Bezeq the Israeli Telecom Corp
BEZQ
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Bezeq The Israeli Telecommunication Corp provides telecommunications infrastructure and services that materially sustain Israeli military operations in the occupied West Bank. The company operates hundreds of active cellular antennas and provides fiber optic and landline services to Israeli settlements, which are illegal under international law and central to the ongoing conflict. These services are integral to the functioning of the settlements and the military apparatus that enforces the occupation.
The Council on Ethics for the Norwegian Government Pension Fund Global recommended Bezeq's exclusion due to an unacceptable risk of contributing to serious human rights violations in situations of war or conflict. The recommendation, adopted by the fund's executive board in December 2024, cited the company's provision of telecom services to Palestinian areas in the West Bank as supporting the infrastructure of the occupation. Non-governmental organizations have specifically accused Bezeq of being complicit in human rights violations by providing services to illegal settlements.
While telecommunications are an essential civilian service, Bezeq's operations in this context go beyond providing neutral infrastructure. The company's services directly enable and profit from the expansion and maintenance of settlements in a conflict zone, with no public affirmative argument that the civilian Palestinian population would be materially worse off without these specific services.
Bezeq The Israeli Telecommunication Corp Ltd provides telecommunications infrastructure and services to Israeli settlements in the occupied West Bank. The company’s operations in these territories materially support the maintenance and expansion of settlements considered illegal under international law, specifically the Fourth Geneva Convention.
Norway’s Council on Ethics for the Government Pension Fund Global assessed that Bezeq’s provision of telecom services to settlements constitutes an unacceptable risk of contributing to violations of international humanitarian law. Based on this recommendation, the fund’s executive board decided to exclude Bezeq from investment in December 2024. The company’s own assertion that it does not contribute to such violations was rejected in this ethical review.
Research Sources
1 organization
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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