THE HAGUE: The largest Dutch pension fund ABP said Wednesday that it had 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 as of late March.
“Our investment approach must ensure good returns while being socially responsible,” said 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 explained 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, declined 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 added.
AFP contacted Caterpillar for comment but there was no immediate response.
Dutch pension fund divests from Caterpillar after Gaza concerns
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Dutch pension fund divests from Caterpillar after Gaza concerns
- “Our investment approach must ensure good returns while being socially responsible,” said ABP
Iceland joins Eurovision boycott over Israel’s participation
- Decision follows similar moves by Spain, the Netherlands, Ireland and Slovenia over the Gaza war
- Iceland’s national broadcaster says it pulled out 'given the public debate' in the country
LONDON: Iceland’s national broadcaster said Wednesday it will boycott next year’s Eurovision Song Contest because of discord over Israel’s participation, joining four other countries in a walkout of the pan-continental music competition.
Broadcasters in Spain, the Netherlands, Ireland and Slovenia told contest organizer the European Broadcasting Union last week that they will not take part in the contest in Vienna in May after organizers declined to expel Israel over its conduct of the war against Hamas in Gaza.
The board of Iceland’s RÚV met Wednesday to make a decision.
At its conclusion the broadcaster said in a statement that “given the public debate in this country ... it is clear that neither joy nor peace will prevail regarding the participation of RÚV in Eurovision. It is therefore the conclusion of RÚV to notify the EBU today that RÚV will not take part in Eurovision next year.”
“The Song Contest and Eurovision have always had the aim of uniting the Icelandic nation but it is now clear that this aim cannot be achieved and it is on these program-related grounds that this decision is taken,” the broadcaster said.
Last week the general assembly of the EBU — a group of public broadcasters from 56 countries that runs Eurovision — met to discuss concerns about Israel’s participation. Members voted to adopt tougher contest voting rules in response to allegations that Israel manipulated the vote in favor of its competitor, but took no action to exclude any broadcaster from the competition.
The pullouts include some big names in the Eurovision world. Spain is one of the “Big Five” large-market countries that contribute the most to the contest. Ireland has won seven times, a record it shares with Sweden.
Iceland, a volcanic North Atlantic island nation with a population of 360,000, has never won but has the highest per capita viewing audience of any country.
The walkouts cast a cloud over the future of what’s meant to be a feel-good cultural party marked by friendly rivalry and disco beats, dealing a blow to fans, broadcasters and the contest’s finances.
The contest, which turns 70 in 2026, strives to put pop before politics, but has repeatedly been embroiled in world events. Russia was expelled in 2022 after its full-scale invasion of Ukraine.
It has been roiled by the war in Gaza for the past two years, stirring protests outside the venues and forcing organizers to clamp down on political flag-waving.
Opponents of Israel’s participation cite the war in Gaza, where more than 70,000 Palestinians have been killed, according to the territory’s Health Ministry, which operates under the Hamas-run government and whose detailed records are viewed as generally reliable by the international community.
Israel’s government has repeatedly defended its campaign as a response to the attack by Hamas-led militants on Oct. 7, 2023. The militants killed around 1,200 people — mostly civilians — in the attack and took 251 hostage.
A number of experts, including those commissioned by a UN body, have said that Israel’s offensive in Gaza amounts to genocide, a claim Israel has vigorously denied.
Wednesday marked the final day for national broadcasters to announce whether they planned to participate. More than two dozen countries have confirmed they will attend the contest in Vienna, and the EBU says a final list of competing nations will be published before Christmas.
Broadcasters in Spain, the Netherlands, Ireland and Slovenia told contest organizer the European Broadcasting Union last week that they will not take part in the contest in Vienna in May after organizers declined to expel Israel over its conduct of the war against Hamas in Gaza.
The board of Iceland’s RÚV met Wednesday to make a decision.
At its conclusion the broadcaster said in a statement that “given the public debate in this country ... it is clear that neither joy nor peace will prevail regarding the participation of RÚV in Eurovision. It is therefore the conclusion of RÚV to notify the EBU today that RÚV will not take part in Eurovision next year.”
“The Song Contest and Eurovision have always had the aim of uniting the Icelandic nation but it is now clear that this aim cannot be achieved and it is on these program-related grounds that this decision is taken,” the broadcaster said.
Last week the general assembly of the EBU — a group of public broadcasters from 56 countries that runs Eurovision — met to discuss concerns about Israel’s participation. Members voted to adopt tougher contest voting rules in response to allegations that Israel manipulated the vote in favor of its competitor, but took no action to exclude any broadcaster from the competition.
The pullouts include some big names in the Eurovision world. Spain is one of the “Big Five” large-market countries that contribute the most to the contest. Ireland has won seven times, a record it shares with Sweden.
Iceland, a volcanic North Atlantic island nation with a population of 360,000, has never won but has the highest per capita viewing audience of any country.
The walkouts cast a cloud over the future of what’s meant to be a feel-good cultural party marked by friendly rivalry and disco beats, dealing a blow to fans, broadcasters and the contest’s finances.
The contest, which turns 70 in 2026, strives to put pop before politics, but has repeatedly been embroiled in world events. Russia was expelled in 2022 after its full-scale invasion of Ukraine.
It has been roiled by the war in Gaza for the past two years, stirring protests outside the venues and forcing organizers to clamp down on political flag-waving.
Opponents of Israel’s participation cite the war in Gaza, where more than 70,000 Palestinians have been killed, according to the territory’s Health Ministry, which operates under the Hamas-run government and whose detailed records are viewed as generally reliable by the international community.
Israel’s government has repeatedly defended its campaign as a response to the attack by Hamas-led militants on Oct. 7, 2023. The militants killed around 1,200 people — mostly civilians — in the attack and took 251 hostage.
A number of experts, including those commissioned by a UN body, have said that Israel’s offensive in Gaza amounts to genocide, a claim Israel has vigorously denied.
Wednesday marked the final day for national broadcasters to announce whether they planned to participate. More than two dozen countries have confirmed they will attend the contest in Vienna, and the EBU says a final list of competing nations will be published before Christmas.
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