Campaigners from Minneapolis have called on the Swiss National Bank to divest its $1.1 billion stake in U.S. data analytics firm Palantir Technologies, citing concerns over the company’s involvement in immigration enforcement operations in the United States.
The appeal was made during the central bank’s shareholder meeting in Bern, where activists urged officials to reconsider their investment strategy and align it more closely with ethical and human rights standards, News.Az reports, citing Reuters.
The Swiss National Bank reportedly held around 6.24 million Palantir shares at the end of 2025, as part of its broader foreign currency investment portfolio valued at hundreds of billions of Swiss francs.
The bank maintains a passive investment approach, typically tracking global market indices rather than selecting or excluding individual companies. However, it also states that it avoids investments in firms that seriously violate internationally recognized human rights or Swiss ethical standards.
Activists argue that Palantir’s contracts with U.S. immigration authorities and its surveillance-related technologies raise serious ethical concerns.
“Palantir is a threat to democracy not just in the United States, but around the world,” said Janette Corcelius, a member of the activist delegation who attended the meeting.
The group, supported by campaign organization BreakFree Suisse, traveled to Switzerland to present a formal request from the Minneapolis city council calling for divestment.
Palantir, co-founded by tech investor Peter Thiel, has defended its technology, stating that its systems include safeguards designed to prevent misuse by governments.
The company’s CEO Alex Karp has previously said its software ensures that government agencies can only access necessary information under strict controls.
The Swiss National Bank declined to comment on individual holdings, noting that its investment strategy is based on broad market weighting rather than targeted selection.
The debate highlights growing global pressure on institutional investors to reconsider holdings in companies linked to surveillance technology and government enforcement operations.
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