Norway-based asset manager Storebrand has excluded First International Bank of Israel (FIBI) for its involvement in the Occupied Palestinian Territory. Since 2009, Storebrand has annually screened and assessed companies linked to the occupation of Palestine. As part of activities its Sustainable Investment Review Q4 2023, the firm had singled out FIBI for contributing directly to the establishment, expansion and maintenance of illegal Israeli settlements in occupied Palestinian territories through its direct financial activities. The review also outlined Storebrand’s collaborative work with the Swedish AP Funds’ Council of Ethics on its engagement with tech giants on the management of human rights risks and impacts. “The quarter was marked by a significant amount of planned and unplanned engagement activity related to conflict in Israeli-occupied Palestinian territories, Gaza…as well as the West Bank, which simultaneously experienced a surge in armed conflict,” Storebrand said in a statement. “As the most recent outbreak of armed conflict in the OPT flamed up, we were in the middle of our annual screening, engagement and exclusion process for this region.” Over the past decade, the firm has divested from over 20 companies that were actively involved with Israeli settlements.
