Hayward approves $1.6 million divestment from four companies that support Israel

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Hayward Councilmember George Syrop led narrow approval on Tuesday night for the city to divest from four companies that do business with Israel.

CITY NEWS

HAYWARD

—MONEY WHERE THEIR MOUTH IS—While other East Bay cities approved or ferociously debate Israel-Gaza permanent ceasefire resolutions, Hayward is registering its opinion with their pocket book.

—The Hayward City Council narrowly approved on Tuesday night a new investment policy that includes divestment of four major corporations that do business with Israel, a move that could have ramifications across the East Bay.

—Hayward is believed to be the first city in the nation to approve divestment of Israel since the beginning of the war in Gaza.

—The total amount of the divestment, $1.6 million, is small as compared to Hayward’s $250 million portfolio. But a majority of the seven-person city council, led by Councilmember George Syrop said the action is a moral issue that affects the ability of the city to provide services at home.

—“In Gaza thousands of children have been killed. Nearly every school, university, and hospital is gone,” Syrop said. “At home, in Hayward—Education City—we’re seeing our schools close, our only hospital facing financial uncertainty, and our social services remain chronically underfunded.”

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|VIDEO| Syrop: “If it’s the opinion of the majority of this council that we support a ceasefire, then I agree, let’s put our money where our mouth is.” (Runtime: 40 seconds).

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—“This divestment sends a clear message that the people of Hayward refuse to be complicit in genocide,” Syrop told East Bay Insiders.

—“As we heard from City staff there’s still more work to do to implement full BDS language in our investment policy, but this is a good start. And it needs to be a start for all local governments.”

—The new investment policy calls for the city to divest from four corporations—Chevron, Intel, Hyundai, and Caterpillar.

—All four are included on a list curated by the BDS movement, a non-violent protest calling for a boycott, divestment and sanctions against Israel, for its actions against the Palestinian people.

—Syrop said his proposal was inspired by the Hayward City Council’s move in 1985 to divest from South Africa in response to apartheid.

—The three councilmembers who opposed the BDS amendment were Mayor Mark Salinas, Councilmembers Ray Bonilla, Jr., and Julie Roche. Each expressed discomfort with making a decision about the city’s investment portfolio without any research by city staff.

—Hayward City Manager Kelly McAdoo also urged restraint, adding another company on the BDS list—Barclays—could potentially impact the city’s ability to maintain relationships with third-party investment pools, and remove a possible lender for issuing bonds and debt.

—Hayward’s investments in the four corporations yields about $40,000 in earnings to the city, McAdoo said.

Gaza resolutions: Hayward mayor takes swipe at council colleague, state Sen. Wahab

—WHAT’S NEXT?—The Israel lobby takes the BDS movement very seriously, so expect opposition to Hayward’s divestment to be forthcoming.

—Organized opposition to Hayward BDS divestment amendment was mostly absent from Tuesday’s council meeting. That’s because Hayward Councilmember George Syrop added the BDS investment amendment during the meeting.

—The Israel lobby does not want momentum for cities to look at their own investment portfolio. For one, it could give municipalities previously uncomfortable about a ceasefire resolution an alternative path for registering opposition to Israel’s handling of the war.

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