New York Common Fund May Divest From Companies Boycotting Israel

New York Comptroller Thomas DiNapoli – the sole trustee overseeing New York state’s retirement system – has ordered staff of the $178 billion Common Fund to begin identifying companies in its portfolio who are boycotting Israel.

Once identified, the pension fund may restrict further investment in those companies or divest entirely.

New Jersey lawmakers pushed this week for a similar move from its state pension; New York Gov. Cuomo already signed an order barring the state from doing business with companies involved in the boycott.

More from the NY Daily News:

Companies that take part in an anti-Israel boycott campaign may find themselves boycotted by New York’s pension fund, the state controller warned Wednesday.

“Attempts to harm Israel’s economy can put our investments there at risk,” DiNapoli said. “We’re putting companies engaged in BDS activities on notice that there will be consequences if their anti-Israel activities expose our investments to financial harm.”

The campaign is meant to put economic pressure on Israel for its treatment of Palestine. But critics charge it is anti-Semitic and an attack on the legitimacy of Israel.

DiNapoli said any existing investment in a company taking part in the BDS movement will be reviewed and could ultimately be liquidated if the company does not change its ways.

Other companies taking part in BDS activity could be added to a restricted list that prohibits future investment, added DiNapoli, who visited Israel in November 2015.