Sun, Apr 20, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Category | Ethical/Green Investments more

Norway hands SWF ethical investment responsibilities to central bank

Posted on 09 April 2014 by VRS  |  Email |Print

The Norwegian finance ministry has adopted a report recommending changes to the way the country’s sovereign wealth fund – the Government Pension Fund Global (GPFG) – is run, including giving more power over its ethical investment policy to the fund managers at the Norwegian central bank.
Norges Bank Investment Management (NBIM), the arm of Norges Bank that runs the fund, will then be responsible for deciding which companies to exclude from its investments on ethical grounds. It will also be expected to report regularly on the scale of its investments in renewable energy and in emerging markets………………………………………..Full Article: Source

Jensen defends oil fund changes

Posted on 08 April 2014 by VRS  |  Email |Print

Norwegian Finance Minister Siv Jensen rejected criticisms the government’s planned changes to the management of the nation’s massive sovereign wealth fund didn’t go far enough to ensure greener, socially responsible investments, saying the “Oil Fund” is a return-oriented investment scheme, and not a environmental or foreign policy tool.
Jensen’s main point was that while the fund aimed to invest responsibly and encourage companies to be good corporate citizens, it always has to focus first and foremost on investments that give the sovereign wealth fund the best possible return………………………………………..Full Article: Source

Norway fund RE reforms disappoint

Posted on 08 April 2014 by VRS  |  Email |Print

Norway’s government has disappointed green groups by coming up with proposals for using the country’s $790bn oil fund that fall well short of expectations over increased renewables investments.
Although the government mandated the country’s sovereign wealth fund to invest more in environmentally-related stocks, critics say the new government directive does little to increase the actual impact of those investments with regards to renewable energy. Norway announced that stock investments made by the fund will grow from $5bn to about $8.4bn under the new mandate………………………………………..Full Article: Source

Norway wants to turn its huge oil fund greener

Posted on 07 April 2014 by VRS  |  Email |Print

Oil-rich Norway moved Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.
In its yearly policy paper on the fund — the world’s largest — the rightwing government also proposed giving the central bank, which manages the fund day-to-day, more power to decide when to disinvest from a company for ethical reasons………………………………………..Full Article: Source

Norway’s wealth fund to ramp up renewable energy investments

Posted on 07 April 2014 by VRS  |  Email |Print

Norway’s $860-billion (U.S.) oil fund should scale up its investments in renewable energy and weigh the risk to future returns posed by climate change, the finance ministry said on Friday, a shift green groups said was insufficient.
The switch is part of government reforms of the fund – the biggest of its kind in the world – that also include changes to its ethical guidelines and a review of its activities in emerging markets………………………………………..Full Article: Source

Norway’s oil fund could dump shares in oil, coal

Posted on 07 April 2014 by VRS  |  Email |Print

Norway is considering excluding foreign oil and coal companies from its $860 billion sovereign wealth fund, which manages profits from Norway’s own fossil fuel industry.
In a shake-up of the fund that sharpens its environmental focus, Finance Minister Siv Jensen said Friday she had appointed a panel to assess the question on the grounds of possible damage to the climate. It will report back to the government in November………………………………………..Full Article: Source

Norway eyes ‘green’ fund

Posted on 07 April 2014 by VRS  |  Email |Print

Oil-rich Norway moved on Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.
In its yearly policy paper on the fund — the world’s largest — the right-wing government also proposed giving the central bank, which manages the fund day-to-day, more power to decide when to divest from a company for ethical reasons. Fed by the country’s oil surplus, the fund is currently worth 5.1 billion kroner (US$856 million), invested abroad in stocks and bonds and, to a lesser extent, real estate………………………………………..Full Article: Source

