USS invests in over 40% of the companies supporting Israel’s genocidal actions in Palestine and their illegal occupation of Palestinian territory
1. Summary
A recent ‘Don’t Buy into the Occupation’ report [1] has identified 104 companies that are involved in one or more of eleven “listed activities” that “contribute to the maintenance of Israel’s unlawful presence in the Occupied Palestinian Territories (OPT), including its commission of acts that amount to genocide and apartheid”.
Currently USS invests in 46 of these 104 companies. USS also invests in 21 of the 47 European financial organisations providing funding to support these companies and invests in 32 of the top 100 shareholders of the 104 companies. USS itself is amongst these top 100 (No 91).
In 2024 the International Court of Justice (ICJ) stated that Israel’s occupation of Palestinian territory is unlawful in its entirety and violates key international norms, including the prohibition of denial of the right of the Palestinian people to self-determination, the prohibition on acquiring territory by force (annexation), and the prohibition on racial segregation and apartheid. It further found a “plausible risk” of genocide in Israel’s actions in Gaza. In July and August 2025, UN reports concluded that Israel has been committing genocide in Gaza, as did Amnesty International in December 2025. The ICJ also recognises that companies have obligations under international human rights and humanitarian law, i.e., according to the Geneva Conventions, the Hague Regulations, the Genocide Convention, among other human rights treaties. In other words, companies – along with their executives, board members, and employees – may be held directly and/or indirectly responsible for international crimes and human rights violations.
It is entirely unethical, and potentially illegal, for USS to invest in entities supporting these egregious illegal acts. We urge USS to apply its own responsible investment principles and divest from such companies, noting that there will be no significant risk of financial detriment in most cases, and divesting would be completely in line with their legal fiduciary duty. In just the past year alone there is a long list of pension funds and other organisations that have divested from companies supporting Israel’s actions in Palestine and there is no reason that USS should not join them.
Establishing a code of ethics for the investment strategy of a pension scheme like USS presents challenges. However, a straightforward and easily verifiable approach would be that they do not invest in companies that breach domestic or international laws. Rejection of this view would suggest that USS are unable to identify sufficient alternative investment opportunities that would get similar returns. This would appear difficult to believe.
2. The genocide and its continuation
Israel’s military assault on Gaza and its actions in the OPT amounted to a plausible risk of genocide, according to the International Court of Justice (ICJ) in 2024 [2]. In August 2025, the UN Independent International Commission of Inquiry (UN COI) on the OPT, concluded that Israel has been committing genocide in Gaza [3], as did the earlier UN report in July 2025 [4] and Amnesty International in December 2025 [5].
There has been systematic destruction of homes, businesses, schools, universities, hospitals, religious sites and cultural institutions in Gaza, resulting in well over a million people fleeing their homes and moving into refugee camps. More than 70,000 have been killed and 170,000 injured [6].
The ceasefire has not stopped the bombing as Palestinians throughout Gaza and the Occupied Palestinian Territories continue to be killed and injured in significant numbers, and the systematic Israeli programme of restricting food, water and medical assistance has continued [6].
3. International law
All of this is in flagrant violation of international law. As noted in [1]:
On 19 July 2024, the ICJ issued an Advisory Opinion, declaring Israel’s occupation of Palestinian territory unlawful in its entirety and identifying breaches of key international norms. Specifically, the ICJ found that Israel’s entire ongoing presence in the OPT violates several fundamental, non-derogable principles of international law – known as jus cogens norms – including the prohibition of denial of the right of the Palestinian people to self-determination; the prohibition on acquiring territory by force (annexation); and the prohibition on racial segregation and apartheid. Under international law, violations of such jus cogens norms create obligations for all other states, known as Third State responsibilities. This means that no state may recognize, assist or contribute to maintaining an illegal situation. In addition, under international human rights and humanitarian law any business activity that supports or benefits from Israel’s illegal presence in the OPT may also be considered in violation of these core international obligations.
Furthermore, as regards corporate entities:
Companies are recognized as having obligations under international human rights and humanitarian law, i.e., according to the Geneva Conventions, the Hague Regulations, the Genocide Convention, among other human rights treaties. In other words, companies, along with their executives, board members, and employees—may be held directly and/or indirectly responsible for international crimes and human rights violations. The authoritative United Nations Guiding Principles on Business and Human Rights (UNGPs) and the Organization for Economic Cooperation and Development Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD Guidelines) elaborate on the human rights responsibilities of corporate entities and provide the framework to assess their conduct.
