New JLens White Paper Finds Israel Faces Highest Exclusion Rate in GPFG’s 63-Country Portfolio — Far Above Authoritarian Regimes with Poor Human Rights Records
New York, NY, August 12, 2025 … ADL (the Anti-Defamation League) and JLens today condemned Norway’s Government Pension Fund Global (GPFG)’s decision to divest from 11 Israeli companies, calling the move politically motivated, morally wrong, and evidence of a discriminatory double standard.
The criticism accompanies the release of a JLens white paper: Norway’s Double Standards: How the World’s Largest Sovereign Wealth Fund Targets Israel, analyzing GPFG’s $1.2 trillion equity portfolio. The review found that GPFG excluded Israeli companies for human rights issues, including “serious violations of individuals’ rights in situations of war or conflict,” at a rate of approximately 32 percent — the highest of any country in GPFG’s 63-country portfolio. By comparison, companies from China have an exclusion rate of about 2 percent, and companies from Qatar and Türkiye face a 0-percent exclusion rate.
“Hamas is celebrating this divestment in the tunnels of Gaza,” said Jonathan Greenblatt, ADL CEO and National Director. “Demonizing the Middle East’s only democracy while practically giving a free pass to authoritarian regimes isn’t ethical investing—it’s capitulating to forces that seek to isolate Israel.”
JLens, a 501(c)(3) nonprofit and Registered Investment Advisor, analyzed all 8,659 public equity holdings and 193 exclusions across GPFG’s 63-country portfolio and reviewed independent human rights ratings for Freedom House and Human Freedom Index rankings.
“It’s outrageous that companies from China, Türkiye, and Qatar—countries whose governments have supported Iran or Hamas—are given a free pass, while companies from democratic Israel face the highest exclusion rate of any nation,” said Ari Hoffnung, Managing Director of JLens. “Norway’s ‘ethical guidelines’ aren’t about ethics—they’re about singling out the Jewish state.”
The white paper also documents sustained lobbying by the Norwegian Confederation of Trade Unions (LO) — representing roughly 35 percent of Norway’s workforce and closely aligned with the ruling Labour Party — for Israel-related divestment. LO’s congress resolutions in 2017 and 2022 endorsed boycotts of Israel, and in April 2025, it led a coalition letter urging GPFG to expand exclusions of Israeli companies. These positions have been applauded by the global Boycott, Divestment and Sanctions (BDS) movement and by Hamas, which praised LO’s boycott votes as a victory for its cause.
Table I – JLens Analysis of Government Pension Fund Global Holdings and Conduct-Based Exclusions
(As presented in August 2025 white paper)
|
Country |
% Exclusions |
# Holdings |
# Conduct-Based Exclusions |
Freedom House Score (0–100) |
Human Freedom Index |
| Israel |
32% |
50 |
23 |
73 |
7.54 |
| Egypt |
7% |
14 |
1 |
18 |
4.17 |
| Canada |
5% |
143 |
7 |
97 |
8.74 |
| Brazil |
4% |
111 |
4 |
72 |
7.18 |
| China |
2% |
651 |
14 |
9 |
4.93 |
| Russia |
2% |
49 |
1 |
12 |
5.35 |
| India |
2% |
550 |
9 |
63 |
6.26 |
| South Korea |
1% |
485 |
6 |
81 |
8.23 |
| United States |
<1% |
1,758 |
2 |
84 |
8.64 |
| United Arab Emirates |
0% |
42 |
0 |
18 |
5.90 |
| Türkiye |
0% |
44 |
0 |
33 |
5.28 |
| Qatar |
0% |
16 |
0 |
25 |
5.41 |
ADL and JLens called on GPFG to submit its exclusion process to an independent audit to ensure its ethical guidelines are applied uniformly and without bias across all countries and situations.
“Until GPFG applies its own standards consistently,” added Greenblatt, “its so-called ‘ethical exclusions’ will remain an exercise in hypocrisy rather than a model for responsible investing.”
About ADL
ADL is the leading anti-hate organization in the world. Founded in 1913, its timeless mission is “to stop the defamation of the Jewish people and to secure justice and fair treatment to all.” Today, ADL continues to fight all forms of antisemitism and bias, using innovation and partnerships to drive impact. A global leader in combating antisemitism, countering extremism and battling bigotry wherever and whenever it happens, ADL works to protect democracy and ensure a just and inclusive society for all. More at www.adl.org.
About JLens
Founded in 2012, JLens is a 501(c)(3) nonprofit and Registered Investment Advisor that empowers investors to align their capital with Jewish values and advocates for Jewish communal priorities in the corporate arena. JLens’ Jewish Investor Network is composed of over 30 Jewish institutions, representing $11 billion in communal capital. In 2022, JLens established an affiliation with ADL (Anti-Defamation League), the leading anti-hate organization in the world. More at www.jlensnetwork.org.