Khazanah wants to up fund for CR initiatives

Posted on 03 April 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd said one of the key initiatives for the company this year is the continuous effort to build capacity of its Civil Society Partner Organisations (CSPO). The government investment arm is raising its investment for its corporate responsibility (CR) initiatives this year by 20 per cent to RM100 million, as part of its commitment to CSPO, said its managing director, Tan Sri Azman Mokhtar.
He said through the company’s CR grants programme, CSPOs will be able to broaden their impact by strenthening their service delivery, governance, and financial sustainability. Khazanah also reaffirmed its pledge to deepen and expand its CR initatives via the newly incorporated Yayasan Hasanah…………………………….Full Article: Source

CIC eyes agriculture, tips H2 China growth

Posted on 27 March 2014 by VRS  |  Email |Print

China’s sovereign wealth fund has singled out global agricultural investments as a particular area of interest, with other favoured sectors including information technology, real estate and infrastructure.
We are interested in agricultural industry-not only in emerging markets but also in other markets,” said Li Xiaopeng, chairman of the board of supervisors at China Investment Corporation. “We hope agricultural investment can provide CIC with stable returns over the long term.”………………………………..Full Article: Source

Asian investors want $1bn farm deals but sector not ready

Posted on 26 March 2014 by VRS  |  Email |Print

International companies, pension funds and sovereign wealth funds are ready and willing to invest in the Australian farm sector, but many parts of the industry are still not investment-ready and lack the depth in management to facilitate deals.
“China Investment Corporation (China’s giant sovereign wealth fund) would like to do deal sizes of minimum $500 million,” said CBRE Asia regional director Danny Thomas. He added that because Chinese companies often only wanted to take a 50 per cent interest in deals, the transaction had to be worth at least $1 billion………………………………..Full Article: Source

Temasek sets up $40mln fund to help Singapore prepare for emergencies

Posted on 24 March 2014 by VRS  |  Email |Print

Temasek Holdings is kickstarting events to mark its 40th year by setting up a $40 million fund to help Singapore prepare for and deal with difficult situations such as emergencies. The Temasek Emergency Preparedness (TEP) fund will give money to programmes that support people in crises including environmental disasters such as haze, or trauma from accidents.
“In Temasek we believe that if you want to do well you have to be prepared all the time,” said Temasek Holdings chairman Lim Boon Heng at a media briefing last Friday………………………………………..Full Article: Source

Profits earned by Temasek ‘are returned to community’

Posted on 24 March 2014 by VRS  |  Email |Print

Temasek Holdings builds for the long term and the money it makes is returned to the community, said chairman Lim Boon Heng. “There is a common thread in what Temasek does: What we do, we do with tomorrow in mind - a quote from one of our founding leaders Mr S Rajaratnam. So we build the institution and we build it for future generations,” said Mr Lim last Friday.
He was speaking to the media as he reflected on the investment company’s 40th anniversary. Set up by the government in 1974 to hold the companies it owns, Temasek has a $215 billion portfolio as at March 31, 2013………………………………………..Full Article: Source

Norway rejects ban on coal investments for biggest wealth fund

Posted on 21 March 2014 by VRS  |  Email |Print

Norway’s parliament rejected a proposal to ban the nation’s $850 billion sovereign wealth fund from investing in coal companies. “I’m disappointed but it’s been a big move to put this issue on the agenda,” Torstein Tvedt Solberg, one of the Labor Party lawmaker’s behind the proposal, said in an interview in Oslo. The party will revise its proposal and may submit it again after April, he said.
Built on Norway’s oil and gas income, the fund takes into account ethical rules on human rights, some weapons production, the environment and tobacco when deciding on investments………………………………………..Full Article: Source

The ethical work of Norway’s sovereign wealth fund

Posted on 21 March 2014 by VRS  |  Email |Print

Last week wasn’t a great one for companies in the extractive industries. In South Africa, a wage strike by the Association of Mineworkers and Construction Union (AMCU) against the world’s top three platinum producers — Amplats, Lonmin and Impala Platinum – entered its eighth week, with no end in sight.
In Norway, the Ethics Council of the state’s Sovereign Wealth Fund (SWF or the Fund) released its 2013 Annual Report and announced that it was examining the operations of French oil giant Total, in the disputed Western Sahara, to determine whether its activities there are unethical and warrant exclusion of Total by the Fund………………………………………..Full Article: Source