Further analysis and evidence can be found in [7], and a detailed legal analysis of Israel’s violations of international law in the OPT, the UK’s prevention and non-assistance duties under international law, and the relevance of those duties to investment in companies aiding or assisting in Israel’s violations has also been set out [8].
4. Supporting and profiting from the occupation and genocide
Many companies, banks and pension funds provide support for Israel’s military actions and theft of land from the Palestinian territories – through their investments in weapons companies, by providing services that enable military actions, and by investing in businesses that profit from the occupation. Many USS investments are involved in precisely these illegal actions, as we will describe below.
5. The corporate enablers
The “Don’t Buy into the Occupation” Report [1] detailed eleven “listed activities” that contribute to “the maintenance of Israel’s unlawful presence in the OPT, including its commission of acts that amount to genocide and apartheid”. The listed activities include as categories the provision of military, security or technology, the exploitation of resources and energy, support for construction and demolition actions, financial support, and providing support for the maintenance and growth of illegal settlements.
The report identified 104 companies involved in one or more of these listed activities [9], 47 European financial organisation that provide funding to support these businesses [10], and the top 100 shareholders in those 104 companies [11].
6. USS holdings
USS directly invests in almost half (46) of the 104 businesses involved in listed activities in Palestine [9]. They are Airbnb, Amazon, Bank Hapoalim, Bank Leumi, Bezeq, Booking Holdings, BP, Caterpillar, Cellebrite DI Lt, Chevron, Cisco Systems, Delek Israel, DELL Technologies, Expedia, Fanuc, First International Bank of Israel (FIBI), Ford, HD Hyundai, Heidelberg Materials, Honeywell, Hewlett Packard Enterprise (HPE), Intel Corp, Israel Discount Bank, Leonardo, Maersk, Mercedes-Benz Group, Meta, Microsoft, Mizrahi Tefahot Bank, Motorola Solutions, Oracle, Palantir Technologies, Rolls-Royce Holdings, Shapir Engineering and Industry, Shell, Shufersal, Siemens, Syensqo, The Coca-Cola Company, Total Energies, Toyota, Valero, Vinci, Volvo Group, WSP Global, and ZIM Integrated Shipping Services.
USS also invests in 21 of the 47 institutions which financially support those companies through loans [10] – these are BNP Paribas, Deutsche Bank, Barclays, HSBC, Crédit Agricole, Santander, Standard Chartered, Commerzbank, NatWest, ING Group, UniCredit, Banco Bilbao Vizcaya Argentaria (BBVA), Lloyds Banking Group, Skandinaviska Enskilda Banken, Danske Bank, Swedbank, DNB, Nordea, KBC Group, Svenska Handelsbanken and Erste Group.
Finally, USS invests in 32 of the top 100 European shareholders in the 104 businesses involved in listed activities [11]. These are Crédit Agricole, Legal & General, Deutsche Bank, Barclays, HSBC, Schroders, Nordea, BNP Paribas, Swedbank, Allianz, Aviva, Intesa Sanpaolo, KBC Group, AXA, DNB, Skandinaviska Enskilda Banken, M&G, Svenska Handelsbanken, Storebrand, Danske Bank, Ackermans & van Haaren, AB Industrivärden, ING Group, Exor, Banco Bilbao Vizcaya Argentaria (BBVA), Deutsche Börse Group, Santander, Banco Mediolanum, Erste Group, Universities Superannuation Scheme, Raiffeisen Banking Group and Commerzbank.
Note that USS itself is amongst these top 100, at number 91 with shareholdings of USD2.2 billion.
7. What your money is supporting
As noted, there are 46 companies that USS invests in which are amongst the 104 cited in connection with the genocide in Palestine. A description of the extent of involvement would be prohibitively long, but the following examples taken from the ‘Don’t buy into Occupation Report’ [1] are given in illustration. Further details and references for statements can be found in Annex 2 of [1], which also draws upon the work in [12].
Airbnb advertises listings in 39 illegal settlements in the occupied West Bank, the majority of which were mis-labelled as properties in “Israel”.
