The move by Texas is the first action taken by the state under its 2017 law that prohibits state agencies from investing in companies that boycott Israel. 

(April 16, 2019 / JNS) The State of Texas has divested $72 million from a Norwegian company that has purportedly boycotted Israel.

The move is the first action taken by the state under its 2017 law that prohibits state agencies from investing in companies that boycott Israel.

The Employees Retirement System of Texas and Texas Permanent School Fund—two major state pensions—own $68 million and around $4 million, respectively, in stock in the Norwegian financial services firm DNB ASA, reported The San Antonio Express-News. However, a DNB spokesperson denied that the company boycotts Israel.

Illinois, which also has an anti-BDS law, has listed DNB ASA as a boycotter of Israel.

The Texas legislature passed legislation last week to modify the anti-BDS law that, if enacted, would exempt individuals and smaller companies, specifically those with less than 10 full-time employees or valued under $100,000.

DNB ASA is Norway’s largest financial-services company and has also done business in Iran, which is an adversary of Israel.