One Arizona leader is using her statewide office to support Israel at a time when that nation faces tremendous threats to its security.
Arizona State Treasurer Kimberly Yee recently announced that her office “plans to increase Israel bond holdings to support Israel during this time of crisis.” Yee’s press release shared that the State Treasurer’s Office “has been investing in Israel bonds since 2013 and currently has $15 million in holdings.”
Today I announced my commitment to increasing Arizona Treasury @IsraelBonds holdings in support of Israel. Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, not just our words.
— Arizona Treasurer Kimberly Yee (@AZTreasurerYee) October 16, 2023
Treasurer Yee issued a statement in conjunction with her announcement, saying, “In the wake of the distressing news of the horrific terrorist attacks in Israel, I promptly directed my investment team to contact our esteemed partners in Israel to increase our Israel bond holdings as we continue to stand firmly with Israel. The state of Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, and not just our words.”
Yee also took an opportunity to highlight the importance of her action and encourage her colleagues around the country to follow suit. She said, “Israel bonds are a secure and reliable investment option that not only contributes to the Arizona Treasury’s diversified investment portfolio, but also strengthens our support and partnership with the State of Israel. Investing in Israel bonds is something that I not only support, but also urge my fellow state financial officers to do as well, especially in this time of crisis. In this time of adversity, it is our duty to stand resolute and support Israel as a nation.”
The Treasurer’s Office noted that “Israel bonds serve as an investment option for individuals, institutions and nations worldwide to support the economic growth and stability of the State of Israel,” adding that “investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.”
According to Yee’s office, “the Israeli government will be issuing new bonds and Arizona has been placed at the forefront of the list of institutional buyers.”
The second-term Republican Treasurer has been a staunch supporter of Israel throughout her time in public service, using her platform and her office to stand with the American ally to the full extent of her authority. During her first term, Yee led the efforts to become “the first state in the country to enforce Anti-BDS laws (Boycotts of Israel) by divesting $143 million from Unilever, the parent company of Ben & Jerry’s, in response to the company ending distribution of its products in parts of Israel.”
In 2022, Treasurer Yee also notified Morningstar Inc. that they were at risk of being placed on the Arizona Treasury’s prohibited investment list for violating Arizona law by actively boycotting the State of Israel. Yee said, “It is my duty to defend Arizona’s anti-BDS law and I will ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
State lawmakers continue to express messages of sympathy and support for Israel, following the unprovoked and shocking terrorist attacks from this past weekend.
This week, many Arizona elected officials added to the bipartisan crescendo of voices in Israel’s corner. On Tuesday, House Speaker Ben Toma issued a statement, saying, “Hamas’ actions amount to terrorism, plain and simple. There is no place for their hateful ideology in any society and their violent actions of anti-Semitism must be stopped. Israel has a right to live in freedom and to defend their land from these barbaric terrorists. We strongly condemn the senseless acts of violence against the people of Israel and support their right to defend themselves. We stand unequivocally with our Israeli brothers and sisters and grieve with those who have lost loved ones to these unprovoked atrocities. May their memories be a blessing and may justice be swiftly delivered.”
✅FOR IMMEDIATE RELEASE✅ Representative@RepBenToma and @AZHouseGOP Condemn Unprecedented Attacks on Israel: "Hamas' actions amount to terrorism, plain and simple. Israel has a right to live in freedom and to defend their land from these barbaric terrorists. We strongly condemn… pic.twitter.com/gWVbDH1XwR
State Senator Frank Carroll also put out a statement in support of Israel on Tuesday. He said, “Arizonans should pray for our ally Israel, the lives lost and those in harm’s way. We also need to be vigilant in these trying times. To predict the future, one only needs to understand the past. The 20th century is rich in history about events that led up to the midcentury global conflict. Here we go again. It should be clear where this is heading. God help us.”
In addition to the statements, hundreds of Arizonans, as well as a bipartisan coalition of government officials, attended a Monday night event in Scottsdale to show solidarity for Israel. From that event, Attorney General Kris Mayes posted, “Shoulder-to-shoulder in support of Israel.”
— County Attorney Rachel Mitchell (@Rachel1Mitchell) October 10, 2023
On Monday night, Governor Katie Hobbs also announced that the Executive Tower was lit ‘blue’ in a demonstration of support for the staunch American ally.
