Norway's Ministry of Finance has excluded the Israeli company Elbit Systems Ltd. from the Government Pension Fund – Global, on the basis of the Council on Ethics’ recommendation. The Council has found that investment in Elbit constitutes an "unacceptable risk" of contribution to serious violations of fundamental ethical norms as a result of the company’s integral involvement in Israel’s construction of a West Bank separation barrier on occupied Palestinian territory. “We do not wish to fund companies that so directly contribute to violations of international humanitarian law,” said Minister of Finance Kristin Halvorsen.
In its recommendation dated 15 May on exclusion of the company Elbit, the Council on Ethics attached importance to a number of factors, including an advisory opinion from the International Court of Justice in the Hague from 2004. This opinion stated clearly that the construction of the separation barrier and its associated control regime along the chosen route must be regarded as being in contravention of international law.
The freedom of movement of the Palestinian people living in the occupied territory has been unacceptably restricted, a statement by the MInistry said on Thursday.
The surveillance system that Elbit supplies to the Israeli authorities is one of the main components in the separation barrier and its associated control regime, the Ministry said. The surveillance system has been specially designed in close collaboration with the buyer and has no other applications.
On 30 June 2009, the Ministry of Finance instructed Norges Bank that Elbit Systems Ltd. should be excluded from the Government Pension Fund – Global and gave 31 August 2009 as the deadline for completion. The sale of all shares in the company has now been completed. The decision to sell was made public after the shares had been sold, so as not to affect the sale.
