INDEX / DIRECTORY / CATERPILLAR / V-MIL

Caterpillar V-MIL

MILITARY AUDIT UPDATED 2026-06-11
V-MIL Score 7.50 /10 B Caterpillar — BDS-1000 611
V-MIL 7.50

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-MIL Audit: Caterpillar Inc

Target Entity: Caterpillar Inc. (NYSE: CAT; CIK 0000018230) Audit Domain: V-MIL (Military Forensics) Audit Date: 2026-05-01 Method: Synthesis of multi-round OSINT research; no new searches conducted

Direct Defence Contracting & Procurement

The U.S. Defense Security Cooperation Agency (DSCA) notified Congress in February 2025 of a potential $295 million Foreign Military Sale (FMS) to Israel of Caterpillar D9R and D9T bulldozers, associated equipment, spare parts, training, and logistical support, with Caterpillar Inc. named as the principal contractor12. The Secretary of State invoked emergency authority under Section 36(b)(1) of the Arms Export Control Act, waiving the standard 30-day Congressional notification review period1. This emergency waiver bypassed the normal review window during which a resolution of disapproval could have been filed, constituting an administratively significant use of emergency authority for a commercial earthmoving equipment sale within a declared military context1.

The Israel Defense Forces (IDF) has published official documentation acknowledging the D9 platform’s military role, including an article titled “How Does the D-9 Save Lives?” published in 20253. IDF Combat Engineering Corps official documentation confirms the D9 as the Corps’ primary heavy engineering platform for combat operations, including breaching, IED neutralisation, tunnel exposure, and urban terrain reshaping45.

No public evidence has been identified confirming Caterpillar Inc. appears as a named exhibitor or registered defence exporter within the SIBAT Israel Defense Directory; the directory primarily covers Israeli domestic defence firms6. No separate Caterpillar Inc. corporate press release announcing the IDF contract has been identified in open sources1.

Dual-Use Products & Tactical Variants

The Caterpillar D9 (D9R, D9T, D9N variants) is a standard commercial crawler tractor manufactured in East Peoria, Illinois, available globally. Upon delivery to Israel, the base machine undergoes transformation into the IDF “Doobi” armoured bulldozer through conversion performed by Israeli defence contractors78. The IDF conversion includes replacement of the standard operator cab with a blast-resistant armoured cabin, installation of slat/cage armour designed to defeat RPG shaped charges, and addition of pintle mounts for 7.62mm machine guns and smoke grenade launchers78.

Elbit Systems’ Iron Fist Light Decoupled (IFLD) Active Protection System was selected by the Israeli Ministry of Defense in August 2019 for integration onto D9 bulldozers and the Eitan Armoured Personnel Carrier (AFV)910. The system uses independent optical sensors, tracking radar, launchers, and countermeasure munitions to defeat threats at a safe distance9. No evidence has been identified of Caterpillar Inc. participating as a co-developer or contracting party for the Iron Fist integration; the integration is performed by Elbit Systems independently9.

The IDF has deployed unmanned D9T bulldozers in Gaza operations, with the robotic control and remote-operation kit developed by Israel Aerospace Industries (IAI)11. The Panda/RobDozer programme uses the Caterpillar D9T as a base chassis; no evidence has been identified of Caterpillar Inc. participating as a co-developer in this programme7.

The Caterpillar 966 wheel loader and 330/349 excavator series are standard commercial products documented in use by Israeli forces and contractors in occupation-related demolition and construction activities through the commercial dealership channel12. PAX Netherlands’ June 2024 report classifies Caterpillar in the dual-use/non-lethal military supply category, consistent with its role as a commercial equipment manufacturer whose products are militarised post-delivery13.

