March 18, 2022

DENVER— Colorado PERA today took action to assess investments in Unilever, parent company of Ben and Jerry’s. The decision was based on a 2016 Colorado state law declaring support for Israel and opposition to boycotts, divestments or sanctions against Israel for political reasons.

The Colorado PERA Board of Trustees voted unanimously at its March 18 board meeting to add Unilever to its Restricted Companies List. Unilever subsidiary Ben and Jerry’s made a statement that it would withdraw its products from the Israeli-occupied West Bank because the occupation was inconsistent with company values. PERA, which has invested $42 million in Unilever equities and bonds, said it would begin the engagement process over the next 180 days in accordance with the Board’s decision. Upon completion of the engagement, and as applicable, PERA will divest of its Unilever holdings. PERA has 12 months from today to divest from Unilever if it is not satisfied with the responses to the assessment.