Source: Radio New Zealand
ASB says it has spent “significant time” completing a review of Motorola Solutions, and the change was not a result of external pressure. RNZ / Marika Khabazi
ASB has dropped Motorola Solutions from its investment funds, including KiwiSaver, after pressure from pro-Palestine groups.
Motorola provides telecommunications, surveillance and military technology to the Israeli military and illegal Israeli settlements.
But ethical investment platform Mindful Money says the big banks are still investing in companies that are exposed to human rights violations in Palestine.
Founder Barry Coates said it was welcome that ASB had divested from Motorola.
“At last ASB has agreed to sell their investments in Motorola Solutions, over two years after the information was disclosed on Mindful Money’s website and after campaigning by Justice for Palestine, Amnesty International Aotearoa and others.
“This is welcome news.
“However, each of the big four bank-branded KiwiSaver funds still invest in companies that contribute to violations of human rights in Palestine, despite Kiwis saying they want to avoid those investments. The banks are not listening to the thousands of Kiwis who have invested in their funds.”
He said, before the divestment, ASB had 0.87 percent of its KiwiSaver growth fund in companies Mindful Money identified as problematic in the conflict with Israel including IBM, Palantir, Motorola, Booking Holdings, Airbnb and Cemex.
ANZ had 0.54 percent of its growth fund in Booking Holdings, Airbnb, Motorola, Volvo and IBM.
BNZ had 0.79 percent in Palantir, IBM, Booking Holdings, Glencore, Airbnb, Rheinmetall AG, Holcim, Volvo, Expedia, Heildelberge Materials, Cemex and Maersk.
Westpac had 0.57 percent in Booking Holdings, Caterpillar, Palantir Technologies, IBM, Holcim, and Heidelberg Materials.
Booking Holdings, Expedia and Airbnb are accused of allowing money to be made from bookings on seized Palestinian land.
“The ongoing crises in Gaza, the West Bank and east Jerusalem are affecting the lives of millions of Palestinian people. Our KiwiSaver funds should not be invested in companies that are supporting violations of their rights,” Coates said.
Result of unbiased, ongoing review – ASB
ASB said it had spent “significant time” completing a review of Motorola Solutions.
“Previously, we have been able to meet with Motorola and they had engaged openly with us to answer any questions we’ve had,” it said in a statement.
“In October this year, as part of our latest review, we reached out to Motorola again to discuss their inclusion on the updated UN OHCHR database, and request that they meet with us to provide an update.
“Motorola has failed to respond to this request, despite multiple follow ups. This lack of engagement and our inability to receive an update is a concern to us and one of the factors underpinning our decision to divest.
“We are now specifying Motorola Solutions as an excluded investment from the funds. This decision is the result of our unbiased and ongoing review as part of our own due diligence, and not a result of external pressure from any group or organisation, which is not new with regards to this issue.
“We condemn all violence, and as we have said previously, our position on this particular holding doesn’t represent support, or otherwise, for any group or people, of any identity.”
Westpac, ANZ and BNZ have been approached for comment.
‘Huge win’
“ASB’s divestment from Motorola is a huge win for the fight in Aotearoa New Zealand for Palestinians to have equal human rights in their homeland,” Justice for Palestine spokesperson Kate Stone said.
“Israel is only able to maintain its apartheid regime of systemic discrimination against Palestinians and expand its illegal settlements because of the material support of the international community. This includes investments of financial institutions like ASB and other New Zealand banks and KiwiSaver fund managers.
“Over 8500 people signed the petition calling on ASB to divest, and hundreds of customers moved their KiwiSavers, mortgages and banking services away from ASB because they support Palestinians having the same rights to freedom, justice and equality as the rest of humanity,” Stone said.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