Heavy Machinery, Construction & Infrastructure

Caterpillar Inc. is listed in the UN Human Rights Office (OHCHR) Database of Business Enterprises Involved in Activities in Israeli Settlements (established under HRC resolutions 31/36 and 53/25; most recent iteration 2023, updated September 2025)1415. The basis for inclusion is the supply of heavy earthmoving machinery—D9 bulldozers, excavators, and wheel loaders—used in the construction and maintenance of Israeli settlements in the West Bank14. No public rebuttal by Caterpillar of its OHCHR database inclusion has been identified14.

Who Profits Research Center documents Caterpillar equipment—including D9 bulldozers, wheel loaders, and excavators—in active use across the West Bank and Gaza in demolition operations, settlement construction, separation barrier construction, and road-building activities161712. All documented West Bank occupation-construction Caterpillar equipment reached end-users through the Zoko Enterprises/Israel Tractors and Equipment (ITE) dealership channel; no evidence of direct Caterpillar corporate contracts with Israeli construction companies operating in settlements has been identified161712.

Who Profits’ 2022 thematic report documents Caterpillar products across settlement construction (D6, D8, D9 bulldozers in site preparation for settlement residential units), separation barrier route-clearing and earthworks, settler bypass road construction and maintenance, and military zone land-clearing in the Jordan Valley1218. B’Tselem maintains a demolition statistics database identifying the Caterpillar D9 as the primary heavy equipment platform used in IDF and Civil Administration demolition operations in the West Bank and East Jerusalem; during October 2023–December 2024, elevated demolition activity with Caterpillar D9 equipment was recorded as the principal tool192021.

The ongoing maintenance, expansion, and adaptation phase of the separation barrier is a distinct and current activity. Who Profits documents Caterpillar equipment in active maintenance and segment-extension work on the barrier in the 2020–2022 period12.

IDF official sources confirm D9 deployment in Gaza from late 2023 into 2025 for breaching operations, IED clearance, tunnel exposure, and large-scale topographic reshaping of urban terrain3422. IDF D9 operations at the Rafah border crossing area in 2024, including destruction of infrastructure on the Palestinian side, were reported by Reuters and other major outlets, with D9 bulldozers specifically identified in video and photographic documentation23. OHCHR documentation (HRC Session 60, CRP-3, 2025) references systematic destruction of Gaza’s built environment through heavy engineering equipment use during the 2023–2024 conflict24. UN Security Council document S/2025/130 addresses destruction of civilian infrastructure and references IDF use of heavy engineering equipment25. Al-Haq’s 2025 OHCHR submission documents systematic destruction of Gaza’s healthcare system, specifically referencing bulldozer and heavy equipment operations at medical facilities26.

No public evidence specifically identified documenting Caterpillar equipment in military-adjacent construction or supply activity in the Golan Heights. No public evidence identified of Caterpillar Inc. holding a direct contract for the construction or maintenance of military checkpoints, detention facilities, or the separation barrier1617.

Supply Chain Integration with Defence Primes

No verified direct component supply agreement between Caterpillar Inc. and Elbit Systems, IAI, Rafael, or IMI/Elbit Land has been identified in open corporate disclosures, trade press, or NGO research79. Israeli defence contractors (IAI, Elbit) use Caterpillar’s commercially purchased D9 chassis as the base platform for military conversion; this constitutes downstream use of a Caterpillar product by defence primes, not a supply chain integration in the sense of Caterpillar providing bespoke sub-systems under a dedicated supply agreement79.

The D9’s powertrain, hydraulics, electronic control units, and track systems are all Caterpillar-manufactured and integral to the functioning of militarised variants. Availability of Caterpillar proprietary spare parts and service is operationally essential to the IDF’s armoured engineering fleet sustainment, flowing through the commercial aftermarket and distributor channel (Zoko/ITE)71617. No public evidence identified of any formal joint development programme, co-production agreement, technology transfer, or licensed manufacturing arrangement between Caterpillar Inc. and any Israeli defence prime contractor711.

