How to Divest

Universities, cities, unions, and all institutions should withdraw their support of Israeli apartheid, war crimes, and crimes against humanity.

As part of their public commitment, institutions should:

  1. Adopt an Investment Policy Statement with a commitment to divest from entities that consistently, knowingly, and directly enable or facilitate genocide, apartheid, or other war crimes and crimes against humanity.
  2. Commit to a process with a reasonable timeline for implementing the new policy.
  3. Report on the implementation process periodically and publicly.

An ethical Investment Policy Statement is an aspirational document, but it has an immediate impact on public opinion, decision makers, and the corporations highlighted. To implement it, institutions should:

  1. Sell direct investments in stocks or bonds of companies listed below and create mechanisms that would ensure they will not buy again companies on the divestment shortlist.
  2. If they are invested in Israel Bonds, commit to not renew them when they mature and not to buy them again.
  3. If they are invested in pooled funds, engage with their investment consultants and managers to identify or create other funds that comply with the new policy.
  4. Periodically review their investments and better align them with the policy.

Many institutions have divested or are in the process of divesting. See here a list of recent divestment achievements for Palestinian rights.

If your institution is considering divestment, please contact us for support. We have over a decade of experience supporting institutions that are interested in changing their investment policies or portfolios to further Palestinian rights. We would love to work with you.

If you are part of a group or campaign that is calling for divestment and need support, watch our webinars and join our weekly BDS office hours.

What is the BDS Divestment shortlist?

The Palestinian-led Boycott, Divestment, and Sanctions (BDS) movement has a universal ask from all investors, to "implement divestment initiatives against Israel similar to those applied to South Africa in the apartheid era." The ask is not focused on a specific company, nor does it call for divesting from all companies with any links to Israel.

Responding to the BDS call, the American Friends Service Committee has divested and took upon itself to support other investors by publishing our divestment criteria and list. We do this in part because the commercial providers of data for investors, such as MSCI and Morningstar/Sustainalytics, have deliberately and systematically excluded Palestinian human rights from their analysis, for subjective and political reasons.

This divestment shortlist is endorsed by the leadership of the BDS movement, which represents the broadest coalition of Palestinian civil society. Investors may choose to divest from additional companies based on their own investment policies, even if they are not on the shortlist. Other investors of conscience may take other actions, such as shareholder engagement. However, our analysis concludes that engagement will not be fruitful with the companies on the divestment shortlist. Their shareholders risk being themselves complicit in these companies' harmful activities.

Investors that are interested in divesting from the arms industry as a whole, not necessarily as it relates to Palestine/Israel, can refer to these resources:

The divestment shortlist is not a boycott list and should not be used as such. It relies on a rigorous methodology and objective criteria, which are necessary for institutional investors but are not needed for individual consumers. Large boycott lists are also not effective. Activist groups and individuals should follow the BDS movement, which urges us to "strategically focus on a relatively smaller number of carefully selected companies" to maximize the boycott's impact.

Organizations that are interested in instituting ethical guidelines for their dealings with corporations should know that the divestment shortlist only includes publicly-traded companies and misses many BDS priority target companies that are privately-owned. Organizations are welcome to contact us for support on how they could effectively respond to the BDS call.

    BDS divestment shortlist

      A US manufacturer of transmissions for multiple Israeli military armored vehicles.

        An Israeli investment firm. Its subsidiary Energix Renewable Energy has projects in the occupied West Bank and Golan Heights. Its subsidiary Amot Investments owns an industrial building in the occupied West Bank.

          A Dutch multinational telecommunications company. Its Israeli subsidiary HOT has facilities in and provides telecommunication services to most illegal settlements in the occupied West Bank and Golan Heights.

            An Israeli agricultural company that operates branches in two illegal settlements in the occupied West Bank.

              An Israeli weapons manufacturer that makes munitions and components for Israel’s battle tanks.

                One of Israel's largest construction and real estate companies. It has constructed housing units and large-scale infrastructure in illegal Israeli settlements, as well as parts of Israel's separation wall. It also operates a quarry and concrete plant in the occupied West Bank.

                  An Israeli holding company with a controlling interest in Bezeq, Israel's largest telecommunications provider, which has infrastructure throughout the occupied West Bank and Golan Heights and provides telecommunication services to illegal Israeli settlements, military bases, and checkpoints.