Amazon Since 2021 Amazon Web Services, along with Google Cloud Platform, has developed the main cloud infrastructure platform for the Israeli government. This is one of the largest technology projects in Israel’s history and serves all branches and units of the Israeli government, including the Israeli military, the Israeli Security Agency (Shabak/”Shin Bet”), Police, Prison Service, and land and water authorities and the two large state-owned weapons manufacturers, Israel Aerospace Industries and Rafael.
Bank Hapoalim provides financial infrastructure to various construction companies for the purpose of construction of real estate projects in settlements in the occupied West Bank and holds as collateral the company’s rights to the land and the project. The bank also provides financial support to settler groups who have attacked Palestinian communities and have blocked aid into Gaza.
Bank Leumi provides financial infrastructure to various construction companies for the purpose of construction of real estate projects in settlements in the occupied West Bank.
Booking Holdings and Expedia provide booking services for a range of hotels, guesthouses, and holiday apartments in the occupied West Bank, Israeli settlements in the illegally occupied territories, including the eastern part of Jerusalem.
Caterpillar. Heavy machinery manufactured by Caterpillar is extensively used by the Israeli military, including wheel loaders, armoured excavators, mini-loaders, and armoured bulldozers, which have been used for unlawful operations such as large-scale house demolitions and land-clearing missions in Palestinian towns.
Cellebrite is a digital intelligence firm headquartered in Israel which provides its technologies to the Israeli police and intelligence agencies. Israel used Cellebrite tools to harvest data from the phones of thousands of Palestinians who were captured and kidnapped during Israel’s genocidal attacks on Gaza. The Israeli military later admitted that the vast majority were civilians.
BP, Chevron, Shell, TotalEnergies These companies are major suppliers of fossil fuels to Israel, essential for the operation of its military machine.
Cisco has a broad base of complicity with Israel’s occupation economy, predominantly through the provision of services to the Israeli military and illegal settlements.
Fanuc provides robotic machinery for weapons production lines, including for Israel Aerospace Industries, Elbit Systems and Lockheed Martin.
HD Hyundai’s equipment is widely used in demolitions carried out by the Israeli military and Israeli authorities in the occupied West Bank including East Jerusalem.
Heidelberg Materials The company’s subsidiary Hanson Israel supplies building materials such as concrete to Israeli settlements in the West Bank and East Jerusalem.
Honeywell specializes in guidance systems and Inertial Measurement Units (IMU) for guided bombs, missiles, drones, and other aircraft. The company’s HG1700 IMU is described as the “heart” of Boeing’s JDAM kits that Israel uses extensively, including in recent genocidal attacks on Gaza. Honeywell components are also integrated into every major combat aircraft used by the Israeli Air Force.
Microsoft has a history of deep engagement with the Israeli high-tech industry and close ties to the Israeli military. Through its fully owned Israeli subsidiaries, the company has provided a wide range of services to the Israeli government, the Israeli Ministry of Defence and security bodies in Israel.
Motorola Solutions has been involved in Israel’s illegal settlements for more than 10 years. The company designed and manufactured the surveillance system “MotoEagle”, which is used in dozens of illegal settlements in the West Bank, in the wall around Gaza and in Israeli military base. Motorola works closely with the Israeli military and defence establishment and is the sole supplier of the Israeli military’s independent cellular network and its specialized smartphone devices, which provide the military with an independent, closed and secure network to allow unique encrypted communication abilities.
Palantir Shortly after Israel began its genocidal war on Gaza in October 2023 Palantir entered into a “strategic partnership” with Israel’s Ministry of Defence to help the “war effort.” Palantir has gone to great lengths to express public support for Israel during the Gaza genocide, for example by holding a full company board meeting in Israel in January 2024. Palantir CEO Alex Karp has repeatedly and vocally expressed his support for Israel, stating for example: “I am proud that we are supporting Israel in every way we can.” Palantir is one of the fifteen companies identified by Amnesty International (September 2025) as “contributing to Israel’s unlawful occupation, genocide or other crimes under international law.”
Schufersal is an Israeli retail chain which operates supermarket and drugstore branches
in illegal settlements in the occupied West Bank, including East Jerusalem, and in the occupied Syrian Golan Heights.
Siemens has a €1.1bn contract with Israel Railways. The trains operate most services on the A1 Fast Train line which crosses the Green Line into the occupied West Bank in two areas, using appropriated Palestinian land for an Israeli transportation project for the exclusive benefit of Israelis.
