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Norway: Oil fund to exclude co's due to environmental & human rights risks
Author: Dominic Chopping, Fox Business, Published on: 16 January 2018
Norges Bank Investment Management, the arm of Norway's central bank that manages the country's $1.1 trillion oil fund, said Tuesday that it has excluded a further nine companies from the fund on ethical grounds...
The Norwegian Ministry of Finance has issued specific guidelines for the oil fund with criteria for observation and exclusion endorsed by Norway's parliament.
These criteria say the fund must not invest in companies which produce weapons that violate fundamental humanitarian principles through their normal use, produce tobacco, or sell weapons or military material to certain countries...
Further exclusions [were] announced [...] due to the "risk of severe environmental damage and serious or systematic violations of human rights." ...
There are currently over 140 companies excluded from the fund and around 20 under observation. [also refers to BAE Systems PLC, AECOM, Fluor Corp., Huntington Ingalls Industries Inc., Honeywell International Inc., Evergreen Marine Corp (Taiwan) Ltd, Korea Line Corp., Precious Shipping PCL and Thoresen Thai Agencies PCL]
Related companies: Norges Bank Investment Management (NBIM)