New Jersey plans to divest investments within the guardian firm of Ben & Jerry’s after an inside investigation discovered the ice cream firm sought to boycott Israel, the state Division of Funding stated right this moment.
Unilever North America, which is predicated in Englewood Cliffs, will lose New Jersey as an investor after Ben & Jerry’s determination to cease promoting ice cream in territories occupied by Israel – particularly within the Occupied Palestinian Territory –below the state’s anti-boycott coverage.
“No pension fund property could also be invested within the firm, and DOI shall take acceptable motion to promote or divest any current pension fund investments,” stated the director of the New Jersey Division of Funding, Shoaib Khan.
Khan stated that the division labored with ISS, an unbiased guide, to evaluate the actions taken by Ben & Jerry’s and Unilever “to find out whether or not such actions constituted a boycott of Israel or corporations working in Israel or Israeli-controlled territory.”
“Following this evaluate, the division reached a preliminarily dedication that Unilever’s actions did actually represent such a boycott and despatched a letter to Unilever notifying the corporate of its provisional dedication,” Khan stated.
Uniliver has 90 days to enchantment the choice.
Senate Minority Chief Tom Kean, Jr., who sponsored the anti-boycott legislation with Senate Majority Chief Loretta Weinberg, stated the state legislation works.
“Our anti-BDS legislation was one of many first within the nation to make use of the facility of state funding choices to take away help for companies that boycott Israel,” stated Kean. “The announcement by Treasury that state funding shall be prohibited within the guardian firm of Ben & Jerry’s following a evaluate we requested pursuant to the legislation we enacted is yet one more instance that the method works as supposed.”
Kean stated the legislation was first utilized in 2019, when Airbnb modified its coverage after New Jersey threatened to tug its investments.
“Our legislation sends the clear message that New Jersey won’t tolerate anti-Semitism and we gained’t financially help companies that concentrate on Israel,” Kean said. “There are many companies that don’t interact in BDS actions the place New Jersey’s $90 billion pension fund will be invested to the advantage of our public staff.”
A bunch of 5 Jewish federation executives praised the choice.
“We commend the State of New Jersey for his or her determination, delivering a rebuke to those that would discriminate in opposition to the State of Israel – an ally of the US and a vibrant financial companion of the State,” stated Federation within the Coronary heart of New Jersey govt director Susan Antman, Federation of South Jersey CEO Jennifer Dubrow Weiss, Federation of Northern New Jersey CEO Jason Shames, Federation of Higher MetroWest CEP Dov Ben Shimon, and Federation of Somerset, Hunterdon and Warren govt director Robin Wishnie.
This story was up to date at 9:27 PM.