PFA’s RI Board has excluded HeidelbergCement. PFA does not wish to contribute to any illegal activities in relation to the occupation of the West Bank. Throughout 2015, PFA has focused on the issue of extraction of natural resources, its use and the interpretation of the international law in the field. PFA’s RI Board has decided to the change the former practice in the field and has, in that connection, concluded that HeidelbergCement is involved in the extraction of natural resources in a way that is incompatible with PFA’s policy for responsible investments.

Cause for exclusion: Violation of basic human rights, which conflicts with UN Global Compact principles 1 and 2