Norway’s sovereign wealth fund will exclude U.S. machinery manufacturer Caterpillar and five Israeli banks from its equity portfolio over what it called an “unacceptable risk” that the firms contribute to rights violations. The ethics committee for Norges Bank Investment Management found that the former produced bulldozers that were being used in the “unlawful destruction of Palestinian property,” while the banks had provided financial services necessary for the construction of Israeli settlements in the West Bank. Facing political and public scrutiny, NBIM has said it will not withdraw from all its investments in Israeli firms but review its portfolio to ensure it complies with its ethics mandate.