Norway to invest more of its $920bln sovereign wealth fund in renewables

Posted on 20 March 2014 by VRS  |  Email |Print

At a staggering $920 billion, Norway has the largest sovereign wealth fund in the world, and Norwegian Prime Minister Erona Solberg has flagged that the country is planning to invest more of that national wealth in renewable energy.
Norway’s immense sovereign wealth fund has largely been accrued from its fossil fuel industry. Oil was discovered in Norwegian waters in the late 1960s, and in 2011 the country was the eighth largest crude oil exporter in the world. It was also the world’s third largest natural gas exporter in the that year. However, Norway’s stated aim is now to use its massive sovereign wealth to help address climate change………………………………………..Full Article: Source

Move by Norway sovereign wealth fund to invest in renewables could have ‘global impact’

Posted on 19 March 2014 by VRS  |  Email |Print

The government of Norway will mandate the country’s sovereign wealth fund, the largest in the world, to invest in renewable energy, Prime Minister Erna Solberg announced in Oslo today. “We are thrilled that Norway is stepping forward to lead on renewable energy,” says Nina Jensen, CEO of WWF-Norway. “If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.
“We have long advocated that the fund invest up to 5% in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010………………………………………..Full Article: Source

Norway wealth fund to step up renewables investment

Posted on 17 March 2014 by VRS  |  Email |Print

Norway Prime Minister Erna Solberg this week announced that the country is to use its $920bn sovereign wealth fund to drive investment in renewable energy projects, confirming that it is to increase its exposure to clean energy companies.
Solberg said the country’s pension fund, which has been built on the country’s oil wealth and is now one of the world’s most powerful institutional investors, will expand its holdings in renewable energy interests. A full announcement on the extent to which the fund will increase its exposure to clean energy is now expected early next month………………………………………..Full Article: Source

Norwegian sovereign wealth adds to Morocco’s energy headache

Posted on 17 March 2014 by VRS  |  Email |Print

Adding to a growing chorus of concerned investors, Norway’s $850 billion Sovereign Wealth Fund announced that they would be reviewing their connection to France’s Total due to their involvement in exploration efforts in the Western Sahara region of Morocco.
Charged with investing Norway’s oil and gas revenue, the fund has made it a point to invest only in ethical companies, excluding controversial investments like tobacco, weapons and landmines, according to a recent Reuters report………………………………………..Full Article: Source

Total’s operations in Western Sahara under ethics probe by Norwegian wealth fund

Posted on 17 March 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund is examining the operations of the French oil firm Total in Western Sahara to ascertain whether its activities there are unethical, reported Wednesday Reuters.
The fund, responsible to grow revenue from the exploitation of Norwegian oil and gas reserves, manages a portfolio of more than 600 billion euros, making it one of the largest investors in the world. The fund, which invests Norway’s revenues from oil and gas for future generations, invests only in firms it considers ethical, and has blacklisted 63 firms, including makers of nuclear arms, antipersonnel landmines, cluster bombs and tobacco………………………………………..Full Article: Source

Norway to raise oil fund’s exposure to renewable energy

Posted on 14 March 2014 by VRS  |  Email |Print

Norway Prime Minister Erna Solberg plans to increase the Scandinavian nation’s $840 billion oil fund’s exposure to renewable energy, reflecting a continuing shift toward using its vast wealth to combat climate change.
Norway, possessing the largest sovereign-wealth fund in the world, currently devotes a fraction of its assets to green investments. Ms. Solberg told reporters Thursday “we will expand the mandate” in effort to more acutely combat global warming, but didn’t specify how much more money will be devoted to renewable energy………………………………………..Full Article: Source

Move by Norway sovereign wealth fund to invest in renewables could have ‘global impact’

Posted on 14 March 2014 by VRS  |  Email |Print

The government of Norway will mandate the country’s sovereign wealth fund, the largest in the world, to invest in renewable energy, Prime Minister Erna Solberg announced in Oslo “We are thrilled that Norway is stepping forward to lead on renewable energy,” says Nina Jensen, CEO of WWF-Norway. “If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.
“We have long advocated that the fund invest up to 5% in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010………………………………………..Full Article: Source