                    The world's seventh-largest military contractor, which manufactures multiple weapon systems routinely used in war crimes against Palestinians.

                      One of Israel's largest banks, which is deeply involved in the expansion of Israel's illegal settlements in the occupied West Bank and Golan Heights.

                        One of Israel's largest banks. It is deeply involved in the expansion of Israel's illegal settlements in the occupied Palestinian and Syrian territories.

                          An Israeli bank that is deeply involved in the expansion of Israel's illegal settlements in the occupied West Bank.

                            Israel's largest telecommunications provider. It has infrastructure throughout the occupied West Bank and Golan Heights and provides telecommunication services to illegal Israeli settlements, military bases, and checkpoints.

                              The world's third-largest military company. It manufactures multiple weapon systems that are routinely used in war crimes against Palestinian civilians and previously designed the smart/virtual wall on the U.S.-Mexico border.

                                An Israeli outsourcing company for secure communications systems. Its systems are installed at military bases and checkpoints in the occupied West Bank and in weapons systems used by the Israeli military.

                                  The owner of Safariland and Defense Technology, which manufacture tear gas and other crowd control weapons that are used by Israeli police and military authorities against Palestinians and by immigration, prison, and law enforcement agencies in the US and around the world.

                                    A US-based multinational manufacturer of construction machinery and equipment. Its products are weaponized for the Israeli military and are used in home demolitions; in the construction of illegal settlement infrastructure, border walls, and military checkpoints; and in military assaults against Palestinians.

                                      The largest Israeli cellular communications provider. It operates hundreds of antennas that serve illegal Israeli settlements in the occupied Palestinian and Syrian territories.

                                        An Israeli digital intelligence firm that supplies police, prison, and immigration authorities, as well as repressive regimes around the world, with hacking technologies.

                                          A Mexican building materials company that has provided concrete for numerous illegal Israeli construction projects in the occupied Palestinian territory and that operates production plants there, despite having formally sold them.

                                            One of the world's largest oil and gas companies and the largest producer of natural gas for Israel.

                                              A manufacturer of firearms and ammunition for military, law enforcement, and commercial markets in Israel, the U.S., and around the world.

                                                An Israeli construction company controlled by Africa Israel and its parent company, Lapidoth Capital. It is involved in several construction and infrastructure projects in illegal Israeli settlements in the occupied Palestinian territory.

                                                  An Israeli conglomerate that operates in the occupied West Bank, supplies the Israeli military, and partially owns Israel’s largest fossil gas field.

                                                    An Israeli holding company with subsidiaries that develop, construct, and operate gas stations as well as market fuel products. It operates gas stations and convenience stores in multiple illegal Israeli settlements in the occupied West Bank.

                                                      A US-Israeli developer of killer drones for the Israeli military

                                                        Israel’s largest weapons manufacturer. Its weapons are routinely used in war crimes against Palestinians and its surveillance systems are used in Palestine and along the U.S.–Mexico border.

                                                          An Israeli holding company with multiple business operations in illegal Israeli settlements in the occupied West Bank and Golan Heights.

                                                            An Israeli construction company that builds and maintains infrastructure projects in and around illegal Israeli settlements in the occupied West Bank and Golan Heights.

                                                              An Israeli renewable energy company. Owns a solar farm in an illegal settlement industrial zone in the occupied West Bank. Developed a wind farm project in the occupied Golan Heights.

                                                                The parent company of Bank of Jerusalem, an Israeli bank that finances construction projects and operates branches in illegal settlements in the occupied West Bank.

                                                                  The parent company of First International Bank of Israel, which finances construction projects, operates branches in, and provides financial services to illegal Israeli settlements in the occupied Palestinian and Syrian territory.

                                                                    One of Israel's largest banks. It is deeply involved in the expansion of Israel's illegal settlements in the occupied Palestinian territory.

                                                                      A subsidiary of multinational software company Asseco and parent company of Matrix IT and other subsidiaries that provide security systems and IT services to illegal Israeli settlements, the Israeli military, and the Israeli Ministry of Defense.

                                                                        A Chinese multinational conglomerate that owns AHAVA, which has a production site and visitor center in an illegal Israeli settlement, despite moving its operations outside of the occupied Palestinian territory.

