Wednesday, January 8, 2014

Dutch Pension Fund Boycotts Israeli Banks

The Largest Dutch pension fund, PGGM, has decided to divest millions of Euros from five Israeli banks which offer financing for settlement construction.
PGGM’s decision to withdraw all its investments from the Israeli banks was based on  the advisory opinion issued by the International Court of Justice in The Hague in 2004, which said that settlements in occupied Palestinian territory are illegal and violate Article 49 of the Fourth Geneva Convention.
PGGM is the largest pension fund manager in the Netherlands, managing around 150 billion euros.
The Boycott, Divestment and Sanctions (BDS) movement is gaining momentum around the world and  Prime Minister Benjamin Netanyahu has called it a ”strategic threat” to Israel and its settlementpolicy.