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Corporate Complicity in Human Rights Violations

Author: Minister of Finance Kristin Halvorsen, opening statement - Council on Ethics' Workshop, Published on: 23 October 2006

In the context of the management of the Pension Fund – Global [previously known as the Petroleum Fund], we have defined two main ethical obligations: Firstly, the obligation to ensure financial returns so that future generations will benefit from the oil wealth. Secondly, the obligation to respect fundamental rights for those who are affected by the companies in which the Fund invests...Norges Bank – Norway’s central bank –is operational manager of the Fund...[and] has laid down principles for its ownership strategy which are in accordance with the UN Global Compact and the OECD Principles of Corporate Governance and for Multinational Enterprises. This mechanism comprises many activities and many areas, from voting at general assemblies...to engaging actively with specific companies in areas such as environment and human rights...Exclusion of companies is a measure of last resort...

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Related companies: Norges Bank Investment Management (NBIM)