The Council on Ethics recommends that Mivne Real Estate Kd Ltd (Mivne) be excluded from investment by the 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.

The Council on Ethics’ recommendation rests on the fact that the company engages in letting of industrial real estate liked to Israel settlements in the West Bank.

The Council considers that the company’s letting of buildings constructed in violation of international law contributes to the continuation of an illegal state that their construction once initiated. This form of contribution to international law violations constitutes, in the Council’s view, grounds for exclusion from the GPFG.

The Council on Ethics issued its recommendation on 17 December 2020. Norges Bank announced its decision to exclude the company from investment by the GPFG on 19 May 2021.

Please find the Council’s recommendation here.