Logistical Sustainment & Base Services

Zoko Enterprises (and its trading subsidiary Israel Tractors and Equipment / ITE) serves as Caterpillar’s authorised dealer in Israel and holds a standing agreement with the IDF Technology and Maintenance Corps covering maintenance and logistical support for Caterpillar equipment in IDF service16172728. AFSC documents that Zoko technicians are subject to mobilisation as military reservists during declared emergencies2728. Who Profits documents that Zoko provides IDF operator training, retrofit and armour installation oversight, and field maintenance services for Caterpillar machinery in IDF use; Zoko operates a training centre for IDF Combat Engineering Corps soldiers covering Caterpillar machinery operation1617.

AFSC Investigate platform documents the Zoko/IDF maintenance agreement as the primary logistical sustainment mechanism and flags Caterpillar under its “war and occupation” screening category2729. Caterpillar has not engaged with AFSC’s investor engagement requests regarding end-use monitoring or supply chain due diligence2729. Who Profits documents Caterpillar generator and power equipment supply to Israeli military and security infrastructure16.

Claims that Caterpillar generators were identifiable at Sde Teiman detention centre and Ketziot Prison were examined; the cited underlying sources do not name Caterpillar generators at these specific facilities and are excluded from confirmed findings2426.

No public evidence identified of Caterpillar providing shipping, freight, or port services. Caterpillar is a manufacturer, not a logistics or freight operator.

Munitions, Weapons Systems & Strategic Platforms

Caterpillar Inc. is not a prime contractor or licensed manufacturer of any lethal weapons system for Israeli forces. The D9 in its base commercial form is earthmoving equipment; all lethal and military modifications are performed by Israeli contractors post-delivery78. No public evidence identified of Caterpillar manufacturing munitions, explosives, propellants, warhead components, or munitions precursor materials.

No public evidence identified of any Caterpillar role in Iron Dome, David’s Sling, Arrow missile defence, F-35 programme, or any other Israeli or U.S. strategic platform3031. Review of Israeli main battle tank and armoured fighting vehicle propulsion specifications confirms no Caterpillar engine in current documented service; Merkava Mk 1/2/3 are powered by Teledyne Continental AVDS-1790; Merkava Mk 4 is powered by MTU 883 Ka-501; Namer APC uses Continental AVDS-1790 or MTU 8833031.

The Shaldag Mk V fast patrol craft and Super Dvora Mk III are documented as using marine diesel engines from MTU and/or Caterpillar as propulsion options in publicly available vessel specifications32. Caterpillar’s inclusion is technically consistent with vessel class specifications; the specific degree to which Caterpillar C-series marine engines are installed in current operational IDF Navy vessels is not definitively confirmed from a primary IDF procurement document32.

Export Licensing, Regulatory & Legal History

The February 2025 DSCA notification constitutes a formal U.S. government export authorisation for Caterpillar products to the IDF, issued under emergency Section 36(b)(1) authority1. No public evidence identified of UK, EU, or Canadian export licence decisions specifically targeting Caterpillar products destined for Israel during the 2023–2025 period33.

The United States is not a state party to the Arms Trade Treaty (signed but not ratified); the ATT does not create direct legal obligations on Caterpillar Inc. in the FMS context33. No public evidence identified of any investigation, citation, or enforcement action against Caterpillar Inc. for violations of arms embargoes, export control regulations, or economic sanctions in connection with its Israel-related supply chain.

No formally accepted and published OECD National Contact Point (NCP) Specific Instance proceeding specifically targeting Caterpillar’s IDF supply relationship has been identified in the OECD Watch case registry through April 202634.

The family of Rachel Corrie—killed in Gaza in March 2003 by an IDF-operated D9 bulldozer—brought wrongful death and tort claims against Caterpillar Inc. in U.S. federal court (Corrie v. Caterpillar, W.D. Wash. 2005)35. The 9th Circuit dismissed the case in 2007, holding that because D9 sales were conducted through the U.S. government’s FMS programme, the claims raised a non-justiciable political question (Corrie v. Caterpillar, 503 F.3d 974)36.

