August 21, 2024
New Ekō report shows AXA’s “clear, fast, and intentional divestment,” following a multi-year campaign by human rights advocates
August 21, 2024 — In a big win for human rights activists working to end corporate complicity in Israel’s ongoing crimes against Palestinians, a new Ekō report shows that AXA, the French insurance giant, has been forced to sell its remaining investments in all Israeli banks that finance illegal Israeli settlements built on stolen Palestinian land. These banks have been denounced by the United Nations and major human rights organizations for their complicity in war crimes against Palestinians.
The new Ekō report, based on data and analysis by the independent research organization Profundo, shows that on September 30, 2023, AXA still had more than 2.5 million shares, worth over $20 million, invested in three Israeli Banks – Bank Hapoalim, Israel Discount Bank, and Bank Leumi. By June 24, 2024, amid escalating pressure from Ekō, the broader global “Stop AXA Assistance to Israeli Apartheid” coalition, and millions of people around the globe voicing opposition to the unfolding genocide and the intensifying abuse of Palestinian rights, AXA divested from all three of these complicit banks. The report also confirms that AXA has not reinvested in Bank Mizrahi-Tefahot or First International Bank of Israel, the other two banks targeted by campaigners, since at least December 31, 2022.
Leili Kashani, a senior campaigner with the corporate accountability group Ekō, said, “Our new report shows that AXA engaged in clear, fast, and intentional divestment from Israeli banks long targeted by Ekō and other human rights activists for their complicity in war crimes against Palestinians.”
“Our data and the sharp drops in our graphs despite steady or rising share prices show that AXA divested due to external pressure to stop crimes against Palestinians, and not in response to market prices.”
She continued, “This is a big win for the growing movement for Palestinian rights, and proves that pressuring corporations to put people over profits is not only ethical, but effective.””
“As Israel escalates violence against Palestinians in the occupied West Bank, continues to forcibly starve and bomb 2.3 million Palestinians trapped in the besieged Gaza Strip, and razes entire cities to the ground, it is impossible for any company to justify enabling Israeli war crimes. After AXA’s sell-off, others should think twice about investing in companies complicit in war crimes.”
Ekō has for years been part of a global coalition campaigning to make AXA divest from the five largest Israeli banks complicit in war crimes against Palestinians, and from Elbit Systems, Israel’s largest weapons manufacturer. Together, this “Stop AXA Assistance for Israeli Apartheid” coalition succeeded in scoring an earlier win, with Ekō writing a damning report that helped get AXA to divest from Elbit Systems, partially in December 2018 and in March 2019, and fully by the end of 2019. This coalition also got AXA to divest from two Israeli banks (Bank Mizrahi-Tefahot and First International Bank of Israel) by the end of 2022. AXA’s latest divestment from the remaining three Israeli banks signals that Ekō and allies have won all their campaign’s original demands.
The actions targeting the French insurer have garnered considerable public support over the years. More than 175,000 people have signed Ekō’s petition calling on AXA to stop investing in banks that finance Israel’s illegal settlements on stolen Palestinian land. Ekō co-organized protests at AXA’s London headquarters this past winter, in a historic mobilization gathering climate justice and Palestinian rights activists. Ahead of AXA’s past AGM, Ekō members sent 18,000 personalized emails to high-ranking AXA staff, and activists have delivered Ekō’s petition to AXA offices in Belgium, Ireland, Italy and Spain.
At AXA’s annual general meeting this past April, the company’s CEO was confronted by an Ekō member and AXA shareholder, and was for the first time compelled to acknowledge the pressure he had faced over AXA’s investments, declaring that AXA had “zero” direct or indirect investments in Israeli banks. Although he never acknowledged AXA’s investments in the first place, or responded to Ekō's inquiries, we now have confirmation that AXA had effectively divested from all complicit Israeli banks at the time of this meeting.
Fiona Ben Chekroun, Europe Coordinator for the Palestinian-led BDS movement, said, “The confirmation of AXA’s divestment from all Israeli banks and Elbit Systems is a major milestone for the BDS movement and our allies, and follows years of strategic campaigning to secure and protect Palestinian human rights.
Corporations try to make us believe that it is impossible to prevail over them, but BDS pressure works, and we will build on this win to advance our pursuit of freedom, justice and equality.
She continued, “We have won this campaign, but this doesn’t mean that we’re giving AXA a clean bill of health. We will continue to monitor AXA’s investments to make sure it is not complicit in Israel’s ongoing genocide in Gaza.”
Ekō’s report documenting AXA’s divestment from Israeli banks financing illegal settlements arrives soon after last month’s International Court of Justice ruling that Israeli apartheid against Palestinians, and its military occupation and annexation of Palestinian territory, are illegal. The ICJ is clear that all states, local governments, corporations, and institutions have an obligation to stop enabling these grave violations of international law, including corporations like AXA.