KLP excludes two weapons manufacturers

"In June 2024, KLP learned of reports from the UN that several named companies were supplying weapons or equipment to the Israeli Defence Force (IDF) and that these weapons are being used in Gaza. On the basis of this information, KLP performed a thorough assessment of the companies and engaged in dialogue with them. Our conclusion is that the companies Oshkosh and ThyssenKrupp are contravening our responsible investment guidelines. We have therefore decided to exclude them from our investment universe,” says Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning.

The UN High Commissioner for Human Rights and a group of UN experts stated in June 2024 that companies which sell weapons, parts, components and ammunition to Israeli forces risk becoming complicit in serious violations of human rights and humanitarian law. According to the expert group, there is evidence that weapons or equipment, which several of the named companies have supplied to the IDF, are being used in the war in Gaza.

The companies are being excluded on the basis of KLP’s criterion relating to the “sale of weapons to states in armed conflicts that use the weapons in ways that represent serious and systematic breaches of international law governing the conflicts”, which is outlined in its Guidelines for KLP as a Responsible Investor.

Inadequate due diligence

“Companies have an independent duty to exercise due diligence in order to avoid complicity in violations of fundamental human rights and humanitarian law,” says Aziz.

An important factor in KLP’s decision to exclude the US company Oshkosh Corporation and the German company ThyssenKrupp is that they have failed to document the necessary due diligence in relation to their potential complicity in violations of humanitarian law. KLP has also emphasised the companies’ long-standing collaboration with the IDF and that weapons deliveries have continued after the outbreak of the war in Gaza.

“This is an important tool tool for reducing KLP’s association with unacceptable conditions that are ongoing or likely to occur in the future is to exclude such companies. This is what we are doing here,” says Aziz.

Up until 16 June 2025, KLP and the KLP Funds owned shares worth around NOK 19 million in Oshkosh and around NOK 10 million in ThyssenKrupp.

Read KLP Kapitalforvaltning’s decision document for a more detailed explanation of why these companies have been excluded.

For further information, please contact:

Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning. Phone: +47 952 08 194

Glenn Slydal Johansen, Communications Advisor at KLP. Phone: +47 930 37 976