THE HAGUE, Netherlands (JTA) — A Dutch pension administrator has divested from five Israeli banks over their activity in the West Bank.

The pension investment company PGGM announced its decision to divest from Bank Hapoalim; Bank Leumi; First International Bank of Israel; Israel Discount Bank and Mizrahi Tefahot Bank on Tuesday on its website, citing the company’s “responsible investment policy.”

The text cited the banks’ “involvement in financing Israeli settlements in the occupied Palestinian territories. This was a concern, as the settlements in the Palestinian territories are considered illegal under international humanitarian law.”

PGGM had a marginal investment of several dozen millions of dollars in Israeli banks out of billions it invests all over the world, according to the NRC Handelsblad daily. The paper reported PGGM was Holland’s second-largest pension administrator.

In its statement, the company also cited its “responsible investment policy,” which excludes investing in bodies involved in “violations of fundamental human rights and labor rights.”

But according to a document released by the company in 2013, PGGM investments abroad include two Chinese banks – Bank of China and China Construction Bank — with offices and activities in Tibet, which is widely seen internationally as land occupied by China. PGGM also invests in China Petroleum & Chemical Corporation, of Sinopec, which is exploring for oil in Tibet.

PGGM’s international investments also include the Malaysian palm oil producer Sime Darby, which last year paid a million dollars in reparations to villagers in Liberia amid accusations that the firm had violated their human rights and confiscated their property.

PGGM spokespersons Maurice Wilbrink and Wout Dekker were not immediately available to answer questions on the implementation of the company’s investment policies.