KLP excludes new Israeli company

The exclusion was prompted by an unacceptable risk that the company is contributing to, or is itself responsible for, serious violations of the rights of individuals in situations of war or conflict.

– Last week, KLP learned that NextVision produces cameras that are used in drones deployed by the Israeli Defence Forces (IDF) in the war in Gaza. On the basis of this information, KLP has assessed the company against the provisions of our Guideline for KLP as a Responsible Investor. KLP has also attempted to open a dialogue with the company. Our conclusion is that NextVision breaches our guidelines and we are therefore excluding it from our investments, says Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning. 

Increased turnover after the outbreak of war

NextVision is a leading producer of cameras that are used in military drones manufactured by Elbit Systems, one of the IDF’s most important suppliers. The company has reported a material increase in turnover since the outbreak of war in October 2023, and says that it gives priority to Israeli customers.

– Our assessment rests on publicly available information. According to international guidelines, companies which sell goods to customers involved in a war with documented violations of international law  must exercise a heightened level of due diligence. Such due diligence assessments must include an appraisal of how the goods are used and measures to avoid contributing to norm violations. The company does not publish information about its due diligence assessments and KLP has received no reply to its inquiries, says Aziz.

According to Aziz, KLP has attached particular weight to the fact that NextVision has, for a long time, sold critical components to arms manufacturers that supply a state which is, according to international organisations, violating international law.

Through the KLP AksjeGlobal Small Cap Indeks, the KLP funds owned 11,867 shares in the Israeli company, worth approximately NOK 5 million. 

Read the entire decision here

For further information, please contact:

Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning. Phone: +47 952 08 194