ABP, the Netherlands’ largest pension fund, sold its Caterpillar shares.

ABP, the largest pension fund in the Netherlands, announced that it has sold all its shares in the US construction equipment manufacturer Caterpillar for ethical reasons. The fund held shares worth approximately €387 million.

ABP, with total assets of €524 billion, stated that the decision was particularly related to the company’s policy on investments in conflict zones.

The statement said, “Our investments must both provide good returns and be consistent with social responsibility.” ABP emphasized that it first tries to engage in dialogue with companies, but when no results are achieved, it completely withdraws its investments. This decision comes in line with Norway’s withdrawal last month of its $2 trillion sovereign wealth fund from Caterpillar and some Israeli banks. The Norwegian fund’s ethics committee stated that Caterpillar products were being used in the demolition of properties in Palestine and that the company had taken no steps to prevent this. Caterpillar has not yet responded to questions on the matter.