BDS investment update
At Verve Super we have a set of negative screens in place – if companies fail these, we rule out investing with them. Some of our screens that are relevant to this issue include screens that prevent us from investing in weapons companies and companies that have documented contracts with military forces that make up a significant portion of their revenues.
There are three companies that we invest in that have been flagged by campaigners as having current or historical activities in the Occupied Palestinian Territory (OPT). We are actively reviewing all three.
- HP Inc. and HP Enterprises: In 2015, HP (Hewlett-Packard) split into two entities: HP Inc. and HP Enterprises. HP Inc., previously supplied personal computers to military and security agencies. The latest advice from the company is that this contract has been terminated. Verve Super only invests in HP Inc and we will continue to monitor and engage with them. We do not invest in HP Enterprises.
- Expedia and Booking.com are travel companies with a global footprint that have some travel services in certain parts of OPT. They do not fail our negative screens, however, we are reaching out to them to gain insight into their approach to operating in conflict zones.
When we say we are engaging, we mean we are talking to the company and getting all the facts together. This information is important to make sure we act as responsible investors for our members’ retirement savings. We understand this can be frustrating to hear when you want action, but we need to be sure we are making investment decisions in line with our screening process and in the best interests of our members.
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