In the Q1 2024 sustainability report, Storebrand, one of Norway’s leading financial services companies, announced that it had divested from IBM due to concerns over the use of biometric database technologies in maintaining illegal Israeli settlements. Storebrand, with over £74.5bn in assets under management, had attempted to engage in dialogue with IBM about the issue, but the tech giant was unwilling to discuss it. As a result, Storebrand sold its 750,000 shares in IBM, valued at around £110m.
Stig-Øyvind Blystad, senior vice-president of communications for Storebrand, confirmed the decision, stating that IBM’s biometric database supplied to Israeli authorities contributes to discrimination and segregation of Palestinians. As a result of this divestment, Storebrand has excluded IBM from its investment universe.
The decision by Storebrand has brought attention to the role of European and American companies, particularly tech giants, in potentially facilitating human rights abuses in the region. Recent events, such as the recognition of Palestine as an independent state by Ireland, Spain, and Norway, as well as the International Criminal Court applying for arrest warrants against Israeli and Hamas officials for war crimes, have intensified concerns.
Tech companies like Meta and Google have faced criticism for their involvement in the region, with concerns raised over the use of AI-based programs by the Israeli military. The UN has identified numerous businesses, including tech giants, profiting from the construction and growth of illegal settlements in the Occupied Palestinian Territories.
Despite these concerns, many tech companies remain opaque and unresponsive to questions about their human rights policies. The Business & Human Rights Resource Centre noted a lack of engagement from tech companies on safeguarding human rights in conflict situations like the one in the region.
Gayatri Khandhadai, from the BHRRC, emphasized the increasing role of technology in conflicts and the importance of companies and investors taking action to prevent human rights abuses. She praised Storebrand for its divestment decision and encouraged other investors to follow suit.
IBM has not commented on the matter.