Jan 16, 2018 · Norway’s $1.1 trillion sovereign wealth fund has axed investments in another nine companies as it tries to move to what it considers as ethical investments. The most high-profile firm …
Author: David Reid
Norway’s sovereign wealth goes ethical with nuclear firms banned by sortiwa January 16, 2018, 8:05 pm 224 Views Norway’s $1.1 trillion sovereign wealth fund has axed investments in another nine companies as it tries to move to what it considers as ethical investments.
Norway’s $1.1 trillion sovereign wealth fund has axed investments in another nine companies as it tries to move to what it considers as ethical investments. The most high-profile firm to be pulled from the fund’s collective investment is U.K. defense company BAE Systems , which said via email
High-profile firms already on the fund’s banned list include Boeing , Walmart , Philip Morris and Rio Tinto . The world’s largest sovereign wealth fund said in November 2017 that it would drop oil and gas companies from its benchmark index. According to the U.S. Energy Information Administration, Norway is the world’s 15th largest producer of oil.
The British defence group, along with the US firms Aecom, Fluor and Huntington Ingalls Industries have been banned for producing components to build nuclear weapons, the central bank said.
“The Turn to Ethics: Disinvestment from Multinational Corporations for Human Rights Violations – the Case of Norway’s Sovereign Wealth Fund,” American …
At a massive $840 billion, Norway’s sovereign wealth fund owns 1% of all the publicly listed companies in the world with investments spread across more than 8,000 companies in 82 countries.
Norway’s oil cash no longer invest in firms involved in nuclear weaponry. sovereign wealth fund. More firms banned as the world’s biggest sovereign wealth fund goes ethical.
Besides the recent news in the world of nuclear missiles, Norges Bank oversees the management of the country’s sovereign wealth fund. The central bank has moved to ban nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation.
The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway. The Government Pension Fund Global, also known as the Oil Fund , was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector .
Norway’s $1 trillion sovereign wealth fund, the world’s largest, has excluded nine groups, including the UK’s military equipment maker BAE Systems, from its portfolio based on ethical grounds, the Norwegian central bank announced on 16 January.
The Norwegian ministry of finance has banned its sovereign wealth fund from investing in more than 100 companies over the past decade. These include Airbus, Boeing, Lockheed Martin and Honeywell