Norway’s oil fund may inject $40bln in renewables

Posted on 14 March 2014 by VRS  |  Email |Print

Norway Prime Minister Erna Solberg has confirmed plans to increase the exposure of its $920 billion sovereign wealth fund – the world’s largest – to renewable energy, part of its stated plans to use its vast wealth to combat climate change.
Norway currently invests only a fraction of its sovereign wealth fund (built up from mostly oil revenues) to green investment. Solberg says this will be expanded, but she will not say how much until April 4. The government has already appointed independent experts to evaluate whether the fund should exit its coal, oil, and gas investments, which currently make up around 10 per cent of its value………………………………………..Full Article: Source

Total’s operations in Western Sahara face ethics probe

Posted on 14 March 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund is examining the operations of oil firm Total in Western Sahara, a disputed region of North Africa with a history of human rights abuses, to ascertain whether its activities there are unethical.
The $850bn fund, which invests Norway’s revenues from oil and gas for future generations, invests only in firms it considers ethical, and has blacklisted 63 firms, including makers of nuclear arms, antipersonnel landmines, cluster bombs and tobacco………………………………………..Full Article: Source

Norway wealth fund examining Total’s ethics in W.Sahara

Posted on 13 March 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund is examining the operations of oil firm Total in Western Sahara, a disputed region of North Africa with a history of human rights abuses, to ascertain whether its activities there are unethical.
The $850-billion fund, which invests Norway’s revenues from oil and gas for future generations, invests only in companies it considers ethical, and has blacklisted 63 firms, including makers of nuclear arms, anti-personnel landmines, cluster bombs and tobacco………………………………………..Full Article: Source

Will Norway’s oil fund ban fossil fuel?

Posted on 12 March 2014 by VRS  |  Email |Print

Movements of Norway’s Oil Fund (GPFG) continues to grab attention from economic, environmental and political side. FT and Epoch Times questions the fund’s critical decision on coal mining investments last month.
The two governing parties of Norway have agreed to set up an expert group to investigate whether the oil fund should ban on investments in fossil fuels last month………………………………………..Full Article: Source

Norway’s pension fund continues to invest in coal companies destroying Indonesia’s forests

Posted on 07 March 2014 by VRS  |  Email |Print

Norway’s massive sovereign wealth fund is continuing to invest in coal companies that are destroying forests in Indonesia despite divesting from forestry and plantation companies with poor environmental track records, reports the Rainforest Foundation Norway.
Analyzing portfolio data released released by the Norwegian Government Pension Fund Global (GPFG), the environmental group found the fund has $21.5 billion in holdings in companies “from sectors known to be driving deforestation” and $3 billion in companies that run coal mining operations in Indonesia………………………………………..Full Article: Source

Wealth funds have sought out Green Investment Bank

Posted on 07 March 2014 by VRS  |  Email |Print

The Green Investment Bank (GIB) should eventually open up to outside investment and has already been approached by sovereign wealth funds, chairman Lord Smith of Kelvin said. He also said he would like to diversify beyond equity investing into asset management and banking.
He said that, perhaps in ten years, the board could ask the government to sell down its stake in the bank. He said the GIB would not compromise its guiding principle to invest in the low carbon economy, saying such investments are already viable and will become more attractive. He added: “Sovereign wealth funds have approached us saying ‘can we buy equity’?”……………………………………….Full Article: Source

Giant fund may ditch Aussie investments

Posted on 05 March 2014 by VRS  |  Email |Print

Some of Australia’s biggest resource companies could lose a major investor if Norway goes through with a plan to ban its famous sovereign wealth fund from investing in coal, oil and gas. Norway’s sovereign wealth fund is the world’s biggest at A$840 billion ($897 billion) and is a major shareholder in companies such as BHP Billiton, Woodside Petroleum and Whitehaven Coal.
A non-government majority in the Norwegian parliament had been edging towards a vote on banning the fund from investing in coal, and the pressure has forced the government to launch a year-long expert review into whether the fund should cease investing in all forms of fossil fuel………………………………………..Full Article: Source