Civil Society Scrutiny & Documented Investigations

Who Profits Research Center maintains a detailed live corporate profile on Caterpillar Inc. documenting D9 supply to the IDF Combat Engineering Corps, Zoko Enterprises as the supply and maintenance intermediary, use of excavators, loaders, and D9s in settlement construction, home demolitions, and road-building in the West Bank, and use in separation barrier construction161737. AFSC documents the Caterpillar/Zoko/IDF relationship in detail—including the IDF maintenance agreement and the reservist mobilisation clause for Zoko technicians—for purposes of institutional investor divestment recommendations2729.

The Don’t Buy Into Occupation (DBIO) Coalition Report 2025 names Caterpillar as a corporate actor providing material support to Israeli occupation and military operations in Gaza, citing equipment use in demolition operations, siege operations, and systematic destruction of civilian infrastructure38. PAX Netherlands’ June 2024 report names Caterpillar in the dual-use/non-lethal military supply category, cross-referencing the DSCA FMS mechanism and Zoko dealership channel13; the 2023 predecessor report named Caterpillar in the context of equipment supply for settlement construction39. Al-Haq’s July 2024 report names Caterpillar in connection with D9 use in demolition of residential structures and agricultural land in the West Bank and Gaza, the Zoko/IDF maintenance agreement, and the company’s failure to exercise human rights due diligence consistent with the UN Guiding Principles40.

B’Tselem documents elevated West Bank demolition rates in October 2023–December 2024, with Caterpillar D9 identified as the primary instrument in IDF and Civil Administration demolition operations192021. UN Special Rapporteur Francesca Albanese’s report (A/HRC/59/23, June 2025) names Caterpillar Inc. as a company whose products—specifically the D9 bulldozer—are materially integrated into Israeli military and occupation operations41. The UN OHCHR Database of Business Enterprises Involved in Activities in Israeli Settlements was updated in September 2025 with additional entries; Caterpillar remains listed among companies with economic involvement in settlement activities14.

UN human rights experts issued a joint statement in June 2024 calling on states and companies to “end arms transfers to Israel immediately or risk responsibility for human rights violations,” specifically naming Caterpillar among companies “risking being complicit in serious violations”41.

Norway’s largest private pension fund KLP divested approximately $69 million from Caterpillar Inc. in June 2024, stating Caterpillar “cannot provide us with assurances that it is doing anything” to prevent equipment use in human rights violations4243. The Norwegian Council on Ethics recommended exclusion of Caterpillar in July 2025, citing “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict”44; Norges Bank Investment Management (NBIM) announced the exclusion on August 25, 202545. As of end 2024, the Government Pension Fund Global (GPFG) held Caterpillar shares valued at NOK 24.4 billion (~$2.1 billion), corresponding to 1.23% ownership4445464748. Europe’s largest pension fund ABP announced the sale of its entire stake in Caterpillar on ethical grounds in October 2025, holding a stake worth €387 million38. Alameda County Treasurer Harold Levy announced the sale of $32 million in Caterpillar bonds in December 202438. The Office of the Washington State Treasurer divested $62 million in Caterpillar bonds in March 2026, making Washington the first U.S. state to divest from all companies on the BDS movement’s divestment short list38. The Presbyterian Church (USA), Episcopal Church, and Church of England have divested from Caterpillar38.

Caterpillar has been a named target of the Boycott, Divestment, and Sanctions (BDS) movement since the mid-2000s, with campaigns intensifying following the Corrie v. Caterpillar litigation49. Shareholder resolutions were introduced at Caterpillar AGMs (documented for 2023, 2024, and 2025) calling for reports on human rights due diligence in conflict-affected areas; the Board recommended voting against these resolutions in each year and all resolutions failed5051525354. ISS and Glass Lewis have provided documented mixed positions on Caterpillar human rights resolutions5556.

MSCI ESG Research flags Caterpillar under its human rights and business ethics controversy scoring, with the controversy specifically tied to the IDF/D9 relationship57. Sustainalytics maintains an ESG Risk Rating for Caterpillar Inc. that incorporates the IDF D9 relationship and the KLP and GPFG divestment actions as material controversy events58.

