US Quakers sell shares over Israel policy concerns

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Associated Press

Posted on October 3, 2012 at 5:02 PM

Updated Wednesday, Oct 3 at 5:02 PM

NEW YORK (AP) — A firm that manages assets for American Quakers sold its holdings in three companies over concerns about their dealings with Israel.

Friends Fiduciary Corporation dropped its shares in Caterpillar, Hewlett-Packard and Veolia Environment following request for a review by the Ann Arbor Friends Meeting. The Michigan Quakers wanted to avoid investments in companies that provide products to the Israeli military.

Friends Fiduciary said it couldn't determine whether the Caterpillar and Hewlett-Packard products would be considered weapons according to Quaker teaching against war.

The investment fund said it dropped Veolia over environmental and social issues. Veolia has held contracts in Israel and the territories ranging from transportation to waste removal.

No dollar value for the shares was released. Friends Fiduciary is based in Philadelphia and manages about $200 million.

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