Norwegian wealth fund may ditch Australian resource firms

Posted on 04 March 2014 by VRS  |  Email |Print

Some of Australia’s biggest resource companies could lose a major investor if Norway goes through with a plan to ban its famous sovereign wealth fund from investing in coal, oil and gas. Norway’s sovereign wealth fund is the world’s biggest at $840 billion and is a major shareholder in companies such as BHP Billiton, Woodside Petroleum and Whitehaven Coal.
A non-government majority in the Norwegian parliament had been edging towards a vote on banning the fund from investing in coal, and the pressure has forced the government to launch a year-long expert review into whether the fund should cease investing in all forms of fossil fuel………………………………………..Full Article: Source

Norway pension fund steps up ethical investment policy

Posted on 03 March 2014 by VRS  |  Email |Print

The Norway sovereign wealth fund, the largest in the world with assets of $810 billion (£485 billion), recently excluded a mining company from its portfolio because of its parent company’s operations.
Sesa Sterlite, an India-focused subsidiary of mining conglomerate Vendanta Resources, which itself was excluded from the pension fund in 2007, was recommended to be excluded by the Council of Ethics. They cited exclusion on ethical grounds, saying Vedanta’s “relevant operations in India, which are run through the company Sesa Sterlite, present an unacceptable risk of environmental damage and serious violations of human rights.”……………………………………….Full Article: Source

Norway wealth fund ban proves no hurdle for Arctic coal mining

Posted on 27 February 2014 by VRS  |  Email |Print

As lawmakers in Oslo debate whether to ban their $840 billion sovereign wealth fund from investing in coal companies, the country has opened a new coal mine in the Arctic Svalbard archipelago.
Mining for coal in the northernmost reaches of the globe helps Western Europe’s biggest oil producer keep a presence in the fossil-fuel rich region as nations, including Russia and the U.S., jockey for power there. Norway is fighting for a claim to the Arctic as its North Sea oil and gas reserves start to run out after more than 40 years of production………………………………………..Full Article: Source

Norway SWF coal withdrawal bad for environment and industry

Posted on 27 February 2014 by VRS  |  Email |Print

The majority of parliament believes that the country’s Sovereign Wealth Fund should no longer be used to invest in the coal industry. Pro-industry lobbyists disagree. “We want to divest [our holdings] in 100 per cent coal companies because it’s is the most polluting energy source we have,” Deputy Centre Party (Sp) leader Trygve Slagsvold Vedum told NRK, Wednesday.
Milton Catelin from the World Coal Association visited the Norwegian Parliament this week hoping to change MPs minds. He argues it will affect the coal industry’s research into climate change………………………………………..Full Article: Source

Norway SWF kicked the habit, lost money

Posted on 26 February 2014 by VRS  |  Email |Print

Some NOK 10bn of Norwegians’ oil-bred pension money went up in smoke after the Sovereign Wealth Fund pulled out of tobacco industry shares, reports say. The SWF, criticised for using tax havens, double standards, and nuclear weapons industry investments, performs a constant balancing act when it comes to moneymaking and ethics.
The NOK 9.6 billion dividends loss (roughly USD 1.59bn/EUR 1.16bn/GBP 956.54m at today’s ROE) concerns the August 2005-November 2011 period, according to Norges Bank’s calculations………………………………………..Full Article: Source

Oman: SGRF adopts whistle-blowing policy

Posted on 25 February 2014 by VRS  |  Email |Print

State General Reserve Fund (SGRF), the largest sovereign wealth fund of the government, has launched a ‘Whistle Blowing Policy’ aimed at encouraging the SGRF staff to report illegal practices and incidents that violate the rules of ethical behaviour at work and disclose any concerns directly related to SGRF and its operations.
The policy was launched on Sunday at the SGRF premises, during a two-day Risk and Compliance event organised with the aim of introducing the new policy to all the employees. The event was attended by H E Abdulsalam Mohammed al Murshidi, CEO, SGRF………………………………………..Full Article: Source

