Norway‘s largest pension fund, KLP, has announced that it will no longer do business with two companies that sell equipment to the Israeli military due to concerns that the equipment may be used in the war in Gaza.
The companies in question are Oshkosh Corporation, a US-based firm specializing in trucks and military vehicles, and ThyssenKrupp, a German industrial company that produces a wide range of products, including warships.
According to Kiran Aziz, head of responsible investments at KLP Kapitalforvaltning, “In June 2024, KLP learned of reports from the UN that several named companies were supplying weapons or equipment to the [Israeli army] and that these weapons are being used in Gaza.” After reviewing the matter, KLP concluded that both companies were contravening its responsible investment guidelines.
KLP had investments worth $1.8 million in Oshkosh and almost $1 million in ThyssenKrupp until June 2025. The pension fund, which oversees approximately $114 billion and covers around 900,000 people, mostly municipal workers, decided to exclude these companies from its investment universe.
KLP stated that it had been in touch with both companies before making its decision. Oshkosh confirmed that it has sold and continues to sell equipment used by the Israeli army in Gaza, primarily vehicles and vehicle parts.
ThyssenKrupp revealed that it has a long-term relationship with the Israeli army and delivered four Sa’ar 6 warships to the Israeli Navy between November 2020 and May 2021. The company also plans to deliver a submarine to the Israeli Navy later this year.
However, both companies failed to provide adequate documentation of due diligence regarding potential complicity in humanitarian law violations, according to KLP. Aziz emphasized that “companies have an independent duty to exercise due diligence to avoid complicity in violations of fundamental human rights and humanitarian law.”
This is not the first time KLP has divested from companies linked to possible human rights abuses. In 2021, the pension fund divested from 16 companies, including Motorola, due to their connections to illegal Israeli settlements in the occupied West Bank.
KLP also divested from Adani Ports, an Indian port and logistics group, because of its ties to the Myanmar military government. Last summer, KLP divested from US firm Caterpillar, citing concerns over the company’s bulldozers being used in the occupied Palestinian territory.
The latest move is part of a broader trend among European investment funds distancing themselves from companies accused of enabling or cooperating with Israel’s occupation of the West Bank or its actions in Gaza. Other pension funds and wealth funds have made similar decisions in recent years.