To the people of Israel: Arizona stands with you. Tonight, the Executive Tower is blue in solidarity. 🇮🇱
Arizona elected officials stood with Israel after the American ally suffered a shocking and horrific terrorist attack late last week.
After Israel was attacked by Hamas terrorists on Friday night (Arizona time), state politicians offered their thoughts, prayers, and messages of unwavering support for the Middle Eastern democracy.
Governor Katie Hobbs wrote, “I condemn the horrific terrorist attack on Israel by Hamas. Arizona stands with the people of Israel and supports their right to self defense. My heart breaks for the families of those who have been killed, injured or captured.”
I condemn the horrific terrorist attack on Israel by Hamas. Arizona stands with the people of Israel and supports their right to self defense. My heart breaks for the families of those who have been killed, injured or captured.
Attorney General Kris Mayes stated, “Deeply shocked and heartbroken by today’s terrible Hamas terrorist attacks in Israel. My heart goes out to the families mourning their lost loved ones. Arizona stands resolutely in support of Israel.”
Deeply shocked and heartbroken by today’s terrible Hamas terrorist attacks in Israel. My heart goes out to the families mourning their lost loved ones. Arizona stands resolutely in support of Israel. https://t.co/arvkaKKyqs
— AZ Attorney General Kris Mayes (@AZAGMayes) October 7, 2023
Secretary of State Adrian Fontes added, “This has been a tough day for the world. I unequivocally condemn today’s terrorist attacks in Israel and am thinking of the victims and their loved ones. Every nation should have the right to defend itself. Democracy must be protected wherever it is in jeopardy.”
This has been a tough day for the world. I unequivocally condemn today’s terrorist attacks in Israel and am thinking of the victims and their loved ones. Every nation should have the right to defend itself. Democracy must be protected wherever it is in jeopardy.
Treasurer Kimberly Yee also weighed in, saying, “I stand with Israel. The United States has enjoyed a longtime friendship and allied relationship with Israel, a shining light of democracy in the Middle East. As a former State Senate Majority Leader and now as Arizona Treasurer, I have fought against BDS efforts to boycott and harm Israel. Please join me in praying for protection over the people of Israel against these evil Hamas terrorist attacks. May God bless the United States and Israel.”
— Arizona Treasurer Kimberly Yee (@AZTreasurerYee) October 9, 2023
Many members of Arizona’s Legislature also shared their solidarity with Israel over the weekend.
Senate President Warren Petersen spoke for his Republican conference, stating, “Arizona Senate Republicans stand in support of Israel, one of our nation’s most important allies. We strongly condemn the horrific violence happening against innocent Israeli civilians and Americans. We send prayers for strength, courage and comfort as the Israeli people battle against pure evil.”
Arizona Senate Republicans condemn the horrific violence happening against civilians and Americans in Israel. – @votewarren ⬇️ pic.twitter.com/tyPJQsXgkb
Representative Alma Hernandez wrote, “While I don’t post during Shabbat I must break that today. Israel is at war and my heart is breaking for what is happening and unfolding there. Innocent Israelis murdered, walking on the streets, elderly being murdered while waiting at bus stops, women and children being kidnapped, raped and murdered on video. All while Palestinian terrorist are celebrating on the streets. I can’t believe this is happening today. My heart is shattered.”
While I don’t post during Shabbat I must break that today. Israel is at war and my heart is breaking for what is happening and unfolding there. Innocent Israelis murdered, walking on the streets, elderly being murdered while waiting at bus stops, women & children being kidnapped,…
— (((Rep.Alma Hernandez))) (@almaforarizona) October 7, 2023
Arizona Senate Pro Tempore, T.J. Shope, expressed his prayers for the American ally.
Representative Consuelo Hernandez said, “Praying for the people of Israel who were infiltrated by Hamas terrorist. So many more Israelis will be killed for the simple reason of being Jewish and existing. You are not alone. The world is watching.”
Praying for the people of Israel who were infiltrated by Hamas terrorist. So many more Israelis will be killed for the simple reason of being Jewish and existing. You are not alone. The world is watching. https://t.co/rv3zSF3twN
Representative Jacqueline Parker praised Israeli leadership and response to the attacks, saying, “At least there’s one righteous super power left in the world with competent leadership. I pray for Israel’s safety & swift victory.”
