This forensic audit report evaluates the political and ideological footprint of AXA Group (hereinafter “AXA” or “The Entity”) to determine the extent of its complicity in the political and military objectives of the State of Israel, the occupation of Palestinian territories, and associated systems of surveillance and militarization. The analysis is conducted in response to a specific User Query requiring a determination of “Political Complicity” based on governance ideology, lobbying activities, crisis response consistency (the “Safe Harbor” test), and internal policy enforcement.
The audit utilizes a comprehensive dataset comprising corporate filings, civil society investigative reports, executive statements, and financial disclosures up to early 2026. The objective is to provide a granular, evidence-based repository of data that facilitates the ranking of the Entity on a proprietary complicity scale ranging from “Strict Neutrality” (0.0) to “The Political Project” (10.0).
The investigation reveals a corporation in a complex state of geopolitical transition, characterized by a bifurcation between its direct equity portfolio and its strategic operational alliances.
The Entity has successfully executed a near-total divestment from direct equity holdings in Israeli financial institutions implicated in West Bank settlement financing—a significant strategic shift driven by sustained external reputational pressure. As of mid-2024, holdings in the “Big Five” Israeli banks (Leumi, Hapoalim, Mizrahi Tefahot, Israel Discount, First International) have been reduced to negligible trace amounts. This represents a material reduction in “primary” complicity with the settlement enterprise.
However, this withdrawal from the settlement banking sector has been accompanied by a simultaneous deepening of structural and operational integration with the Israeli technology and innovation ecosystem (“Start-Up Nation” brand). Through venture capital vehicles like Jerusalem Venture Partners (JVP) and its own innovation arm, Kamet Ventures, AXA has entrenched itself in the Israeli cyber-insurtech complex, a sector with deep overlaps with the Israeli military intelligence apparatus.
Furthermore, the audit identifies a distinct “Geopolitical Double Standard” in the Entity’s crisis response mechanisms. When contrasted with its maximalist, rapid, and morally articulated withdrawal from the Russian market in 2022, AXA’s response to the Gaza crisis (2023-2025) has been characterized by passivity, the maintenance of investments in weapons manufacturers supplying the Israel Defense Forces (IDF), and a refusal to apply comparable “aggressor” frameworks to its risk analysis.
The audit identifies three primary vectors of complicity:
The governance structure of a multinational corporation serves as the primary filter for its ethical and geopolitical orientation. This section scrutinizes the personal and professional affiliations of AXA’s Board of Directors and Executive Management to detect ideological alignment with Zionist advocacy groups, state-backed influence networks, or normalization initiatives.
The composition of AXA’s Board reflects the upper echelons of the French technocratic elite—specifically the “Inspection des Finances” and the “Corps des Mines”—circles where the alignment of corporate interests with French foreign policy is systemic. In the context of Franco-Israeli relations, this often translates to a policy of strong economic normalization and political support, mediated through specific advocacy institutions.
Appointed Chairman in 2022, Antoine Gosset-Grainville represents the quintessential archetype of the French public-private elite. A graduate of the École Nationale d’Administration (ENA) and a former Inspector of Finances, his career has spanned the highest levels of the French state and the European establishment.1
While the audit does not find evidence of Gosset-Grainville holding a formal leadership card in overt Zionist pressure groups like the “Conservative Friends of Israel” (CFI) or AIPAC, his professional milieu places him deeply within the Conseil Représentatif des Institutions juives de France (CRIF) influence ecosystem. The CRIF is the primary representative body of the Jewish community in France but functions politically as a staunch advocate for Israeli state policy, frequently lobbying the French government to criminalize the Boycott, Divestment, and Sanctions (BDS) movement.
Snippets link the “Dîner du CRIF” (CRIF Dinner)—an annual political gathering attended by the French President and top CAC 40 CEOs—to the elite circles Gosset-Grainville inhabits.3 Participation in this ecosystem is not merely social; it is a signal of conformity to a political consensus that views the defense of Israel’s legitimacy as a pillar of the Republican order. By presiding over a board that navigates these waters, Gosset-Grainville ensures AXA remains a “safe” partner for the Israeli economy, insulating the firm from the moral critiques leveled by human rights groups.
