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5 Dec 2016

Daniel Brooksbank, Responsible Investor (UK)

Norges Bank refers ownership of Ferrovial to ethics panel for acquiring controversial dentention centre operator Broadspectrum

“Norges Bank refers its ownership of Spanish infra firm Ferrovial to ethics panel,” 28 Nov 2016

Norges Bank Investment Management (NBIM) has referred its…holding of Ferrovial to its ethics panel after the…firm acquired controversial Australian detention camp operator Broadspectrum…in June this year…“We are aware of the issue, and we were not invested in Broadspectrum in the end of 2015,” a Norges Bank spokesman told Responsible Investor…The spokesman added: “According to the guidelines for observation and exclusion, we have informed the Council on Ethics about our ownership in Ferrovial…“We expect companies to respect human rights, and address human rights issues in their business practices.” Norges has an eight-page set of expectations towards companies and human rights in which it says it bases its practices on internationally recognised standards…Since the acquisition…Ferrovial has indicated that Broadspectrum’s controversial operations in Nauru and Manus Island are not a strategic activity and that they would not “not form part of its services offering in the future”…

[Also refers to HESTA.]