Questions over just how much influence the Boycott, Divestment and Sanctions (BDS) movement has in New Zealand are being voiced following the NZ Super Fund’s recent divestment from five Israeli banks.
In March, the Guardians of New Zealand Superannuation, an autonomous crown entity and manager of the NZ$50 billion NZ Super Fund, announced it was ending its NZ$6.5 million investment in the First International Bank of Israel, Israel Discount Bank, Bank Hapoalim, Bank Leumi, and Bank Mizrahi-Tefahot.
The NZ Super Fund said it was doing so on responsible investment grounds as there was “credible evidence” that the banks provide finance for the construction of Israeli settlements in the West Bank.
“In our view, based on the information available to us, the companies’ activities are inconsistent with the UN Global Compact, the key benchmark against which the Guardians measures corporate behaviour,” it said.
Predictably, well-known opponents of Israel, like the Palestinian Solidarity Network chaired by anti-Israel advocate John Minto, greeted the news enthusiastically.
Green Party foreign affairs spokesperson Golriz Ghahraman told the Spinoff the decision “exemplifies compliance with domestic and international (sic) in terms of investment in Israeli occupied Palestine, which all NZ institutions and companies should be meeting.”
However, National Party MP Nicola Willis reportedly said at a select committee meeting that the fund’s decision was controversial and “viewed by some groups as potentially aligning New Zealand with an antisemitic movement (i.e.: BDS).”
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