New Zealand. Investments in companies complicit in Israel’s international crimes, “unreasonable and unlawful. Nueva Zelanda. Las inversiones en empresas cómplices de los crímenes internacionales de Israel, “irrazonables e ilegales”. ENG ESP

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New Zealand High Court Rules Against National Super Fund for Inconsistent Application of Ethical Criteria
04-2026
Author info BDS National Committee

The High Court of New Zealand, in a recent ruling, found the policy referenced by the New Zealand Superannuation Fund (NZ Super) in defense of its investments in companies complicit in Israel’s international crimes to be “unreasonable and unlawful.” The Guardians of the Fund failed their statutory duty to invest in a manner consistent with “avoiding prejudice to New Zealand’s reputation as a responsible member of the world community,” the Court declared, thereby underscoring “internationalism” as the source of the Fund’s duties to adhere to the standards of ethical investment. Crucially, the Fund was consequently ordered to reformulate its investment policy.

The Palestinian BDS National Committee (BNC), the largest coalition in Palestinian civil society, congratulates Palestine Solidarity Network Aotearoa (PSNA) for bringing the New Zealand Superannuation (NZ Super) Fund to the High Court for judicial review over its investments in companies implicated in grave human rights violations.

This judgment sets an important legal and policy precedent. All major sovereign and pension funds across the world must:

 Adopt (if not already done) and consistently adhere to ethical investment guidelines that comply with international law and UN guidelines for responsible investment.
Examine their investment’s compliance with those guidelines and divest accordingly from companies complicit in grave human rights violations anywhere, particularly breaches of peremptory norms of international law, including those complicit in Israel’s war crimes, crimes against humanity and genocide against the Palestinian people.

The complaint filed by PSNA emerged out of the NZ Super’s refusal to divest from Airbnb, Booking, Expedia, and Motorola -- all complicit in Israel’s regime of illegal occupation, apartheid and settler colonialism against Palestinians and are therefore priority BDS divestment targets. This contradicts previous decisions by the NZ Super to divest from five Israeli banks in 2021, and from three Israeli companies including its largest weapons manufacturer Elbit Systems in 2012, due to their involvement in Israel’s illegal settlement enterprise and construction of the illegal apartheid wall. Both these major divestments followed popular campaigns led by PSNA and other solidarity groups in the country.

All four companies that triggered this lawsuit are listed by the UN Human Rights Council in its updated database of business enterprises involved in Israel’s illegal settlement enterprise in the occupied Palestinian West Bank, including East Jerusalem. In its judgment, the New Zealand High Court cited this database as a reference for the NZ Super as it reformulates its ethical investment policy.

“Being listed on [sic] the database,” the Court noted, “does provide a good faith basis for further enquiry.” Once “legally compliant policy documents” have been produced by the Fund, the Court noted, the Guardians will need to assess the factual position and consequently make decisions about the challenged investments. “[B]ut on the face of it I doubt it would be legally justifiable to refuse to make decisions about the treatment of the challenged investments,” the presiding High Court Judge wrote (Para. 98, Judgment).

This High Court ruling reaffirms the growing international tide to hold Israel’s apartheid regime, as well as companies and institutions that are complicit in its grave human rights violations, accountable, particularly given Israel’s ongoing, livestreamed genocide in Gaza.

Apoorva G, Asia-Pacific Campaigns Coordinator with the BDS movement, said:

“Solidarity groups, civil society coalitions and all conscientious individuals are sounding the alarm, unveiling state and institutional complicity in Israel's genocide and apartheid and are taking meaningful action to end it. This win is a testament to the key role BDS partners play in holding complicit governments accountable for their failure to honor their legal obligations under international law.”

In addition to this powerful win at the High Court, PSNA and other solidarity groups in Aotearoa have organized successful grassroots campaigns for local council divestment from companies involved in Israel’s illegal settlements, with Auckland City Council being the latest to vote requesting a staff report on sanctioning companies listed in the UNHRC database. Auckland is the seventh city taking concrete steps in this direction.

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