Valero Energy Corporation is a U.S. oil & gas company and the main supplier of military-grade jet fuel (JP-8) to the Israeli military.
Volvo machinery has been used extensively for demolitions carried out by the Israeli military inside the Gaza Strip.
8. USS and “Responsible Investment”
USS claim to have a responsible investment strategy and Simon Pilcher, the Chief Executive of USS Investment Management has said “…morals drive finance. If you are a financial investor and you don’t think about the moral impacts of what you are doing, I think you are both short-sighted and, dare I say it, immoral” [13]. Thus, it is surprising to find that USS is investing directly in companies accused of supporting the genocide in Gaza.
USS state that “We can only take ethical factors into account where they don’t pose a risk of significant financial detriment, and where we believe that members share each other’s views.” [14] This suggests that they put achieving financial returns above considering any harm that an investment might cause and if an investment causes harm but produces a good return they are comfortable with investing.
Detailed legal advice that USS follow in this area can be found in the document “Statement of Trustee on responsible investment and legal obligations”, available from the Responsible Investment page [15]. The legal advice also advises that ([15] para 9.6) It should be noted that the Law Commission and TPR’s [The Pension Regulator’s] views are not statements of law and the legal position has not been fully tested to date. There is still debate in the legal industry about the correctness of this test and, while it has been considered by the courts, the position has not been fully settled. Nevertheless, USS has stated that they follow the two criteria just cited when considering divestments.
USS have excluded very few classes of investment. In 2020 they announced that they were excluding tobacco manufacturing, certain thermal coal mining companies and some ‘controversial’ weapons corporations [16]. At that time, Simon Pilcher, Chief Executive of USS Investment Management, said “issues that would affect these businesses, such as shifts in political attitudes and increased regulation, had not fully been taken into account by traditional financial models used by City analysts to predict performance”. This again suggests that it was the potential financial returns that were being considered rather than the harms that these investments might cause. Although they have stated that the exclusion of ‘controversial weapons’ (cluster bombs, white phosphorus and landmines) was ‘largely because they aren’t legal in many jurisdictions’ [17].
In response to possible members’ questions arising from ‘events in the Middle East’, in November 2023 USS stated that “We do assess environmental, social and governance (ESG) issues across the piece. Where we consider these to be financially material factors, we will incorporate them in our investment decisions”. This implies that ESG factors are ignored in investment decisions if they are not “financially material” – presumably meaning unprofitable. It was reported in August 2024 that USS had divested from £80m in Israeli assets [18]. USS was quick to respond that this was based purely on members’ best financial interests [19].
It is clear from the above that historically USS has invested in companies involved in human rights violations if the investment has been seen as profitable and politically acceptable. The alternative of investing in ethical but equally profitable areas has been dismissed as somehow unbalancing or restricting their portfolio. In the case of the investments described above, these would not amount in value to more than a few percent of USS’s total holdings and even divesting from all of them would seem to cause little risk of significant unbalancing.
9. Others have divested
Whilst USS continues to ignore the crimes that their investments are directly or indirectly financing, other pension funds have taken action. In the past year this has included [20]
- the largest Dutch pension fund, ABP divesting its €387 million stake in Caterpillar and divesting from Booking Holdings, Motorola, Teva Pharmaceuticals, Coca-Cola USA and a number of smaller Israeli companies
- the Danish pension funds P+, PFA Pension, Akademikerpension, Pensiondanmark, AP Pension and PKA divesting from all Israeli companies and the Danish pension fund, Pædagogernes Pension (PBU), divesting ~€120 million from Booking.com, Expedia and Airbnb
- the Norwegian Government Pension Fund Global, the world’s largest sovereign wealth fund, with a $1.9 trillion investment portfolio, divesting from 28 Israeli companies. Five of the companies were formally excluded following recommendations from the fund’s Council on Ethics: FIBI Holdings, First International Bank, Bank Leumi, Bank Hapoalim and Mizrahi Tefahot Bank (USS invests in 4 of these 5). In addition, the fund excluded the US company Caterpillar, divesting holdings worth almost US$2 billion, due to the company’s failure to implement measures to prevent the use of its products in committing extensive and systematic violations of international humanitarian law (USS invests in Caterpillar).
- the Swiss pension fund, Caisse de Prévoyance de l’État de Genève (CPEG), announcing that it would stop investing in Israeli government bonds.