It is crucial to distinguish the Chairman from Michael Oren, the former Israeli Ambassador and founder of the “Israel Advocacy Group” (IAG).4 The research material clarifies that IAG is Oren’s specific political project. Gosset-Grainville’s complicity is not that of an activist like Oren, but rather of a structural enabler—a gatekeeper who ensures that the moral urgency of the Palestinian cause does not disrupt the “business-as-usual” functioning of the corporate giant.
As the operational head of AXA since 2016, Thomas Buberl has been the primary architect of the company’s defense against the global BDS campaign. His governance ideology can be characterized as “Defensive Normalization.”
The CRIF Connection: Evidence confirms Thomas Buberl’s attendance at the Dîner du CRIF, specifically on February 20, 2019.6 This attendance is significant. The 2019 dinner was politically charged, occurring amidst a national debate in France regarding the definition of antisemitism and the status of anti-Zionism. By attending, Buberl lent the institutional weight of AXA to an event that actively frames the boycott of Israel—a tactic used to protest human rights abuses—as an illegitimate and often antisemitic act. This aligns with the “Institutional Legitimation” band of the complicity scale, where corporate presence validates state-aligned political narratives.
Rhetorical Defense Strategy: Buberl’s public statements regarding Palestine solidarity activism targeting AXA offices reveal a stark ideological bias. He has described these protests as “unjustifiable and unjustified acts of vandalism,” utilizing the language of criminalization rather than engagement.7 When confronted with the company’s investments in Israeli banks financing illegal settlements, Buberl’s strategy was not to engage with the international law violations but to frame the activists as aggressors threatening the safety of employees. This rhetorical inversion—centering the corporation as the victim while ignoring the victims of the settlements funded by the corporation’s investments—is a hallmark of “Discriminatory Governance.”
The Technocratic Pivot: At the April 2024 Annual General Meeting (AGM), Buberl was the executive who announced that AXA had “zero investments in Israeli banks, direct or indirect”.9 However, in doing so, he maintained a strict technocratic framing, refusing to attribute the decision to the human rights campaign. By stripping the divestment of its moral context, Buberl attempts to satisfy the demands of the activists while signaling to the Israeli market that AXA has not succumbed to “political pressure,” but rather made a “portfolio adjustment.” This duality defines his governance ideology: mitigating risk while refusing to concede the ideological point.
Ramon Fernandez, a key member of the AXA Board and Chair of the Finance & Risk Committee 10, brings a specific historical competence to the board regarding Israel-related crisis management. As the former Delegate CEO of Orange (finance and strategy), Fernandez was in the C-suite during the intense diplomatic fallout when Orange attempted to terminate its brand licensing agreement with Partner Communications in Israel due to their operations in illegal settlements.12
His presence on the AXA Board suggests a governance capability specifically tuned to navigating the “BDS vs. State of Israel” diplomatic minefield. His experience at Orange likely informs AXA’s strategy of “quiet divestment”—exiting toxic assets (like the banks) without making the loud political declarations that caused Orange to face a backlash from the Israeli and French governments. This reinforces a governance style of calculated ambiguity rather than ethical transparency.
The ideological footprint of the entity is further defined by the networks in which its leadership circulates.
Chambre de Commerce France-Israël (CCFI): AXA maintains a structural proximity to the France-Israel Chamber of Commerce, a primary vehicle for economic normalization. The snippets indicate that executives from the very banks AXA divested from (Bank Leumi, Bank Hapoalim) have held directorial roles within the CCFI.13 Furthermore, AXA executives have been listed in the orbit of CCFI events.3 Membership or active participation in this chamber is a form of “Lobbying & Trade” complicity. The CCFI does not merely facilitate trade; it actively promotes the “Brand Israel” narrative, hosting galas and “Innovation Days” that present Israel as a technological miracle while erasing the context of military occupation. By participating in this ecosystem, AXA validates the normalization of the Israeli economy.
The “Technion France” Connection: AXA executives have participated in events organized by Technion France.15 The Technion (Israel Institute of Technology) is deeply complicit in the Israeli military-industrial complex, developing technologies ranging from the remote-controlled D9 bulldozers used to demolish Palestinian homes to advanced drone systems. Participation in Technion fundraisers or galas is a form of “Institutional Legitimation” (Band 6.1–6.9), as it supports the academic institution most directly responsible for the R&D of the occupation’s hardware.
