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A New Jersey State Treasury official said Wednesday he should divest $ 182 million to Unilever Plc (ULVR.L) shares and bonds held by their pension funds over the restriction of sales of the consumer giant’s ice cream brand Ben & Jerry’s to the Israeli-occupied Palestinian territories.
It is the latest action by a U.S. state challenging Unilever over Ben & Jerry’s decision in July to end a license to sell its ice cream in the Israeli-occupied West Bank. Ben & Jerry’s said selling its products there was “incompatible with its values.”
The New Jersey Investment Division had said Tuesday it had made a preliminary determination that maintaining its investment in Unilever would be a breach of a state law banning it from investing in companies boycotting Israel. He gave the company 90 days to request a modification of the order.
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Unilever Headquarters in Rotterdam, The Netherlands, 21 August 2018. REUTERS / Piroschka van de Wouw
A Unilever representative said he had no comment on the state’s decision, but quoted a letter from CEO Alan Jope in August stating that Unilever has “a hard and lasting commitment to our business in Israel “, where it employs about 2,000 people.
Jope noted that Ben & Jerry’s has an independent board overseeing its social mission and said Unilever does not support the “Boycott Divestment Sanctions” movement that seeks to isolate Israel by treating Palestinians. The decision to stop selling ice cream was made by Ben & Jerry’s and its board, Jope said.
A spokesman for a Ben & Jerry did not respond to the messages.
Many countries consider Israeli settlements on Palestinian land to be illegal. Israel is discussing it.
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Ben & Jerry’s, based in South Burlington, Vermont, is known for its commitment to social justice that has recently included strong support for the Black Lives Matter movement, LGBTQ + rights, and campaign finance reform.
It was acquired by Unilever in 2000 in an agreement that allows it to operate more autonomously than other subsidiaries, including empowering an independent board to make decisions about its social mission, brand integrity and policies.
Arizona State Treasurer Kimberly Yee said earlier this month that the state would sell $ 143 million in Unilever stakes for similar reasons.
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Report by Ross Kerber in Boston, edited by Greg Roumeliotis and David Gregorio