Amundi Asset Management, Norges Bank Investment Management and Union Investment respond to UN Experts’ call to end transfer of arms.

In July 2024, the Business & Human Rights Resource Centre engaged with companies and investors on their reaction to the UN’s call for arms companies to immediately cease the transfer of weapons to Israel – or risk being complicit in serious international law violations. Companies and investors were asked about the measures they have taken to end the transfer of weapons and the enhanced due diligence they are conducting to ensure they are not contributing to ongoing violence in Gaza.

Of the 15 companies and 21 investors invited by the Resource Centre to respond to the UN’s call, only 20% responded – highlighting ongoing failure by the private sector to engage with escalating human rights risks and the plausible risk of genocide in Gaza. This is despite the UN Experts’ characterisation of the ongoing Israeli military assault as “indiscriminate and disproportionate attacks on the civilian population and infrastructure, including through extensive use of explosive and incendiary weapons in densely populated areas….”.

However, three investors – Amundi Asset Management, Norges Bank Investment Management (NBIM) and Union Investment – did respond, with Amundi and NBIM noting need for heightened human rights due diligence by companies in the war zone and that exclusion of weapons companies from their portfolios is an option. Union Investment stated that in its sustainable investment decisions, direct investment in weapons is incompatible with its ESG perspective. Union investment also pointed out that BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman and RTX – named in the UN Expert Statement – are excluded from their investment portfolios.

Four companies (BAE Systems, Maersk, Rolls-Royce Power Systems and thyssenkrupp) also responded. Key responses included:

• BAE Systems and Maersk recognised the terrible consequences of the war in Gaza. However, neither company provided specific information on whether or how they conducted enhanced due diligence in relation to Gaza.
• Maersk stated it carries out human rights due diligence when operating in conflict-affected areas and applies standards and principles to ensure the company does not carry out any shipments of weapons or ammunition to countries or areas currently involved in armed conflicts, or that are subject to an arms embargo.

Phil Bloomer, Executive Director, Business & Human Rights Resource Centre, said: “The UN’s call to action on provision of arms to Israel at this time highlights the urgent need for the private sector to reassess its role and responsibilities in the context of the war on Gaza. In this light, we reached out to key investors and companies with operations linked to the region, asking them to respond to the UN’s call – and received some encouraging, detailed responses from investors, including regarding the exclusion of weapons companies from their portfolios as an option and a clear expectation of heightened human rights due diligence by these companies in this context. We also welcome investors’ commitment to ethical investment practices and the cessation of arms transfers.”

“Despite some encouraging responses from investors and companies, the overall response rate has been disappointingly low. Given the gravity of the situation in Gaza, it is deeply concerning that 29 companies and investors we reached out to have not yet acknowledged the need for immediate and decisive action. Those that fail to take immediate action are not only risking the lives of millions, but they also risk the personal liberty of individuals working in these entities, who may face criminal liability for alleged complicity in the crimes against humanity occurring in Gaza. We need an urgent end to the sale of arms, ammunition, military equipment and dual-use technologies fueling this appalling humanitarian suffering.”

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Note to editors:

• The Business & Human Rights Resource Centre is an international NGO that tracks the human rights impacts (positive and negative) of more than 10,000 companies across nearly 200 countries. We seek responses from companies when concerns are raised by civil society.
• The full list of company and investor responses - and non-responses - can be found here.
• Find out more about our work on Israel and the Occupied Palestinian Territory here.

Media contact: Priyanka Mogul, Senior Media Officer, Business & Human Rights Resource Centre ([email protected])