The core of the “Political Complicity” assessment lies in the material flow of capital. This section analyzes the evolution of AXA’s financial exposure, tracing a distinct trajectory from direct financing of settlement infrastructure to indirect financing of kinetic military operations.
For nearly a decade, AXA was a primary target of the global “Stop AXA Assistance to Israeli Apartheid” campaign. The locus of this campaign was AXA’s equity holdings in the five major Israeli banks, which are listed in the UN Database of companies involved in the illegal settlement enterprise. These banks serve as the financial oxygen for the colonization of the West Bank, providing mortgages for settlers, financing construction projects, and operating branches in illegal settlements.
The Timeline of Withdrawal:
Audit Insight: This represents a massive shift in the entity’s risk profile. The divestment is a demonstrable severance of ties with the “Settlement Economy.” However, the refusal to publicly acknowledge the moral or legal basis of this decision—likely to avoid triggering anti-boycott laws in US states or alienating Zionist advocacy groups—classifies the action as Risk Mitigation rather than true ethical governance. It is a “silent withdrawal” designed to appease critics without condemning the crime.
As AXA exited the direct settlement financing sector (banks), the audit detects a shift in complicity focus toward global aerospace and defense manufacturers. In the context of the Gaza conflict (2023–2025), which international legal bodies have investigated for potential genocide, investments in the weapon supply chain constitute a severe form of complicity.
Exposure Analysis (As of June 30, 2024): New investigative reports reveal that AXA holds significant investments in international weapons manufacturers that are arming the State of Israel.21
Total Identified Exposure: $150.43 million
The Lethal Portfolio:
| Company | Role in Gaza Operations | AXA’s Complicity Vector |
|---|---|---|
| General Dynamics | Manufacturer of the MK-80 series bomb bodies (e.g., MK-84 2,000lb “bunker busters”) and 155mm artillery shells. These munitions have been responsible for mass casualty events in urban areas of Gaza. | High. Continued investment provides capital liquidity to the primary supplier of high-yield explosive ordnance used in dense civilian areas. |
| Boeing | Manufacturer of JDAM (Joint Direct Attack Munition) tail kits that convert dumb bombs into precision-guided munitions. Also manufactures the F-15 fighter jet. Boeing expedited the delivery of 1,000 smart bombs to Israel in October 2023. | High. AXA retains holdings despite clear evidence of Boeing’s expedited supply during the conflict. |
| Rolls-Royce | Manufacturer of engines for various military transport and combat platforms used by the IDF. | Moderate-High. Integration into the logistical supply chain of the military. |
| GE Aerospace | Supplier of engines for the F-16 fighter jets and Apache attack helicopters. The Apache has been a primary platform for aerial attacks in the Gaza Strip. | High. Direct link to the propulsion systems of the air force conducting bombardment. |
| Lockheed Martin | Manufacturer of the F-35 “Adir” stealth fighter, the crown jewel of the Israeli Air Force, used for airstrikes across the region. | High. Profiting from the stock value increase driven by wartime demand for these platforms. |
| BAE Systems | A key partner in the F-35 program and supplier of various defense electronics. | Moderate-High. Strategic industrial partner to the IDF supply chain. |
The “Controversial Weapons” Policy Failure:
AXA prides itself on a “Responsible Investment” policy that bans investment in “Controversial Weapons” (typically defined as Cluster Munitions, Anti-Personnel Mines, and White Phosphorus).
While the divestment from banks reduces AXA’s visibility in the “Old Economy” of occupation (land and settlements), the entity has aggressively pivoted toward ideological and technological integration with the Israeli innovation sector. This represents a deeper, more systemic form of complicity: Normalization through Innovation.
AXA has established a deeply entrenched strategic partnership with Jerusalem Venture Partners (JVP), one of Israel’s leading venture capital firms founded by Erel Margalit (a prominent Labor Zionist politician).
The Earnix Case Study:
Kamet Ventures is AXA’s €100m+ InsurTech startup studio and incubator.
AXA has engaged in partnerships with Israeli academic and state institutions that are directly complicit in the occupation.
