New York Pension Fund Opts Out Of Unilever Over Israel Restrictions

New York's $268 billion state pension fund on Thursday became the latest to restrict its holdings in Unilever Plc in response to sales limits imposed by the company's Ben & Jerry's ice cream brand in Israeli-occupied Palestinian territories.

Photo Insert: Ben & Jerry's sold at a store in Israel

In a statement sent by a spokesman, New York State Comptroller Thomas DiNapoli said a review found the company and its subsidiary "engaged in BDS activities," referring to the "Boycott Divestment Sanctions" movement that seeks to isolate Israel over its treatment of the Palestinians, Ross Kerber reported for Reuters.

The New York State Common Retirement Fund has total Unilever equity of $111 million. The fund is the third-largest US public pension fund. Pension officials in other states including New Jersey, Arizona, and Florida have also moved to sell shares in Unilever or restricted the purchase of new stock for similar reasons.

Ben & Jerry's moved in July to end a license for its ice cream to be sold in the West Bank and East Jerusalem, saying sales there were "inconsistent with its values." Most countries consider Israeli settlements on occupied Palestinian land to be illegal. Israel disputes this.

Some American Jewish groups such as the liberal-leaning J Street have also raised concerns about Israel's settlements and opposed calls for actions against Unilever or Ben & Jerry's. Unilever had said the decision was made by Ben & Jerry's independent social mission board and said it does not support the BDS movement.

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