Israel/Palestine: Norwegian insurance giant KLP Kapitalforvaltning has divested two international building material companies, HeidelbergCement and Cemex, from its investment portfolio because of their operations in the West Bank.

According to news agency Haaretz, KLP divested its shares effectively on 1 June 2015, citing international law as set in the Hague and Geneva conventions. Haaretz added that the move is part of KLP's half-yearly review of companies in its portfolio. HeidelbergCement and Cemex acquired companies with Israeli subsidiaries operating quarries in Area C, West Bank, which is under complete Israeli civilian and military control as defined by the Oslo accords. KLP also excluded five more companies because of their income from coal-based operations, one for corruption, one for severe environmental damage and one for the production of tobacco.

"The extraction of non-renewable resources in occupied territory may weaken the future income potential of the local population, including the Palestinian residents. Moreover, when this is undertaken in a way that is difficult to justify within the requirements of the law of belligerent occupation, KLP considers that this activity represents an unacceptable risk of violating fundamental ethical norms," said KLP in a statement.