PFZW to stick with SRI policy that led to divestment of Israeli banks

The €140bn healthcare pension fund PFZW plans to stick with its SRI policy in the wake of the furore caused by its divestment from five Israeli banks, but it said it would adjust its communication process in future.

PFZW’s divestment decision led a demonstration in front of the offices of its asset manager PGGM, as well as emotional responses from a number of Jewish organisations. The Israeli government also called the Dutch ambassador to account.

Explaining the outcome of an internal investigation into the divestment process, Peter Borgdorff, the scheme’s director, stressed that the pension fund would “keep involving judgements of the international community in its investment policy”.

“This is not up for discussion,” he said.

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