- KLP, Norway’s largest pension company, excluding the companies Oshkosh Corporation and ThyssenKrupp from their investment portfolio “due to their sales of weapons to the Israeli military.”
10. Conclusion
The evidence is clear that USS is investing in companies supporting Israel’s genocidal actions in Palestine and its continuing programme of ethnic cleansing and land theft. Divestment from most of these companies would involve no significant risk of financial detriment for USS given its diversified portfolio. USS appears to ignore the harm being done by the companies they invest in and is not prepared to abide by rulings of the International Court of Justice that these investments are illegal. We believe that the Board of Directors take overall responsibility for this investment strategy and we will invite them to respond.
DivestUSS
January 2026
References
[1] Don’t Buy into Occupation, fifth report, November 2025.
[2] International Court of Justice, Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip, South Africa v. Israel. January 26th 2024.
[3] The Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, UN Human Rights Council 14th August 2025,
[4] Anatomy of a genocide, Report of the Special Rapporteur on the situation of human rights in
the Palestinian territories occupied since 1967, Francesca Albanese, July 1st 2024
[5] Amnesty International investigation concludes Israel is committing genocide against Palestinians in Gaza, Amnesty International 5thDecember 2024.
[6] United Nations Office for the Coordination of Humanitarian Affairs (OCHA), Humanitarian Situation Update #351 | Gaza Strip, December 30th 2025. See also earlier updates.
[7] A/HRC/59/23: From economy of occupation to economy of genocide – Report of the Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967. UN Human Rights Council, Office of the UN High Commissioner for Human Rights, Fifty-ninth session16 June–11 July 2025.
[8] Local Government Pension Scheme investments in companies involved in the occupied Palestinian territory and Israel’s military offensive in the Gaza Strip Doughty Street Chambers Position Paper, August 27th 2025, advice commissioned by the Palestine Solidarity Committee.
[9] (USS public market investments can be found here. The excel spreadsheet here lists them and the matches cited below.) These 104 companies are
Airbnb, Amazon, Bank Hapoalim, Bank Leumi, Bezeq, Booking Holdings, BP, Caterpillar, Cellebrite DI Lt, Chevron, Cisco Systems, Delek Israel, DELL Technologies, Expedia, Fanuc, First International Bank of Israel (FIBI), Ford, HD Hyundai, Heidelberg Materials, Honeywell, Hewlett Packard Enterprise (HPE), Intel Corp, Israel Discount Bank, Leonardo, Maersk, Mercedes-Benz Group, Meta, Microsoft, Mizrahi Tefahot Bank, Motorola Solutions, Oracle, Palantir Technologies, Rolls-Royce Holdings, Shapir Engineering and Industry, Shell, Shufersal, Siemens, Syensqo, The Coca-Cola Company, Total Energies, Toyota, Valero, Vinci, Volvo Group, WSP Global, ZIM Integrated Shipping Services,
plus
AeroVironment, Alon Blue Square, Altice International, Ashot- Ashkelon Industries Ltd, Ashtrom, Axel Springer, BAE Systems, Bank of Jerusalem, Boeing, CAF, Carrefour, Cellcom, CNH Industrial, Colt CZ Group, Corsight AI, Dana Petroleum, Danya Cebus, Day & Zimmerman, Delek Group, Delta Galil Industries, Dor Alon Energy, Elbit Systems, Electra, Eni S.p.A, General Dynamics, General Electric, Google/Alphabet, Hamat Group, Hikvision, Hilan, Israel Aerospace Industries (IAI), IBM, Israel Chemicals (ICL Group), JC Bamford Excavators Limited (JCB), L3 Harris Technologies, LIG Nex 1, Lockheed Martin, Matrix IT, Mekorot, Northrop Grumman, Oshkosh, Partner Communications, Paz Energy, Rafael, Rami Levi Hashikma Marketing, RE/MAX, Shikun & Binui, Sturm Ruger & Company, ThyssenKrupp, Tnuva, Traton, Tripadvisor, TUI Group, Villar International, Woodward, and Zoko Enterprises.
The 46 companies from the 104 that USS has holdings in are those in the first section above.
