An NEC member told the JC: “We changed the minutes to remove Israel, to instead say the decision was made due to a number of the other concerns about G4S.
“The party’s position is still against boycotts of Israel.”
The committee did not vote again on the issue, but it is understood party general secretary Iain McNicol accepted the change to the minutes.
A source said: “I think it’s a good thing we made our position clear. A lot of people care about Israel in the party.”
It is not clear whether Labour will actually stop working with the firm, as it is understood the two parties do not currently have any security contracts.
Israeli Labour Party general secretary Hilik Bar had written to Mr McNicol to urge NEC members to abandon the boycott proposal.
Grahame Morris MP, Labour Friends of Palestine and the Middle East chairman, wrote to party leader Jeremy Corbyn, meanwhile, urging him to back the November decision.
G4S has been embroiled in further controversy this month, amid claims that unnecessary force was used against young offenders at a centre in the UK operated by the firm.