Australia's $59bln Cbus pension considers divesting from 'Israel'
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Cbus owns almost A$3 million (around $2m) of shares in Lockheed Martin, known to give "Israel" F-35 fighter jets, as per the latest disclosures on its website.
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Picture of Israeli Prime Minister Benjamin Netanyahu carried among Palestinian flags during a pro-Palestinian rally in Sydney, Saturday, October 21, 2023 (AP)
A spokesperson for one of Australia’s largest pension funds, Cbus, confirmed that the company is looking into its investment policy after pressure from a major union to divest shares in companies that provide weapons and defense technology to "Israel".
In a statement, the spokesperson said that this comes amid “community concern over the conflict and loss of life in Gaza and Israel,” adding, “Cbus’s exclusions framework is currently under review to ensure it remains reflective of the current environment and responsive to our members’ concerns, while also ensuring we meet all of our regulatory obligations."
The Guardian first reported the matter, referring to companies including Lockheed Martin Corp. and RTX Corp, which represent around 0.01% of Cbus’ portfolio.
“However, we understand that even a small holding in the current climate may cause concern,” the spokesperson added.
Rights organizations are calling on the #Australian government to cancel any visa issued to an ex-Israeli major-general who was involved in Israeli war crimes in #Gaza between 2001 and 2003. pic.twitter.com/ZMo8qRovH5
— Al Mayadeen English (@MayadeenEnglish) March 5, 2024
The Construction, Forestry, Maritime, and Energy Union (CFMEU) discussed Cbus’ policy with its top management as part of a push for all industry pension funds to divest, due to concern over retirement savings invested with companies tied to "Israel", as per the union.
CFMEU National Secretary Zach Smith said in an emailed statement, “We welcome Cbus urgently reviewing its portfolio,” noting, “Now it’s up to other industry funds to follow their lead.”
Cbus owns almost A$3 million (around $2m) of shares in Lockheed Martin, known to give "Israel" F-35 fighter jets, as per the latest disclosures on its website, as it also owns A$3.5 million ($2.3m) of shares in RTX which sells arms to "Israel".
In response, a Lockheed Martin spokesperson said, "Questions regarding investment strategy and related policies are best addressed by Cbus."
Australia is beyond involvement
This comes exactly two months after Australian Prime Minister Anthony Albanese became the first Western leader to be referred to the ICC for being an “accessory to genocide” in Gaza.
According to attorney Sheryn Omeri in an interview for ABC‘s News Breakfast, he has been referred as a result of having supplied financial and political support for "Israel", which has now killed over 35,000 martyrs in Gaza.
The referral, which has been based on Article 15 of the Rome Statute, signed by over 100 lawyers and requested by Australian law firm Birchgrove Legal, states that Albanese and members of his Cabinet and Parliament provided "Israel" with “rhetorical support in their public statements, their press conferences, their speeches,” in addition to material assistance.
Albanese calls the referral by Birchgrove Legal as having “no credibility”, as the firm has also called for an investigation into the government for pausing funding to UNRWA.
