The Council on Ethics recommends that Shapir Engineering and Industry Ltd (Shapir) 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’ position is that the Israeli settlements in the West Bank have been built in violation of international law and that their existence and constant expansion causes significant harm and disadvantage to the area’s Palestinian population.

The Council on Ethics’ recommendation rests on the fact that the company engages in the construction of homes in Israeli settlements in the West Bank.

The Council on Ethics issued its recommendation on 2 November 2020 Norge Bank announced its decision to exclude the company from investment by the GPFG on 19 May 2021.

Please find the Council’s recommendation here.