Caterpillar’s documented position is that it sells through authorised dealers and cannot control ultimate end-use, that IDF procurement via FMS is a U.S. government decision, and that its Global Code of Conduct applies to its own operations and direct suppliers5960. Caterpillar declined to respond to BHRRC requests for comment on the Norway divestment actions and on the PAX and Al-Haq 2024 report findings5960. Caterpillar’s 2024 Sustainability Report describes the company’s approach to human rights due diligence as following the UN Guiding Principles with a focus on its own direct operations and direct suppliers—not on ultimate end-use by customers—and does not address the IDF relationship, FMS Case 24-38, the OHCHR settlement database listing, or the KLP/GPFG divestment actions61. Caterpillar’s FY2024 Form 10-K lists as risk factors geopolitical conflicts including “conflict in the Middle East” affecting supply chains, reputational risks associated with product use in conflict zones, and regulatory and legal risks from export controls—all framed in terms of financial and operational risk rather than human rights liability6263.

Constructive Notice: Post-ICJ/Post-ICC Continuation

The International Court of Justice issued its Advisory Opinion on July 19, 2024, finding Israel’s occupation unlawful under international law41. The International Criminal Court issued arrest warrants for Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant on November 21, 202441. The February 2025 FMS notification occurred approximately 7 months after the ICJ Advisory Opinion and approximately 3 months after the ICC arrest warrants1.

The full sequence of notice events preceding and following FMS Case 24-38 includes: KLP divestment (June 2024), ICJ Advisory Opinion (July 2024), ICCR proxy resolution (2024 AGM), PAX report (June 2024), Al-Haq report (July 2024), ICC arrest warrants (November 2024), FMS Case 24-38 (February 2025), Norwegian GPFG Council on Ethics recommendation (July 2025), UN A/HRC/59/23 (June 2025)4244411340. No Caterpillar public statement acknowledging or responding to the legal significance of either the ICJ Advisory Opinion or the ICC arrest warrants for its IDF supply relationship has been identified5960.

Group Attribution

Caterpillar Financial Products Corporation (CFPC) provides financing for Caterpillar equipment purchases; No public evidence identified of CFPC providing financing specifically to Israeli government, IDF, or settlement-linked purchasers in a documented military-use context62. Solar Turbines (subsidiary) manufactures industrial gas turbines; No public evidence identified of Solar Turbines contracts with Israeli defence or security entities62. Progress Rail (subsidiary) manufactures locomotives and rail products; No public evidence identified of Progress Rail contracts with Israeli military or security entities62.

Zoko Enterprises / ITE is Caterpillar’s authorised franchisee/dealer in Israel—not a Caterpillar subsidiary. It is an independently owned Israeli company operating under a franchise/dealership agreement; its IDF maintenance agreement and training centre activities are documented1617. No operationally integrated parent, sibling, or subsidiary entity with additional IDF/defence contracts or controlling principals with military-channel acts has been identified beyond what is documented across this audit62.

Controlling Principals

Jim Umpleby has served as Chairman and Chief Executive Officer of Caterpillar Inc. from 2018 (CEO) and 2019 (Chairman)6465. No evidence has been identified of Jim Umpleby holding a position on any Israeli defence industry board, holding equity in Israeli defence prime contractors, making public donations to FIDF, or making public co-belligerency statements regarding the Israel-Gaza conflict6465. Caterpillar’s board as of 2025 includes members with backgrounds in major industrial, financial, and government sectors; no board member has been identified as holding a current or recent directorship in an Israeli defence prime contractor, publicly disclosed equity stake of ≥10% in an Israeli defence company, public FIDF donation, or public co-belligerency statement6465.

