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Article

23 Sep 2007

Author:
Tom Hundley, Chicago Tribune

Norwegian ethics ruffle financial world

[An] avalanche of negative publicity…swamped Wal-Mart last summer when the [Norwegian Government Pension Fund] dumped its stock in the retailer after concluding that it was complicit in human rights violations… The fund was established in 1990. By late 2004…Norway's legislature…spelled out guidelines that prohibit the fund from owning stock in companies responsible for "violations of fundamental humanitarian principles, serious violations of human rights, gross corruption or severe environmental damage."… Critics point out that the Norwegian government -- in particular its defense ministry -- still does business with several of the blacklisted companies. [also refers to Caterpillar, Boeing, General Dynamics, Raytheon, Lockheed Martin]