Investment in Israeli Bank
"Until recently, the Fund had a holding of around £6m in the Israeli Bank Hapoalim."
“The Fund engages a number of external investment managers to make specialist investment decisions on its behalf. The investment manager holding the Bank Hapoalim recently re‐evaluated the stock in terms of its risk and return characteristics and decided to sell the stock. There was no instruction to sell given to the manager by the Fund."
“In general terms, the Fund does not have a policy of divestment from companies. Where corporate governance matters are of a concern the Fund prefers to engage with and, if necessary, apply pressure to companies by being part of collaborative organisations such as the Local Authority Pension Funds Forum."
“The Fund does not invest to further ethical or political aims but in order to meet its fiduciary responsibilities to scheme members and sponsoring employers.”