The Quaker Friends Fiduciary Corporation (FFC), which handles investments for more than 250 Quaker meetings, schools, organizations, trusts, and endowments around the US, announced that it has divested from Hewlett-Packard and Veolia Environment because of the companies’ involvements with Israel’s ongoing occupation and human rights violations. FFC, which holds more than $200 million in assets, is a not-for-profit socially responsible investment fund for the Religious Society of Friends.
The announcement comes just months after the FFC pulled $900,000 from its investment shares in Caterpillar Inc. over its continued profiting from Israel’s demolitions of Palestinian homes, property and land.
In a press release, the Palestine Israel Action Group (PIAG) — a subcommittee of the Peace and Social Concerns Committee of Ann Arbor Friends Meeting, which advocated for this divestment move and was a main advocate of the Caterpillar divestment initiative — said that Hewlett-Packard was removed from FFC’s investments based on the company’s contracts with the Israeli Navy. Veolia Environment, which the press release says is the “world’s largest water privitization company,” was removed from the FFC investment portfolio “because of environmental and social concerns.” more
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