A major Canadian literary award has dropped the name of Scotiabank, its main sponsor, from its title after months of protests concerning the bank's investment in an Israeli arms manufacturer amid the ongoing genocide in Gaza.

Despite the award's rebrand to the Giller Prize, formerly known as the Scotiabank Giller prize, the bank will remain the event's primary sponsor.

The bank's asset management subsidiary has shares in Elbit Systems, "Israel's" largest arms manufacturer, which supplies military equipment to the Israeli security ministry for its aggression in the Gaza Strip.

Artillery, munitions, and technological warfare systems are among the supplied weaponry, including the Hermes 450 drone, which was involved in the killing of seven aid workers from the World Central Kitchen in April.

“The decision to remove [Scotiabank’s] name was made so that the focus would be on these exceptional authors and their achievements, and to give the stage to Canada’s best storytellers of today and tomorrow”, Executive Director of the Giller Foundation Elana Rabinovitch told the Canadian Broadcasting Corporation.

Authors protest the literary prize

Demonstrators interrupted the Giller prize ceremony twice in November 2023, protesting against Scotiabank and Elbit Systems, one month after the occupation began its daily bombardment of Gaza. Over 2,000 writers and publishers signed an open letter urging for charges to be dropped against the protesters.

Sarah Bernstein, the prize's 2023 winner, withdrew from a Giller Book Club appearance after organizers informed her that audience questions about the demonstration or Gaza could be edited out.

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Over 30 authors eligible for the award withdrew their work from consideration, signing a statement in July. 

Scotiabank’s 1832 Asset Management decreased its investments in the arms company over the past year, denying that the protests informed its decision. In mid-2023, the asset manager held a 5.04% stake in Elbit Systems, making it its third-largest shareholder. According to Bloomberg, as of mid-August, the bank is the seventh largest shareholder with a 1.44% investment.

In an August filing released by the US Securities and Exchange Commission, the fund revealed it held 61,673 shares in Elbit Systems, valued at $113 million. This is a significant reduction compared to its investments in May, when it owned 1,130,200 shares worth $237 million.

“Scotiabank cannot interfere in the independent investment decisions of its portfolio managers who are fiduciaries that are duty-bound to make decisions in good faith in the best interest of the funds they manage,” a spokesperson said.

Pro-Palestine protests prompt closure of Israeli arms firm's US office

Protests across the globe have been taking place for months against the arms company, including in Britain and the United States, prompting closure and divestments.

A US branch of Elbit Systems announced the termination of its office lease in Cambridge following months of pro-Palestinian demonstrations led by Boycott, Divestment, and Sanctions (BDS) Boston.

A subsidiary of the Israeli-based company, KMC Systems, had moved into a building at 130 Bishop Allen Drive in December 2021, where the lease was expected to end next year.

The BDS organization described the end of Elbit's lease as "a testament to our collective power,” attributing “varied community efforts” for the disruption of Elbit and its landlord, Intercontinental Management Corp.'s operations and “forcing the early termination of the lease.”

The movement pledged to keep fighting to “prevent Elbit from moving to another nearby location," as well as attempt to “sever Elbit’s ties with the Massachusetts Institute of Technology (MIT) and other actors in the Boston area.”

“We will not consider ourselves victorious until Elbit Systems is dismantled and until Palestine is liberated,” BDS Boston asserted.