Norwegian investor divests from Palantir over AI surveillance in Palestinian territories
Norwegian asset manager Storebrand divested from Palantir Technologies over concerns that the firm's AI-based surveillance systems supplied to the Israeli military may facilitate human rights violations in Palestinian territories. The divestment follows an International Court of Justice ruling and a Norwegian government warning against investments supporting Israeli settlements in occupied territories.
What happened
Storebrand Asset Management, one of the Nordic region's largest investors managing about 1 trillion crowns ($91.53 billion) in assets, disclosed in its third-quarter investment review published on October 23, 2024, that it had sold its holdings in Palantir Technologies, worth approximately 262 million crowns ($24 million).
Storebrand said it excluded Palantir due to the firm's sales of products and services to Israel for use in occupied Palestinian territories. Storebrand stated that Palantir had not replied to any of its requests for information, first lodged in April.
Reported impact
Storebrand cited concerns that Palantir's work for Israel might put the asset manager at risk of violating international humanitarian law and human rights. The investor's analysis indicated that Palantir provides AI-based predictive policing systems that support Israeli surveillance of Palestinians in the West Bank and Gaza, designed to identify individuals likely to launch 'lone wolf terrorist' attacks for preemptive arrest.
Index analysis
Storebrand's decision follows a recommendation from Norway's government in March warning businesses about engaging in economic or financial activity in Israeli settlements in the Palestinian territories. The International Court of Justice said in July that Israel's occupation of Palestinian territories including the settlements was illegal.
Governance controls
Palantir has previously defended its work for Israel, with CEO Alex Karp stating he was proud to have worked with the country. Earlier in 2024, Palantir agreed to a strategic partnership to supply technology to Israel to assist in the ongoing war in Gaza.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.