Pension fund TIAA-CREF has removed the Veolia Environment SA stock from its Social Choice Funds portfolio. The 'We Divest' campaign reports that in July TIAA-CREF’s website showed over $1.2 million in Veolia shares for its Social Choice Funds, it now shows zero.
The 'We Divest' campaign congratulated the pension fund giant. Rabbi Alissa Wise, Director of Campaigns at Jewish Voice for Peace and National Coordinator of the We Divest Campaign, commented: “TIAA-CREF made the right decision...Veolia cannot seriously be considered socially responsible given its infamous anti-labor practices, privatization of public resources, disastrous environmental practices, and ongoing servicing of illegal Israeli settlements on occupied Palestinian West Bank land.”
A statement from We Divest said that “Veolia had been the target of boycott and divestment campaigns worldwide by Palestine solidarity activists. Veolia had invested in bus lines on segregated West Bank roads until recently, when it ended the practice under intense worldwide pressure. However, Veolia continued its controversial support of illegal Israeli settlements.
A United Nations report warned last year that that the engagement of Veolia and similar companies in the West Bank could cause “damage to a company’s public image and impact on shareholder decisions and share price, and could result in employees being criminally responsible for rights abuses.”
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