SEC Schedule 13G/F filings confirm that Vanguard Group and BlackRock Inc. are the two largest institutional holders, each holding approximately 8–9% of outstanding shares as of early 2025—neither exceeds the 10% threshold for the controlling principal analysis6667. No individual or family-office shareholder at ≥10% has been identified6667.

End Notes

Footnotes

  1. https://media.defense.gov/2025/Mar/03/2003653977/-1/-1/1/PRESS%20RELEASE%20-%20ISRAEL%2024-38%20CN.PDF ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  2. https://www.dsca.mil/Press-Media/Major-Arms-Sales/Tag/298553/caterpillar-d9-bulldozers ↩

  3. https://www.idf.il/en/articles/2025/how-does-the-d-9-save-lives/ ↩ ↩2

  4. https://www.idf.il/en/mini-sites/idf-units/ground-forces/engineering-corps/ ↩ ↩2

  5. https://www.idf.il/en/mini-sites/idf-units/ground-forces/engineering-corps/ ↩

  6. https://ftp.idu.ac.id/wp-content/uploads/ebook/ip/BUKU%20INDUSTRI%20PERTAHANAN/israel%20defense%20directory%202018%202019%20by%20Israel%20ministry%20of%20defense%20(z-lib.org).pdf ↩

  7. https://en.wikipedia.org/wiki/IDF_Caterpillar_D9 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  8. https://www.army-technology.com/projects/armoured-d9r-dozer/ ↩ ↩2 ↩3

  9. https://www.israeldefense.co.il/en/node/39823 ↩ ↩2 ↩3 ↩4 ↩5

  10. https://www.elbit.com ↩

  11. https://www.ynetnews.com/article/bj5nnk5m0 ↩ ↩2

  12. https://whoprofits.org/wp-content/uploads/2022/10/Civil-Engineering-and-Construction-in-the-OPT.pdf ↩ ↩2 ↩3 ↩4 ↩5

  13. https://paxforpeace.nl/publications/companies-arming-israel-and-their-financiers/ ↩ ↩2 ↩3

  14. https://www.ohchr.org/en/hr-bodies/hrc/settlements/database ↩ ↩2 ↩3 ↩4

  15. https://www.ohchr.org/en/hr-bodies/hrc/settlements/database ↩

  16. https://www.whoprofits.org/companies/company/3772 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  17. https://www.whoprofits.org/companies/company/4309 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  18. https://whoprofits.org/wp-content/uploads/2022/10/Civil-Engineering-and-Construction-in-the-OPT.pdf ↩

  19. https://www.btselem.org/settlements ↩ ↩2

  20. https://www.btselem.org/planning-and-building/demolition-statistics ↩ ↩2

  21. https://www.btselem.org/planning-and-building/demolition-statistics ↩ ↩2

  22. https://militaryleak.com/2023/07/14/israel-defense-force-uses-caterpillar-d9-bulldozers-to-destroy-improvised-explosive-devices/ ↩

  23. https://www.reuters.com/world/middle-east/ ↩

  24. https://www.ohchr.org/sites/default/files/documents/hrbodies/hrcouncil/sessions-regular/session60/advance-version/a-hrc-60-crp-3.pdf ↩ ↩2

  25. https://documents.un.org/doc/undoc/gen/g25/136/71/pdf/g2513671.pdf ↩

  26. https://www.ohchr.org/sites/default/files/documents/issues/health/sr/cfis/health-care-workers/subm-health-care-workers-cso-30-al-haq.pdf ↩ ↩2

  27. https://investigate.afsc.org/company/caterpillar ↩ ↩2 ↩3 ↩4 ↩5

  28. https://investigate.afsc.org/sites/default/files/attachment/Updates%20for%20UCC-2.pdf ↩ ↩2

  29. https://investigate.afsc.org/company/caterpillar ↩ ↩2 ↩3

  30. https://en.wikipedia.org/wiki/Merkava ↩ ↩2

  31. https://www.army-technology.com/projects/merkava4/ ↩ ↩2

  32. https://www.israeldefense.co.il/en/node/40520 ↩ ↩2

  33. https://www.thearmstradetreaty.org ↩ ↩2

  34. https://www.oecdwatch.org/cases/ ↩

  35. https://law.justia.com/cases/federal/district-courts/washington/wdwa/2005/05-05528 ↩

