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Illinois bars state pensions from owning Unilever over Israel -Breaking

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© Reuters. FILE PHOTO: A Ben & Jerry’s ice-cream delivery truck is seen at their factory in Be’er Tuvia, Israel July 20, 2021. REUTERS/Ronen Zvulun

By Ross Kerber

BOSTON (Reuters) – An Illinois board overseeing state employee pension funds on Wednesday voted to bar funds from holding Unilever (NYSE:) PLC shares due to sales limits by the company’s Ben & Jerry’s ice cream brand in Israel, joining at least five other U.S. states moving to restrict the stock.

The representative of the Illinois Investment Policy Board stated that it voted 7 to 0 on Wednesday “to include Unilever in its prohibited entity list” following similar actions by New York, New Jersey and other states.

It was difficult to determine the exact price of Unilever shares state funds should now sell, even if it is available. Representatives of Illinois’ universities and retirement systems as well as the Illinois State Board of Investment are members of the board.

Unilever reps did not respond immediately to our questions.

Illinois law prohibits investments in Israel-related companies. 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.” The majority of countries regard Israeli settlements on Palestinian occupied land as illegal. This is something Israel disagrees with.

Unilever had said the decision was made by Ben & Jerry’s independent social mission board and said it does not support efforts to boycott or isolate Israel, where it employs nearly 2,000 people.

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