Conclusion on Strategic Integration: AXA is structurally locked into the Israeli economy through its technology stack. Divesting from banks is financially manageable; extricating its core pricing algorithms (Earnix) or innovation pipeline (Kamet/JVP) from Israel is operationally difficult. This constitutes High (Band 6.1–7.0) complicity via institutional legitimation.
A critical measure of political complicity is the consistency of corporate ethics. This audit compares AXA’s response to the Russian invasion of Ukraine (2022) against its response to the Gaza genocide (2023-2025) to determine if a “Safe Harbor” for Israeli state violence exists within AXA’s policy framework.
| Feature | Response to Russia (Ukraine Invasion 2022) | Response to Israel (Gaza Conflict 2023–2025) | Analysis of Discrepancy |
|---|---|---|---|
| Official Narrative | “Condemnation.” AXA explicitly “condemned the invasion” and cited its “devastating human consequences”.32 The aggressor (Russia) was clearly identified. | “Neutrality.” AXA stated it “does not take a position on this serious geopolitical crisis”.8 Passive language (“civilian victims”) was used, avoiding attribution of responsibility to Israel. | Sanitization: AXA adopts a moral stance against Russia but a “political risk” stance on Israel, effectively sanitizing the latter’s actions. |
| Investment Policy | Immediate Halt. “AXA has stopped all new investments in Russian assets” immediately following the invasion.32 | Delayed & Reluctant. Divestment from Israeli banks took 8 years of pressure. Investment in weapons manufacturers supplying the IDF continues (~$150m).22 | Selective Morality: Financial warfare is deployed against Russia; financial engagement is maintained with Israel’s war machine. |
| Underwriting | Cessation. “Stopped underwriting new insurance business… and all renewals” for Russian assets.32 | Business as Usual. No declared cessation of underwriting for Israeli assets, state infrastructure, or companies operating in settlements. | Economic Shielding: Israel is protected from the risk-based withdrawal of insurance coverage that Russia faced. |
| Governance Action | Director Removal. AXA decided to “remove its directors from the Board” of its Russian minority investment, Reso Garantia.32 | Partnership Maintenance. No evidence of suspending partnerships with JVP, Kamet’s Tel Aviv operations, or the Israel Innovation Authority. | Normalization: Ties with Russian entities were severed; ties with Israeli state-linked entities are deepened. |
| Humanitarian Aid | Specific Fund. Announced a €6 million donation to NGOs (UNICEF, UNHCR) specifically for Ukraine.32 | Generic Sentiment. While expressing “thoughts with victims,” no comparable, high-profile multi-million Euro corporate pledge was announced specifically for Gaza relief. | Hierarchy of Humanity: Implicit valuation where Ukrainian relief is a corporate priority, while Palestinian relief is treated as a political liability. |
AXA’s claim that it “does not take a position” on the Gaza crisis is falsified by its active position-taking on Ukraine.
The “Internal Policy” requirement seeks to understand how the entity polices dissent within its own workforce.
AXA’s Compliance & Ethics Code 33 explicitly mandates:
“Any expression of AXA employees’ political opinions… must remain personal and separate from the company. Employees are formally prohibited to commit AXA to any political activism…”
This section audits AXA’s external influence operations and its role in legitimizing the Israeli state.
AXA is deeply embedded in the France-Israel commercial ecosystem.
AXA plays a structural role in the “Brand Israel” campaign, which seeks to reframe Israel solely as a technological powerhouse to distract from its military occupation.
The following data points are synthesized to allow for final scoring based on the proprietary scale.
AXA has moved out of the “Direct Financing of Settlements” zone (by selling bank shares) but remains firmly entrenched in the “Militaristic Branding” and “Institutional Legitimation” zones through its tech partnerships and aerospace investments. The entity effectively “normalizes” the occupation by treating its innovation sector as a neutral asset class while shielding its military suppliers under the guise of passive investment.
Recommended Data Points for Future Ranking:
This audit provides the necessary evidentiary basis for ranking AXA within the Moderate-High (Band 5.1–6.0) to High (Band 6.1–6.9) range of the Political Complicity scale, driven by its strategic integration with the “Start-Up Nation” apparatus and its continued financing of the kinetic supply chain.
