Both Emma Davidson (left) and Jo Clay have divested the shares they had in companies linked to Israel. Photos: Michelle Kroll.
Two ACT Greens MLAs have offered their apologies after it was revealed they both held shares in companies linked to Israel settlements in Palestine.
The party has been vocal in its support for Palestine, previously calling on the ACT Government to divest from companies the UN had listed as “complicit in Israel’s occupation of Palestinian Territories”.
The UN’s list contains 97 parent companies, business enterprises and licensors/franchisors.
An ACT Greens motion to the Legislative Assembly earlier this year had called on the government to end investments “in businesses that contribute to the illegal occupation of Palestine by the Israeli Government”, particularly singling out Airbnb Inc, Alstom SA, Bank Hapoalim BM, Bank Leumi Le-Israel B.M, Bookings Holdings Inc, Expedia Group Inc, Israel Discount Bank Ltd, Mizrahi Tefahot Bank Ltd and Motorola Solutions Inc.
But it turns out Cabinet Minister Emma Davidson and backbencher Jo Clay both had shareholdings with companies with links to some of those 97 listed, including the original nine the party had fought the ACT Government to abandon.
According to her declarations of interest filed on 10 September 2023, Ms Davidson had shares with iShares Core S&P 500. While the company itself isn’t on the UN’s list, it is a major mutual fund holder with Airbnb, Expedia, Bookings Holdings and Motorola Solutions.
The total amount in her exchange-traded fund (EFT) was $69.60.
Ms Davidson said she “immediately divested” her shares with iShares Core S&P 500 EFT when its ties were brought to her attention.
“It is not good enough that this slipped past me and I take full responsibility for this,” she said.
“I am deeply apologetic for any harm that may have been caused by this.”
As for Ms Clay, she filed on 4 September 2023 that she had shares with Stratasys Ltd. This isn’t on the UN list either; however, it is an American-Israeli manufacturer specialising in 3D-printed technology and the Israeli military is believed to be a major customer.
It has offices in Israel and its male employees are obliged to perform at least one month of annual military reserve duty and can be called to active duty.
Ms Clay also divested from the shareholding “as soon as I discovered” it didn’t meet her ethical standards. She did not disclose to Region the value of the investments.
“It’s not one of the business enterprises involved in listed activities identified as part of the divestment movement and identified in the recent ACT Greens motion, but it is certainly problematic,” Ms Clay said.
“Any amount of investment in organisations involved in genocide, war or violence is not acceptable.”
Ms Clay insisted she checked potential investments against ethical sources of information before choosing to invest, and she stated Stratasys Ltd was still listed on some of those sources.
“I’ve let those organisations know that they may need to check their standards,” she said.
“I clearly missed some information since I purchased this and I have now divested all my shares to ensure this does not happen again.”
Both women reasserted their and their party’s call for a permanent ceasefire in Palestine-Israel, as well as calling for more humanitarian aid for the Palestinian community. They urged the Federal Government to withdraw all support from the state of Israel.
For some, apologies are not enough, particularly in light of the debate around the ACT Green’s motion.
It was amended so the ACT Government could review its shareholdings in line with the environmental, social and corporate governance (ESG) performance standards in its shareholdings policy.
During that debate on 7 February, Ms Davidson said to the Assembly: “If members cannot bring themselves to support this motion with the amendment, may the people of the ACT remember this at the next election and vote for people with some humanity to take their place.”
Ms Clay did not partake in the debate.
Canberra Liberals leader Elizabeth Lee said the revelations about Ms Clay and Ms Davidson’s shareholdings exposed “just more hypocrisy” from the ACT Greens.
“It speaks volumes that a minister has called on her own government to divest of certain shares without having done the due diligence of her own share portfolio,” she said.
“How can Canberrans have any faith in what members of the ACT Greens say when their own actions do not meet the standards they expect of others?
“Not only does this highlight the sloppiness of the ACT Greens party room but erodes public confidence of Ministers serving in Andrew Barr’s cabinet.”
The ACT 2024 election will be held on 19 October.
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