Shapir Engineering and Industry Ltd
SPEN
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.
Shapir Engineering and Industry Ltd is an Israeli construction and infrastructure firm whose operations materially support activities in active conflict zones. The company is involved in construction projects related to Israeli settlements in occupied East Jerusalem, including in the Gilo and Ramat Shlomo neighborhoods. These settlements are considered illegal under international law and are situated within a protracted and active territorial conflict.
The company’s activities have been cited as constituting an unacceptable risk of contributing to human rights violations. In May 2021, Norway’s Government Pension Fund Global, one of the world’s largest sovereign wealth funds, excluded Shapir from its portfolio on this basis. The fund’s Council on Ethics recommended exclusion due to an unacceptable risk that the company contributes to systematic violations of individuals’ rights in situations of war or conflict through its construction activities. At the time of the decision, the fund held approximately $1 million in Shapir stock. Other institutional investors, including KLP and its funds, have subsequently made similar exclusion decisions citing the same risks.
Shapir Engineering and Industry Ltd is an Israeli construction and infrastructure company whose operations materially support activities in occupied territories. The company has been involved in construction projects in Israeli settlements in the West Bank, which are considered illegal under international law. According to a 2023 exclusion decision by Norway's KLP, the largest pension fund in Norway, Shapir's activities in these territories constitute an unacceptable risk of contributing to violations of human rights and international humanitarian law. The company's direct involvement in building infrastructure that entrenches the occupation places it in violation of ethical investment standards concerning disputed territories.
Research Sources
2 organizations
Related Exclusions
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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.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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