[10] BNP Paribas, Deutsche Bank, Barclays, HSBC, Crédit Agricole, Santander, Standard Chartered, Commerzbank, NatWest, ING Group, UniCredit, Banco Bilbao Vizcaya Argentaria (BBVA), Lloyds Banking Group, Skandinaviska Enskilda Banken, Danske Bank, Swedbank, DNB, Nordea, KBC Group, Svenska Handelsbanken, Erste Group,
plus
Société Générale, Groupe BPCE, Intesa Sanpaolo, La Caixa Group, Landesbank Baden-Württemberg (LBBW), Landesbank Hessen-Thüringen, Crédit Mutuel, DZ Bank, BayernLB, Banco BPM, Mediobanca Banca di, ito Finanziario, BPER Banca, UK Export Finance, European Investment Bank, Norddeutsche Landesbank, KfW, Caisse des Dépôts et Consignations, Hamburg Commercial Bank, Czech Export Bank, Paragon Bank, Compañía Española de Seguros, rédito a la Exportación, Instituto de Credito Oficial, Wood & Company, Cofides , Unicorn Capital
The 21 of the 47 that USS has holdings in are those the first section above.
[11] Crédit Agricole, Legal & General, Deutsche Bank, Barclays, HSBC, Schroders, Nordea, BNP Paribas, Swedbank, Allianz, Aviva, Intesa Sanpaolo, KBC Group, AXA, DNB, Skandinaviska Enskilda Banken, M&G, Svenska Handelsbanken, Storebrand, Danske Bank, Ackermans & van Haaren, AB Industrivärden, ING Group, Exor, Banco Bilbao Vizcaya Argentaria (BBVA), Deutsche Börse Group, Santander, Banco Mediolanum, Erste Group, Universities Superannuation Scheme, Raiffeisen Banking Group, Commerzbank,
plus
Government Pension Fund Global (GPFG), Groupe BPCE, Janus Henderson, DZ Bank, Children’s Investment Fund Management, Algemeen Burgerlijk Pensioenfonds (ABP), Abrdn, Deka Group, A.P. Moller Foundation, Baillie Gifford, Sjunde AP-fonden (AP-7), Royal London Group, Assenagon, Montagu Private Equity, Varma, Rathbones, Fundsmith, Société Générale, Flossbach & von Storch, Alecta, Pensioenfonds Zorgen Welzijn (PFZW), AMF Pensionsförsäkring, PFA Group, Crédit Mutuel, Pensioenfonds Metaalen Techniek (PMT), Tredje AP-Fonden (AP-3), Brewin Dolphin, Qube Research & Technologies, Generation IM, Caisse des Dépôts et Consignations, Van Lanschot Kempen, Anima, Carmignac Gestion, Central Bank of Czech Republic, Degroof Petercam, Bankhaus Metzler, Azimut, Macif, Cardano Group, Polar Capital Holdings, Assicurazioni Generali, B-Flexion, La Caixa Group, Wellcome Trust, Egerton Capital, Rothschild Group, Pensioenfonds PGB, Första AP-Fonden (AP-1), Fjärde AP-Fonden (AP-4), Border to Coast Pensions Partnership, Pensioenfonds van de Metalektro (PME), Aegon, BankInvest, PensionDanmark, Liontrust Asset Management, Compagnia Investimentie Sviluppo, W1m Investment Management, Jupiter Fund Management, West Yorkshire Pension Fund, PenSam, Quilter, Silchester International Investors, Nykredit Group, ABN AMRO, Altor Equity Partners, Groupama, Hargreaves Lansdown.
The 32 of the 100 that USS has holdings in are those in the first section above. Note the presence of USS, who rank as 91st in the list.
[12] The American Friends Service Committee https://investigate.afsc.org
Who Profits https://www.whoprofits.org
[13] The Guardian, 2nd March 2022, UK firms rush to dump Russian assets amid efforts to isolate Moscow
[14] Responsible investment. Find out more about our commitment to responsible investment
https://www.uss.co.uk/how-we-invest/responsible-investment
[15] Statement of Trustee on responsible investment and legal obligations – available from
https://www.uss.co.uk/how-we-invest/responsible-investment
[16] Financial Times, 1st June 2020, UK university pension fund to axe controversial investments
[17] USS statement 16th November 2023, Responsible investment: our approach and our legal obligations as a pension fund
[18] Financial Times, 8th August 2024, UK’s biggest private pension fund dumps £80mn of Israeli assets
[19] USS 9th August 2024 Recent media reports on our investments in the Middle East
[20] These examples are taken from Section 3 of Reference [1] above.