At least there’s one righteous super power left in the world with competent leadership. I pray for Israel’s safety & swift victory. 🙏🙏🙏 https://t.co/u5WYoiIzz8
Representative Seth Blattman added, “This is a horrifying surprise attack on the people of Israel. I stand with Israel as it defends itself against Hamas in this ongoing assault.”
This is a horrifying surprise attack on the people of Israel. I stand with Israel as it defends itself against Hamas in this ongoing assault.
Other municipal and county officials also issued their own statements in reaction to the events from the weekend.
Phoenix Mayor Kate Gallego posted, “I’m proud to stand with Israel and condemn Hamas’s attacks on innocent people in the strongest terms. Here in Phoenix, our police are stepping up patrols near synagogues – and our hearts are with our many friends throughout Israel.”
I’m proud to stand with Israel and condemn Hamas’s attacks on innocent people in the strongest terms.
Here in Phoenix, our police are stepping up patrols near synagogues—and our hearts are with our many friends throughout Israel.
Representative Alexander Kolodin recognized the increased security provided by Phoenix law enforcement, stating, “Grateful to the Phoenix Police for this extra degree of vigilance. We American Jews are tremendously luck to live in a country where officers of every faith are willing to risk their lives to protect our ability to worship freely.”
Grateful to the @PhoenixPolice for this extra degree of vigilance. We American Jews are tremendously lucky to live in a country where officers of every faith are willing to risk their lives to protect our ability to worship freely.https://t.co/vP13f1j04b
Maricopa County Attorney Rachel Mitchell also shared her prayers for Israel.
Praying for Israel.
— County Attorney Rachel Mitchell (@Rachel1Mitchell) October 7, 2023
Peoria Mayor Jason Beck told AZ Free News that “Israel is a home away from home for me and my family. It has a sacred history and is one of the few places in the region that respects the personal beliefs of their citizens. I’m both saddened and angry at what these acts of terrorism have done to the people of Israel. I am taking action by sending body armor to Israel for the protection of the brave soldiers who will defend their homeland and our Western values. The Biden administration should be ashamed of their recent actions that opened up funding to Iran. Iran is who has openly trained and funded Hamas and other affiliates that don’t recognize Israel’s right to exist. They seek to wipe Israel off the face of the earth. I stand with the men and women of Israel in this fight and pray that God will protect their homeland.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
Arizona may place another major company on a list of prohibited investments for allegedly boycotting the state of Israel. It would be the second company deemed in violation of Arizona’s ban against Boycott, Divestment, Sanctions (BDS) of Israel. Arizona already placed Unilever on that list over the Israel BDS enacted by its subsidiary, Ben & Jerry’s.
Arizona Treasurer Kimberly Yee gave the Chicago-based financial services company, Morningstar, 30 days to prove that they weren’t boycotting Israel. In a press release on Monday, Yee shared that her office suspected Morningstar of boycotting because its subsidiary, Sustainalytics, employed environmental, social, and corporate governance (ESG) policies that punished companies doing business in Israel with poorer scoring.
Arizona doesn’t have any public funds invested in Morningstar presently.
Yee said that ESG-focused companies benefitting from taxpayer dollars victimize other companies in order to advance “woke political gamesmanship.”
“ESG ratings are a political scorecard, not a financial scorecard,” said Yee. “I will not allow companies to promote policies that are antisemitic and discriminatory efforts against Israel, which is America’s longtime friend and ally, and a significant trade partner with Arizona.”
AZ Treasurer Kimberly Yee gave Morningstar 30 days to prove their ESG ratings do not violate Arizona law, stating that she "will not allow companies to promote policies that are discriminatory efforts against Israel."
— Office of the Arizona State Treasurer (@AZTreasury) August 23, 2022
In her letter, Yee pointed Morningstar CEO Kunal Kapoor to his company’s own 117-page report investigating Sustainalytics released in early June. Morningstar insisted in an affiliated press release that it didn’t support boycotts of Israel, and cleared Sustainalytics of boycotting accusations. However, Yee said that pages 69-73, 86-93, and 97-99 of the report proved otherwise.
