Sjunde AP-fonden (Seventh AP Fund) owns shares worth €9 million in Israeli ICL Group, which manufactures white phosphorus. Human rights organizations have long warned about the company’s links to war crimes against civilians – and now the fund’s officials claim they will review the investment.
Swedish public radio Sveriges Radio Ekot reveals that Swedish pension funds are invested in the Israeli company ICL Group, a manufacturer of white phosphorus that has previously received harsh criticism from several human rights organizations.
The investigation shows that the Seventh AP Fund (one of Sweden’s national pension funds) owns shares worth €9 million in the company. During 2025, the pension fund’s holdings have also increased from 1.2 million to 1.6 million shares.
White phosphorus may be used in conflict zones under international law to illuminate targets or create smoke screens. However, the substance is prohibited for use in ammunition near civilians as it causes severe burns.
Israel has been accused by several human rights organizations of using white phosphorus in densely populated areas during attacks in Gaza. According to the radio station, it is not established whether phosphorus from ICL Group specifically was used in these attacks, but the company has previously listed the U.S. Army – which has close cooperation with Israel – as a customer.
“Difficult to verify”
Mikael Lindh Hök, communications director at the Seventh AP Fund, says that they do not plan to immediately sell the holdings, but that the investment will be reviewed.
— If it’s true and you can actually verify that their product, in this case white phosphorus, is used by the Israeli military in the conflicts, then that is grounds for blacklisting, as it constitutes a violation of human rights, he says.
Lindh Hök simultaneously points to the difficulties in obtaining evidence.
— But there we have the problem that it has been very difficult to verify this, as there are contradictory reports. No one has admitted, so to speak, that they have used it. But if we manage to get it verified, then that is grounds for exclusion.
Amnesty: Suspicions are enough
He emphasizes that the fund manages money for six million Swedes and therefore requires clear evidence before acting.
— Then we want to get it verified so that it doesn’t become arbitrary. Sometimes it can be a rumor that a company has violated something, and then it later emerges that it hasn’t violated an international convention. And since we are the default option for six million Swedes, we have set the threshold at: what international conventions has Sweden signed? he explains further.
Astri Sjoner, political advisor at Norwegian Amnesty, believes that the suspicions alone should be enough to act.
— Now several parties have pointed out that they suspect it is this company’s white phosphorus that has been used in Israel’s warfare in Gaza. When there is this type of suspicion, it is important that those who invest in it take on extra responsibility to assess the risk of human rights violations.