Under pressure, the SNB sells all its Chevron shares

The Swiss National Bank (SNB) has just divested itself of more than $700 million in shares in the oil company Chevron, reports the NZZ . For several NGOs that have been campaigning for years for respect for human rights and environmental protection in the investment of this Swiss money, this is a victory, which must be followed by other divestments, BreakFree and the Swiss Climate Alliance responded in a press release.

Although the SNB never comments on its investment policy, as a recent investigation by "Temps Présent" showed, some snippets can be learned through indirect means.

Shares purchased from companies listed on the US stock exchange must be reported to the US authorities. However, the latest disclosure shows that three firms have disappeared from the long list of 2,440 companies supported by the SNB, including Chevron. The oil giant had long been singled out by NGOs such as BreakFree and the Climate Alliance, which called for its exclusion from the SNB's portfolio, reported "Le Temps" in 2017.

When contacted by the NZZ, the SNB declined to comment. It stated that it pursues a passive, diversified, balanced, and market-neutral investment approach. However, its guidelines require it to "take into account Switzerland's fundamental norms and values," the newspaper stated. This excludes companies whose products involve massive human rights violations, serious environmental damage, or the production of internationally banned weapons.

While Chevron was singled out for its climate impact, the SNB had consistently refused to withdraw on the grounds of price stability. But Chevron was fined $745 million in April for destroying ecosystems in Louisiana, the NZZ reports. In addition, rumors are circulating about a takeover of BP, which has been repeatedly criticized for environmental damage.

"While we can't be 100% certain that it was due to our pressure, it's a plausible hypothesis, since the usual market indicators didn't point to such a sale," explains Lilian Schibli, coordinator of the SNB coalition within the Swiss Climate Alliance. However, she deplores the fact that ExxonMobil, TotalEnergies, and Shell are still part of the portfolio.