NC Treasurer Prohibits Investment in Ben & Jerry’s Because of Company’s Israel Boycott

    from the North Carolina Department of State Treasurer

    North Carolina Department of State Treasurer has updated its list of companies subject to divestment and contract restrictions due to their boycott of Israel. Added to this year’s list is Ben & Jerry’s Homemade, Inc. This action includes affiliates of Ben & Jerry’s such as its parent company, Unilever PLC, and Unilever’s subsidiaries.

    State statute prohibits “the North Carolina Retirement Systems or the Department of State Treasurer from investing in any company engaged in a boycott of Israel.” It has been determined that Ben & Jerry’s Homemade, Inc. is boycotting Israel, therefore, Treasurer Folwell ordered the divestment of $40 million in Unilever assets. Additionally, he has instructed that local governments and state agencies be notified that they are prohibited from contracting with either company.

    “We have policies in place per state law that dictate how we should proceed on any holdings in the retirement system of companies that boycott Israel and their affiliates. We will follow our policies and the law,” Treasurer Folwell said. “This is particularly important in this case as we have witnessed the atrocities perpetrated against the Israeli people. There is no place for antisemitism in this state or this country.”

    The North Carolina Retirement Systems provides retirement benefits and savings for more than 1 million members, including teachers, firefighters, police officers, state and local government employees and other public workers. The Department of State Treasurer manages the pension plans’ investments currently totaling $117.9 billion.

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