The Council on Ethics recommends that Bezeq The Israeli Telecommunications Corp (Bezeq) be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company is contributing to serious violations of the rights of individuals in situations of war or conflict.
Bezeq is an Israeli company that supplies telecommunications services to businesses and private individuals in Israel and the Israeli settlements in the West Bank.
The Council notes the company’s assertion that it also provides telecom services to Palestinian areas in the West Bank. However, the Council does not consider this to outweigh the fact that the company, through its physical presence and provision of telecom services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements, which are illegal under international law. By doing so, the company is itself contributing to the violation of international law.
Please find the Council’s recommendation here.
The Council submitted its recommendation to Norges Bank on August 30, 2024. Norges Bank announced its decision to exclude the company on December 3, 2024.