                                                                          One of Israel's largest private security firms and a former subsidiary of G4S. It provides security services and equipment to illegal Israeli settlements, the Israeli military, and the Israeli police and prison systems.

                                                                            One of the world's largest weapons companies. It manufactures engines for multiple weapon systems that are routinely used in war crimes against Palestinian civilians and infrastructure for a power plant in the occupied Syrian Golan.

                                                                              Genasys, formerly the Long Range Acoustic Device (LRAD) Corporation, specializes in manufacturing acoustic hailing systems. Its flagship product, the Long Range Acoustic Device (LRAD), is used by police, military personnel, and immigration authorities in the US and abroad.

                                                                                The fifth-largest military contractor in the world. It manufactures weapons that are used by the Israeli military against Palestinian civilians and surveillance technology that is used to monitor and surveil the U.S.–Mexico border and immigrant communities.

                                                                                  The world's largest cement producer and a leader in the production of aggregates. Operates quarries and manufacturing facilities in the occupied West Bank. Its products have been used to build and expand illegal settlements.

                                                                                    A US manufacturer of components that are integrated into multiple weapons systems used in war crimes.

                                                                                      One of the largest IT companies in the world. It provides technologies to the Israeli military and operates Israel’s discriminatory population registry.

                                                                                        The parent company of B Communications, which has a controlling interest in Bezeq, Israel's largest telecommunications provider. Been has infrastructure throughout the occupied West Bank and Golan Heights and provides telecommunication services to illegal Israeli settlements, military bases, and checkpoints.

                                                                                          One of Israel's largest banks. Financed the construction of housing projects in multiple illegal settlements in the occupied Palestinian territory. Has branches in illegal settlements.

                                                                                            A Dutch investment company that develops and manages assets and projects in real estate and water infrastructure. Through its subsidiary TAHAL Group, the company has carried out multiple projects in illegal Israeli settlements in the occupied Palestinian territory.

                                                                                              A Norwegian multinational company operating in the marine, weapons, aerospace, oil and gas, and utilities industries. Its subsidiary Kongsberg Defence & Aerospace owns 25% of Norwegian weapons manufacturer Nammo.

                                                                                                A US weapons manufacturer that provides phone tracking devices and other equipment to the Israeli military and US immigration authorities. It used to provide surveillance technologies for use along the US–Mexico border and at Israeli military checkpoints.

                                                                                                  A large Israeli construction, infrastructure, and drilling company. Its subsidiaries Africa Israel and Danya Cebus are involved in several construction and infrastructure projects in illegal Israeli settlements in the occupied Palestinian territory.

                                                                                                    An Italian weapons manufacturer that provides the Israeli Navy with warship guns.

                                                                                                      An Israeli construction and development company that has provided services and infrastructure to illegal Israeli settlements and military checkpoints in the occupied West Bank.

                                                                                                        The world’s largest military company. It manufactures weapons that are routinely used by the Israeli military against Palestinian civilians and reconnaissance aircraft that are used by US immigration authorities to monitor the US–Mexico border.

                                                                                                          An Israeli IT service management company and subsidiary of Formula Systems. It provides services and technology to illegal Israeli settlements, the Israeli military, and the Israel Police and Prison Services, and operates one branch in an illegal settlement in the occupied West Bank.

                                                                                                            An Israeli real estate firm. Develops shopping malls in illegal settlements in the occupied West Bank.

                                                                                                              One of Israel's largest real estate companies, specializes in properties for industrial or commercial use. Owns multiple industrial spaces in the occupied West Bank and Golan Heights.

                                                                                                                A major Israeli bank. Financed the construction of multiple illegal settlements in the occupied Palestinian territory. Has branches in illegal settlements. Discriminates against Palestinian citizens of Israel.

                                                                                                                  An Israeli construction and real estate development company that constructs residential and commercial projects in illegal Israeli settlements in the occupied Palestinian territory.

                                                                                                                    A US-based communications and surveillance company. Its surveillance products are used in US prisons, along the US–Mexico border, and by US police departments. Its equipment is installed in illegal Israeli settlements and along the separation wall in the occupied West Bank and is used by the Israeli military, police, and prison service.

                                                                                                                      A major Israeli bank specializing in credit for local municipalities. Financed the construction of public projects in multiple illegal settlements in the occupied Palestinian territory. Has branches in settlements.

