The largest Dutch pension fund ABP says that it has divested from US manufacturing firm Caterpillar following concerns about the alleged use of the company’s equipment by Israel in Gaza.
ABP, a major investor in many countries around the world, held a stake in Caterpillar worth approximately 387 million euros ($454 million) as of late March.
“Our investment approach must ensure good returns while being socially responsible,” says ABP, the pension fund for three million government and education employees in the Netherlands.
“If companies do not meet our criteria, we engage in discussions. If these do not lead to the desired results, ABP will stop investing in these companies,” the fund explains in a statement sent to AFP.
In August, Norway’s sovereign wealth fund –- the biggest in the world with a value of nearly $2 trillion — sold its stake in Caterpillar over purported involvement in rights violations in the Israel-Hamas war.
“There is no doubt that Caterpillar products are used to commit widespread and systematic violations of international humanitarian law,” the fund noted.
ABP, for its part, declines to comment on its decisions regarding specific companies “due to competitive sensitivity and confidentiality”.
However, “it is clear that the composition of our investment portfolio is evolving, particularly in Israel-Gaza,” ABP adds.
AFP contacted Caterpillar for comment but there is no immediate response.
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