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A New Jersey treasury official said on Wednesday that he was preparing to sell $ 182 million from Unilever Plc. (ULVR.L) stocks and bonds held by its pension funds due to the restriction on sales of the consumer giant’s Ben & Jerry’s brand of ice cream in the Palestinian territories occupied by Israel.
This is the latest action by a US state challenging Unilever over Ben & Jerry’s July decision to end a license to sell its ice cream in the Israeli-occupied West Bank. Ben & Jerry’s said selling their products there was “inconsistent with their values.”
New Jersey’s investment division said on Tuesday it had made a preliminary ruling that continuing its investment in Unilever would violate a state law prohibiting it from investing in companies boycotting Israel. He gave the company 90 days to request a change to the order.
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Headquarters of Unilever in Rotterdam, the Netherlands on August 21, 2018. REUTERS / Piroschka van de Wouw
A Unilever representative said he had no comment on the state’s move, but cited a letter to the state from CEO Alan Jope from August stating that Unilever has “a strong and lasting commitment. to our activities in Israel ”, where it employs nearly 2,000 people.
Jope noted that Ben & Jerry’s had an independent board of directors overseeing its social mission, and said Unilever did not support the “Boycott Divestment Sanctions” movement which seeks to isolate Israel on its treatment of Palestinians. The decision to stop selling ice cream was made by Ben & Jerry’s and its board of directors, Jope said.
A spokesperson for Ben & Jerry’s did not respond to the messages.
Many countries consider Israeli settlements on Palestinian land to be illegal. Israel disputes this.
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Ben & Jerry’s, based in South Burlington, Vermont, is known for its commitment to social justice which has recently included strong support for the Black Lives Matter movement, LGBTQ + rights and campaign finance reform.
It was acquired by Unilever in 2000 as part of an agreement that allows it to operate with more autonomy than other subsidiaries, in particular by giving an independent board of directors the power to make decisions on its social mission. , brand integrity and policies.
Arizona State Treasurer Kimberly Yee said earlier this month that the state would sell $ 143 million of Unilever’s holdings for similar reasons.
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Reporting by Ross Kerber in Boston, editing by Greg Roumeliotis and David Gregorio
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