                                                                                                                        The world’s third-largest military company. It manufactures weapons that are used by the Israeli military against Palestinian civilians and surveillance technologies used by US immigration authorities to monitor the US–Mexico border.

                                                                                                                          An Israeli development and engineering firm. Operates a quarry and factory in the occupied West Bank and involved in illegal settlement construction.

                                                                                                                            An American industrial company that provides specialty trucks and military vehicles to the Israeli military.

                                                                                                                              A US-based "defense"-tech company that provides militarized AI tools to Israeli military and intelligence agencies as well as U.S. law and immigration enforcement agencies.

                                                                                                                                One of the largest Israeli providers of cellular phone services. Has hundreds of antennas and other communications facilities in the occupied West Bank and Golan Heights. Services illegal settlements and military bases in the occupied West Bank.

                                                                                                                                  Israel's largest fuel and gas retailer, supplying Israel's illegal settlements, military, police, and prisons.

                                                                                                                                    A US-based multinational water company. Its Israeli subsidiary Eden Springs extracts water from the occupied Golan Heights and is headquartered in an illegal settlement there.

                                                                                                                                      Israel’s third largest grocery store chain. Owns real estate and operates stores in multiple illegal settlements in the occupied West Bank.

                                                                                                                                        A German company that makes transmissions for Israel's Merkava battle tank and Namer armored personnel carrier.

                                                                                                                                          The UK's second largest weapons manufacturer. Its German subsidiary MTU makes the engines for Israel's battle tanks, armored personnel carriers, and warships.

                                                                                                                                            An Israeli construction company that has built residential housing projects in illegal Israeli settlements in the occupied West Bank. It previously constructed facilities for the Israeli military.

                                                                                                                                              The world's second-largest military company, formerly known as Raytheon Technologies. It makes missiles, bombs, components for fighter jets, and other weapon systems used by the Israeli military against Palestinian civilians. Its surveillance technology is also used to monitor the U.S.–Mexico border.

                                                                                                                                                One of Israel's largest bread and pastries companies. It operates bakeries in two illegal Israeli settlement neighborhoods of occupied East Jerusalem: Gilo and Ramat Shlomo.

                                                                                                                                                  An Israeli construction and infrastructure firm. Operates a quarry and concrete plant in the occupied West Bank and involved in several development projects in illegal settlements there.

                                                                                                                                                    An Israeli infrastructure and construction company. Builds infrastructure and residential projects in multiple illegal settlements in the occupied West Bank and has a factory a factory in a settlement. Involved in building military checkpoints and the Gaza wall.

                                                                                                                                                      One of the largest grocery store chains in Israel. It operates branches and manufactures food products in illegal Israeli settlements in the occupied West Bank and Golan Heights.

                                                                                                                                                        A Chinese solar energy company. Its solar panels are used in illegal Israeli settlements in the occupied West Bank and Golan Heights.

                                                                                                                                                          A US-based manufacturer of firearms and tactical gear. It sells its products to law enforcement agencies, the US military, and foreign militaries, including the Israeli military, which uses Ruger weapons to target Palestinians. 

                                                                                                                                                            A US-based military contractor, known for its Beechcraft, Bell, Cessna, and Hawker aircraft, some of which are used to monitor the US–Mexico border and by the Israeli military.

                                                                                                                                                              An Israeli real estate, construction, and development company that builds housing and commercial projects in the occupied Palestinian territory.

                                                                                                                                                                A German engineering company that has provided the Israeli Navy with warships and submarines

                                                                                                                                                                  An Israeli staffing agency for the private security industry. Its subsidiary Reshef Security provides security services to illegal Israeli settlements, infrastructure projects, and military checkpoints in the occupied West Bank and Golan Heights.

                                                                                                                                                                    A US multinational oil & gas company. Provides Israel with fuel for aircraft used by the Israeli air force against Palestinian civilians.

                                                                                                                                                                      A US weapons manufacturer that makes components for multiple weapons systems used by Israel to target civilians.

                                                                                                                                                                        An Israeli construction and real estate company that has built residential and commercial projects in illegal Israeli settlements in the occupied West Bank. Its subsidiary Giltek Infrastructure Works has performed construction work for the Israeli Ministry of Defense.