NEW YORK (WBEN) – New York state will divest $111 million in pension funds from Ben & Jerry’s parent company, Unilever, in response to the ice cream maker’s decision over the summer to stop selling its products in Israeli-occupied territories.
Comptroller Tom DiNapoli, who manages the $263 billion New York Common Retirement Fund, told the New York Post in a statement Thursday that the Ben and Jerry’s boycott violates the state’s policy against the BDS movement, a Palestinian-led grassroots campaign promoting boycotts, divestment and sanctions against Israeli businesses and other institutions.
A spokesman for DiNapoli confirmed the comptroller would pull $111 million in equity investments from Unilever after “Ben & Jerry’s engaged in BDS activities.”
In the statement to the Post, DiNapoli said, “After a thorough review, the New York State Common Retirement Fund will divest its equity holdings in Unilever PLC. Our review of the activities of the company, and its subsidiary Ben & Jerry’s, found they engaged in BDS activities under our pension fund’s policy.”
Ben & Jerry’s, known for its social activism, announced in July that it would stop selling ice cream in the occupied West Bank and contested east Jerusalem. It said the sales were “inconsistent with our values.”
The move by DiNapoli comes after his director of corporate governance, Liz Gordon, warned Unilever CEO Alan Jope over the summer that Ben & Jerry’s was “involved in BDS activities.”
Jope responded, saying, “Unilever has a strong and longstanding commitment to our business in Israel. We employ nearly 2,000 people in the country across our four factories and head office, and we have invested approximately $250 million in the Israeli market over the last decade.”
“On this decision, it was no different. Ben & Jerry’s has also made it clear that although the brand will not be present in the West Bank from 2023, it will remain in Israel through a different business arrangement,” Jope said.
Just last month, New Jersey said it would divest $182 million in Unilever stock, bonds and other securities over the Ben & Jerry’s boycott.
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