AXA's Bold Move: Complete Divestment from Israeli Banks and Elbit Systems Marks a Major Win for the BDS Movement
This article reports on the significant announcement by AXA, the French multinational insurance company, regarding its complete divestment from all Israeli banks and Elbit Systems, a key player in the Israeli defense industry. Following years of pressure from the Boycott, Divestment, Sanctions (BDS) movement, AXA's decision is celebrated as a major victory for activists advocating for Palestinian rights. The piece explores the background of the BDS campaign, the implications of AXA's divestment in the context of international law, and the ongoing vigilance of activists to ensure that the company remains accountable for its future investments. As the movement gains momentum, the article highlights the power of grassroots activism in influencing corporate behavior and promoting ethical standards in the realm of human rights.
HASSAN BENYOUB 
In a significant victory for the Boycott, Divestment, Sanctions (BDS) movement, French multinational insurance giant AXA has announced its complete divestment from all major Israeli banks and Elbit Systems, a leading Israeli arms manufacturer. This decision follows years of sustained pressure from global activists advocating for Palestinian rights through the campaign "Stop AXA Assistance to Israeli Apartheid."
Background of the Campaign
The BDS movement has long targeted AXA for its investments in Israeli banks, which are seen as complicit in the illegal settlement enterprise in the occupied West Bank. Elbit Systems, which supplies the Israeli military with drones and ground equipment, has also been a focal point of criticism due to its role in military operations against Palestinians. Under mounting pressure, AXA began its divestment process in 2018, gradually withdrawing from Elbit Systems and reducing its stakes in several Israeli banks.
Recent Developments
A report commissioned by the corporate accountability group Ekō revealed that as of September 2023, AXA still held over $20 million in shares across three Israeli banks: Bank Hapoalim, Israel Discount Bank, and Bank Leumi. However, amid intensified public scrutiny and activism, AXA has now confirmed its total divestment from these institutions. Fiona Ben Chekroun, the BDS movement's Europe Coordinator, celebrated this achievement, stating, "The confirmation of AXA’s divestment from all Israeli banks and Elbit Systems is a major milestone for the movement, following years of strategic campaigning."
Implications of the Divestment
This divestment is seen as a crucial step in holding corporations accountable for their financial complicity in human rights violations. The BDS movement emphasizes that investing in companies that support Israel's military actions and settlement policies is unethical and illegal under international law. The recent ruling by the International Court of Justice, which recognized Israel's actions as apartheid, further underscores the urgency of such corporate accountability.Despite this victory, activists warn that AXA remains "under surveillance," as they continue to monitor the company's future investments to ensure it does not re-engage in practices that violate human rights. The BDS movement is now calling for intensified pressure on all financial institutions that profit from oppression and injustice.
Conclusion
AXA's decision to divest from Israeli banks and Elbit Systems marks a significant moment for the BDS movement and highlights the power of grassroots activism in influencing corporate behavior. As the campaign continues, advocates remain vigilant, seeking to ensure that companies uphold ethical standards and refrain from complicity in violations against Palestinians. The movement's success serves as a reminder of the impact that sustained public pressure can have on corporate accountability in the realm of international human rights.