“ESG, in itself, is a subjective exercise and suffers from inherent bias. While [the] report says there was no bias against Israel, that is not the question presented to us under Arizona law,” wrote Yee. “The very fact that Sustainalytics has chosen to review companies doing business in Israel under the guise of its ESG ratings system, violates Arizona law as your company is ‘performing actions that are not intended to limit commercial relations with entities doing business in Israel.’”
ESG began in 2004 when former United Nations Secretary General Kofi Annan convened over 50 CEOs from the top financial institutions in a bid to influence markets. Annan’s coordination prompted the rollout of early ESG models, such as the New York Stock Exchange’s Principles for Responsible Investment (PRI) in 2006 and the Sustainable Stock Exchange Initiative (SSEI) in 2007.
Today, ESG models award scoring to measure companies based on equity-based initiatives. For example, environmental criteria might include waste reduction efforts or natural resource conservation; social criteria might include restorative justice initiatives or reproductive care funding like abortions; and governance criteria might include weighing issues that impact company stakeholders.
Unilever reversed Ben & Jerry’s boycott in late June. They repudiated the ice cream company’s actions, insinuating that they were antisemitic. However, Yee didn’t reverse the state’s divestment.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
On Wednesday, Unilever sold its Ben & Jerry’s business in Israel to its current licensee, American Quality Products (AQP), effectively reversing the ice cream brand’s boycott of Israeli-occupied territory they believed belonged to Palestinians, or “Occupied Palestinian Territory” (OPT). The move came about six months before Ben & Jerry’s license agreement there was set to expire. Ben & Jerry pledged to continue selling in Israel through a different arrangement after that — just not within OPT.
The British consumer goods conglomerate asserted in a press release that they weren’t supportive of Ben & Jerry’s boycott, which they implied was antisemitic. The company explained that it was slow to take action on the boycott, which began last July, because they wanted to conduct an extensive review with parties involved, including the Israeli government.
“Unilever rejects completely and repudiates unequivocally any form of discrimination or intolerance. Antisemitism has no place in any society. We have never expressed any support for the Boycott Divestment Sanctions (BDS) movement and have no intention of changing that position,” wrote Unilever.
The conglomerate expressed hope that the Israeli and Palestinian governments could reach a peaceful resolution in their conflict.
Ben & Jerry’s insisted that their boycott wasn’t rooted in antisemitism.
Ben & Jerry’s boycotted the Israel-occupied area last July in response to controversy over Israeli forces along the West Bank, which the company asserted was an illegal incursion. In response, State Treasurer Kimberly Yee divested Unilever of state funds in September. The state originally had around $143 million invested in the conglomerate.
At the time, Yee pointed to Arizona law prohibiting state funds from going to entities that boycott Israel.
“I gave Unilever PLC, the parent company of Ben & Jerry’s, an ultimatum: reverse the action of Ben & Jerry’s or divest itself of Ben & Jerry’s to come into compliance with Arizona law or face the consequences. They chose the latter,” said Yee. “It does not matter how much investment Unilever PLC has in Israel, with Ben & Jerry’s decision to no longer sell its product in the West Bank, the companies are in violation of the law in Arizona. Arizona will not do business with companies that are attempting to undermine Israel’s economy and blatantly disregarding Arizona’s law.”
On Thursday, Yee issued a formal statement commending Unilever for reversing Ben & Jerry’s boycott. However, the treasurer didn’t pledge to restore the divested funds immediately. Yee shared that her office would review Unilever before deciding to reinvest.
“[I] continue to be concerned about the woke decisions of Ben & Jerry’s Board of Directors,” remarked Yee in closing.
I am pleased that Unilever overturned the decision made by Ben & Jerry's and changed their course of action to boycott Israel as I had requested in September of 2021. I continue to be concerned about the woke decisions of Ben & Jerry's Board of Directors. See full statement: pic.twitter.com/GSoJWdR6uF
In a statement, Ben & Jerry’s expressed that they didn’t support Unilever’s decision.
“We continue to believe it is inconsistent with Ben & Jerry’s values for our ice cream to be sold in the Occupied Palestinian Territory,” stated the company.
We are aware of the Unilever announcement. While our parent company has taken this decision, we do not agree with it.