  36. https://casetext.com/case/corrie-v-caterpillar-inc ↩

  37. https://www.whoprofits.org/companies/company/3772 ↩

  38. https://dontbuyintooccupation.org/wp-content/uploads/2025/11/2025-DBIO-V-report-1.pdf ↩ ↩2 ↩3 ↩4 ↩5

  39. https://paxforpeace.nl/publications/companies-involved-in-israeli-settlements/ ↩

  40. https://www.alhaq.org/publications/22687.html ↩ ↩2

  41. https://documents.un.org/doc/undoc/gen/g25/136/71/pdf/g2513671.pdf ↩ ↩2 ↩3 ↩4 ↩5

  42. https://www.klp.no/en/corporate-responsibility-and-responsible-investments/exclusion-and-dialogue/exclude-caterpillar-inc.pdf ↩ ↩2

  43. https://www.aljazeera.com/opinions/2024/6/26/as-norways-largest-private-pension-fund-we-are-divesting-from-caterpillar ↩

  44. https://files.nettsteder.regjeringen.no/wpuploads01/sites/275/2025/08/Caterpillar-ENG.pdf ↩ ↩2 ↩3

  45. https://www.nbim.no/en/news-and-insights/the-press/press-releases/2025/decisions-on-exclusion ↩ ↩2

  46. https://www.nbim.no/en/responsible-investment/exclusion-of-companies ↩

  47. https://www.reuters.com/business/sustainable-business/norways-oil-fund-exclude-caterpillar-2025/ ↩

  48. https://www.nbim.no/en/responsible-investment/active-ownership/exclusions/ ↩

  49. https://bdsmovement.net/divestment ↩

  50. https://www.iccr.org/resolutions/human-rights-risks-in-conflict-affected-and-high-risk-areas-policies/ ↩

  51. https://www.sec.gov/Archives/edgar/data/18230/000130817925000529/cat012723-def14a.htm ↩

  52. https://www.sec.gov/Archives/edgar/data/18230/000130817925000529/cat012723-def14a.htm ↩

  53. https://www.sec.gov/Archives/edgar/data/18230/000130817925000529/cat012723-def14a.htm ↩

  54. https://www.iccr.org/resolutions/human-rights-risks-in-conflict-affected-and-high-risk-areas-policies/ ↩

  55. https://www.issgovernance.com/esg/ratings/ ↩

  56. https://www.issgovernance.com/esg/ratings/ ↩

  57. https://www.msci.com/our-solutions/esg-investing/esg-ratings ↩

  58. https://www.sustainalytics.com/esg-ratings/ret/F00000CANE/caterpillar-inc ↩

  59. https://www.business-humanrights.org/en/latest-news/caterpillar-response-re-alleged-complicity-in-human-rights-abuses-in-israel-the-occupied-territories/ ↩ ↩2 ↩3

  60. https://www.business-humanrights.org/en/companies/caterpillar/ ↩ ↩2 ↩3

  61. https://www.caterpillar.com/en/company/sustainability.html ↩

  62. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000018230&type=10-K&dateb=&owner=include&count=10 ↩ ↩2 ↩3 ↩4 ↩5

  63. https://www.sec.gov/Archives/edgar/data/18230/000001823025000006/cat-20241231.htm ↩

  64. https://www.caterpillar.com/en/company/corporate-governance/board-of-directors.html ↩ ↩2 ↩3

  65. https://www.caterpillar.com/en/company/corporate-governance/board-of-directors.html ↩ ↩2 ↩3

  66. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000018230&type=SC+13G&dateb=&owner=include&count=10 ↩ ↩2

  67. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000018230&type=SC+13G&dateb=&owner=include&count=10 ↩ ↩2