Malaysia’s 1MDB may build 50-megawatt solar plant

Posted on 25 February 2014 by VRS  |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd. may build the nation’s biggest solar power plant ahead of an initial public offering, the Edge Financial Daily reported, citing industry sources it didn’t identify.
The project would help diversify 1MDB’s 3,951-megawatt power-generation portfolio, which it plans to list, according to the report. 1MDB didn’t immediately respond to an e-mail and phone call requesting comment………………………………………..Full Article: Source

Alliance targets Norway’s Whitehaven investment

Posted on 24 February 2014 by VRS  |  Email |Print

A group of Australian NGOs is urging the Norwegian Sovereign Wealth Fund to divest from a controversial new mining project in northwest NSW. The Norwegian Sovereign Wealth Fund has an estimated $7 million invested in Whitehaven Coal, the company behind the Maules Creek Mine, Australia’s largest greenfield mining project which has been the target of a high profile opposition campaign by local farmers, traditional owners and environmentalists.
The fund controls over $910 billion, owning approximately 1 per cent of the world’s stocks………………………………………..Full Article: Source

Investors ‘need information on agriculture’

Posted on 18 February 2014 by VRS  |  Email |Print

Investment in the agricultural sector must be made more transparent if Australia is to realise goals of becoming the food bowl of Asia, and the $100 billion Future Fund could have a role in stimulating the flow new money into the sector, according to Winemakers Federation chairman Tony D’Aloisio.
The investment in the sector by the federal government’s Future Fund could help draw investment from competing funds both offshore and domestically. The Future Fund in 2011 tipped $125 million into a joint venture with listed farming group PrimeAg in a bid to stimulate further investment, but the vehicle foundered after a discounted capital raising sparked tension among investors………………………………………..Full Article: Source

Super fund defends energy investment

Posted on 17 February 2014 by VRS  |  Email |Print

The New Zealand Superannuation Fund insists it has done the right thing by investing in an American wind energy project after criticism from an energy analyst. Late last year, the fund announced it was investing $55 million in a new wind turbine development run by an American company called Ogin.
Ogin is a not-yet-listed start-up company using aerospace technology to produce wind turbines. New Zealand energy analyst Dougal McQueen says in six years the company has not produced a single product and its technology has been shown not to work………………………………………..Full Article: Source

Nigeria’s sovereign wealth fund offers $10mln to boost agribusiness

Posted on 07 February 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA), managers of the country’s $1 billion sovereign wealth fund, has announced a $10 million agricultural financing to boost investment within the sector and enhance economic diversification.
“Agriculture is a sector of strategic importance to the NSIA and an area we see opportunities for significant growth and profit through the facilitation of the enhancement of Nigeria’s critical agriculture infrastructure,” said Uche Orji, CEO of NSIA………………………………………..Full Article: Source

World’s biggest sovereign wealth fund excludes Sesa Sterlite on ethical grounds

Posted on 03 February 2014 by VRS  |  Email |Print

Norway’s finance ministry has told its $810 billion oil fund, the world’s biggest sovereign wealth fund, to stop investing in two Israeli firms and one Indian firm on ethical grounds.
The ministry instructed the fund for a second time to exclude Africa Israel Investments and its construction subsidiary Danya Cebus from its investments and also said it should not invest in Sesa Sterlite, India’s biggest zinc and aluminium maker………………………………………..Full Article: Source

Norway fund blacklists Israeli firms with settlement ties

Posted on 03 February 2014 by VRS  |  Email |Print

Norway’s huge sovereign wealth fund, the world’s largest, blacklisted two Israeli companies involved in construction of settlements in annexed East Jerusalem, the country’s finance ministry said.
The ban on investing in the firms revived a three-year prohibition on them that the Government Pension Fund of Norway had dropped in August last year, AFP reported. The companies are Africa Israel Investments, an Israeli real estate developer, and its construction subsidiary Danya Cerbus………………………………………..Full Article: Source

