel’s military, prompting an urgent ethics assessment.
• NBIM said future Israeli investments will be restricted to firms included in its equity benchmark index and will not cover every Israeli company in the benchmark.
• Ethics reviews remain ongoing, with holdings in several Israeli banks under scrutiny and further divestments possible as political and UN experts press for tougher action.