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Norwegian oil fund challenged to divest from company linked to abuses at Australian detention centres

Author: Tsvetana Paraskova, Oilprice.com, Published on: 20 September 2016

“Will Norway’s Oil Fund Pull Out Of Company Running Controversial Refugee Camps?”, 12 September 2016

…Earlier this year, Spanish conglomerate Ferrovial acquired a majority stake in Broadspectrum, the Australian company that runs offshore detention camps at Nauru and on Manus Island in northern Papua New Guinea...In this highly controversial human-rights tragedy, there’s a tiny role for Norway’s giant oil fund…Norwegian newspaper VG says that the fund’s head of communication and external relations, Thomas Sevang, wrote in an e-mail to the paper that the oil fund had informed the Council on Ethics about its stake in Ferrovial. The fund expects the companies to respect human rights in their business, Sevang wrote to VG, which is precisely why the oil fund sold off its stake in Broadspectrum in November 2015. Unfortunately, the fund also held a 2.17 percent stake in Ferrovial as of the end of 2014, so when Ferrovial bought Broadspectrum in the spring of this year, the oil fund ended up once again being a shareholder of a company that runs the controversial camps…[The] Norwegian oil fund now has the chance to decide to pull out of its investment in Ferrovial and show the world it is sticking to its self-imposed ethics guidelines.[Also refers to Duke Energy]

Read the full post here

Related companies: Broadspectrum (formerly Transfield Services) Duke Energy Ferrovial