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Department of the Treasury

For Immediate Release:
September 14, 2021
Media Contact:

Jennifer Sciortino
(609) 789-8647

Treasury Statement on Pension Fund Investments in Ben & Jerry's Parent Company Unilever

TRENTON — The New Jersey Department of the Treasury's Division of Investment issued the following statement today regarding State pension fund holdings in Unilever plc, the parent company of Ben & Jerry's:

"Following the letter and spirit of the law, the State of New Jersey's Division of Investment, working with its independent consultant, ISS, conducted a review of the actions of Ben & Jerry's and its parent company, Unilever, to determine whether such actions constituted a boycott of Israel or companies operating in Israel or Israeli-controlled territory. Following this review, the division reached a preliminary determination that Unilever's actions did in fact constitute such a boycott and sent a letter to Unilever notifying the company of its provisional determination. Upon final determination, no pension fund assets may be invested in the company, and DOI shall take appropriate action to sell or divest any existing pension fund investments," said Shoaib Khan, Director of the NJ Division of Investment.

Attached is a full copy of the letter sent to Unilever.

Last Updated: Wednesday, 09/15/21