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Norway excludes 17 tobacco firms from its global pension fund on ethical grounds

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19 January 2010

Norway Excludes 17 Tobacco Companies From Oil Fund

Author: Vibeke Laroi, Josiane Kremer, BusinessWeek

Norway excluded 17 tobacco companies, including British American Tobacco Plc and Philip Morris International Inc., from its sovereign wealth fund based on ethical guidelines. Altria Group Inc., Japan Tobacco Inc., Reynolds American Inc., Swedish Match AB and Imperial Tobacco Group Plc, were also excluded and the shares have been sold, the Finance Ministry said...Souza Cruz SA, South Korea’s KT&G Corp., Universal Corp VA, Vector Group Ltd., Lorillard Inc. [part of Carolina Group] and Alliance One International Inc. were also excluded.

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19 January 2010

Tobacco producers excluded from Government Pension Fund Global

Author: Ministry of Finance - Norway

The Ministry of Finance has decided to exclude 17 companies that produce tobacco from the Government Pension Fund Global (GPFG), based on a recommendation from the Fund’s Council on Ethics. The divestment of shares in these companies has now been completed...The excluded companies are: Alliance One International Inc., Altria Group Inc., British American Tobacco BHD, British American Tobacco Plc., Gudang Garam tbk pt., Imperial Tobacco Group Plc., ITC Ltd., Japan Tobacco Inc., KT&G Corp, Lorillard Inc., Philip Morris International Inc., Philip Morris Cr AS., Reynolds American Inc., Souza Cruz SA, Swedish Match AB, Universal Corp VA and Vector Group Ltd.

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