"But it was a particular clause in the policy that brought hundreds of people out to Friday's meeting and prompted "thousands" to send emails to county officials: "Alameda County will not invest in companies that consistently, knowingly and directly facilitate and enable severe violations of human rights, as outlined in international law and the U.N. Guiding Principles on Business and Human Rights.""
"it was widely interpreted by both supporters and opponents of the policy to have significant implications for companies that support the Israeli government. Levy made a decision last year to divest from the company Caterpillar by selling about $32 million in corporate bonds the county owned. Caterpillar sells heavy equipment to the Israeli military, including bulldozers used to destroy infrastructure, homes, roads, and more. Israeli soldiers also used a Caterpillar bulldozer to kill the American activist Rachel Corrie in 2003."
"In a convoluted vote Friday, Alameda County officials adopted an ethical investment policy - but delayed its implementation until further review and possible changes. Under the policy proposed by Treasurer Henry Levy, the county would be "discouraged" from investing in companies or funds that make at least 10% of their revenue from fossil fuels, firearms, tobacco, and other specified industries. It would also be discouraged from investing in sectors like textiles and electronics that have shoddy track records around human rights."
Alameda County officials adopted an ethical investment policy and postponed its implementation pending further review and potential changes. The policy would discourage county investments in companies or funds deriving at least 10% of revenue from fossil fuels, firearms, tobacco, and other specified industries, and would also discourage investment in sectors such as textiles and electronics with poor human-rights records. The policy includes a clause barring investments in companies that consistently, knowingly and directly facilitate severe human-rights violations as defined by international law and U.N. guidance. The clause prompted large public turnout and thousands of emails and raised concerns about implications for companies supporting the Israeli government. Treasurer Henry Levy previously divested roughly $32 million in Caterpillar bonds because of the company's sales of heavy equipment to the Israeli military.
Read at The Oaklandside
Unable to calculate read time
Collection
[
|
...
]