Norway's oil fund excludes Cairn Energy, Kosmos Energy from portfolio over Western Sahara operations
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Author: Kosmos Energy
Kosmos Energy fundamentally disagrees with the Norwegian Council on Ethics' assessment of our activities offshore Western Sahara and its divestment recommendation. The Council's decision is disappointing coming as it does after several years of engagement between Kosmos and the Council. We are dedicated to operating ethically, transparently and in a manner consistent with international law...We believe the Council's decision is flawed in several ways:
1. The Council has failed to explain its ethical case for divestment...
2. The decision to divest is based on an outdated geopolitical and local understanding...
3. The Council has made a fundamental error in its legal interpretation...
Correspondence between Kosmos Energy and the Council on Ethics [provided].
Norway's oil fund:
* Says to exclude Cairn Energy and Kosmos Energy based on an assessment of the risk of particularly serious violations of fundamental ethical norms
* The fund's ethics council says recommends the exclusions because the companies contribute to serious violations of fundamental ethical norms through their hydrocarbon exploration offshore Western Sahara on behalf of Moroccan authorities.
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- Related companies: Cairn Energy Kosmos Energy
Recommendation to exclude Kosmos Energy Ltd. and Cairn Energy Plc. from the Government Pension Fund Global
Author: Council on Ethics - Government Pension Fund Global
The Council recommends the exclusion of the companies Kosmos Energy Ltd. and Cairn Energy Plc. from the Government Pension Fund Global (GPFG) due to an unacceptable risk of the companies contributing to serious violations of fundamental ethical norms through their hydrocarbon exploration offshore Western Sahara...