Elbit

The Council on Ethics’ recommendation, 29 January 2010

Elbit produces and maintains surveillance systems for the Israeli army. The equipment is part of the security barrier erected by Israel. The sections of the barrier erected on occupied land violate international law, and Elbit Systems supplies surveillance equipment for the separation barrier on occupied land in the northern and southern parts of Jerusalem.

The company’s operations are therefore deemed not to be in line with international law, specifically the Hague and Geneva Conventions, which relate amongst other things to protecting civilians in armed conflicts.

An analysis of the company was conducted in autumn 2009, and the results have been presented in GES Global Ethical Standard.

The AP Funds’ joint Council on Ethics has contacted the company on several occasions, and its response is that it is unwilling to give specific answers beyond the product information available via its website and information produced for the US Securities and Exchange Commission.