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20 Nov 2009

Daniel Brooksbank, Responsible Investor

Norway fund kicks out Norilsk Nickel over Siberian pollution controversy

Norway’s...Government Pension Fund has excluded Norilsk Nickel...from its investment portfolio after its Council on Ethics accused the company of causing serious environmental damage at its Siberia operations, close to the border with Norway... The blacklisting follows a 21-page recommendation by the Council to the Ministry in February this year, which criticised high emissions of sulphur dioxide and heavy metals at Norilsk Nickel’s operations in the Taymyr Peninsula in Siberia... Norilsk says on its website that it “adheres to principles of ecological accountability and does not conceal its ecological problems from the public” and that it is in compliance with the ISO14001:2004 ecological management standard.