Biggest sovereign fund excludes Sesa Sterlite on ethical grounds

Posted on 31 January 2014 by VRS  |  Email |Print

Norway’s finance ministry has told its $810-billion oil fund, the world’s biggest sovereign wealth fund, to stop investing in two Israeli firms and one Indian company on ethical grounds.
The ministry instructed the fund for a second time to exclude Africa Israel Investments and its construction subsidiary Danya Cebus from its investments and also said it should not invest in Sesa Sterlite - India’s biggest zinc and aluminium maker. After the decision, 63 firms stand on the exclusion list, including some of the world’s biggest miners, tobacco producers and makers of certain weapons such as cluster bombs……………………………………….Full Article: Source

Norway wealth fund bans investing in 2 Israeli firms

Posted on 31 January 2014 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund in Norway has put two Israeli firms on its blacklist over their contribution to the construction of illegal settlements in the occupied East al-Quds (Jerusalem).
Norway’s Finance Ministry announced the decision on Thursday and named the companies as Africa Israel Investments, an Israeli real estate developer, and its construction subsidiary, Danya Cerbus. The huge sovereign wealth fund deplored the firms for “contributing to serious violation of individual rights through construction of settlements” in the occupied East al-Quds………………………………………..Full Article: Source

Norway Government Pension Fund Global excludes three companies for ethical reasons

Posted on 31 January 2014 by VRS  |  Email |Print

The Ministry of Finance has decided to exclude the companies Sesa Sterlite, Africa Israel Investments and Danya Cebus from the Government Pension Fund Global (GPFG).
On the 13th of September 2013, the Ministry of Finance received a recommendation from the Council of Ethics to exclude the company Sesa Sterlite from the GPFG. The recommendation builds on an earlier recommendation to exclude the company Vedanta Resources Ltd. (Vedanta ) and two of its subsidiaries, which operate in India. The Ministry followed the Council’s recommendation to exclude Vedanta and its two subsidiaries in 2007………………………………………..Full Article: Source

Norway’s sovereign fund halves coal exposure

Posted on 29 January 2014 by VRS  |  Email |Print

Norway’s $817 billion sovereign wealth fund, the world’s largest, has halved its exposure to coal producers, with most of its remaining interest in the sector in Chinese companies, its chief executive said on Tuesday.
Oslo has been at diplomatic loggerheads with China since the award of its Nobel Peace Prize to human rights activist Liu Xiaobo in 2010. Norway’s parliament is studying a proposal to ban the fund from coal, which has the backing of a majority of parties, but not that of the minority government………………………………………..Full Article: Source

Move to ban coal shares in Norway’s $815 bln fund gains support

Posted on 28 January 2014 by VRS  |  Email |Print

An opposition proposal to prohibit Norway’s $815 billion sovereign wealth fund, the world’s largest, from investing in coal companies has won the support of two minority parties whose backing the government needs.
The fund, commonly known as the oil fund, is the sixth-largest investor in BHP Billiton and the ninth-largest in Anglo American, among other companies that produce coal. The proposal by the opposition Labour Party calls on “the government to conduct a thorough investigation with a view to remove the fund’s investments into coal companies”………………………………………..Full Article: Source

CIC’s interest in Victorian dairy processor

Posted on 06 January 2014 by VRS  |  Email |Print

The bidding war for Victorian dairy processor Warrnambool Cheese and Butter is attracting even more international attention. Media reports suggest the Chinese state-owned China Investment Corporation is interested in Australia’s oldest dairy processor.
Canadian company Saputo has a $9-a-share offer on the table that is due to expire this Friday. Agribusiness analyst Paul Jensz says he’s expecting Saputo will increase it’s shareholding to about 20 per cent this week and extend it’s offer beyond Friday………………………………………..Full Article: Source

Super fund ‘hypocrisy index’ on the cards

Posted on 12 December 2013 by VRS  |  Email |Print

A global NGO chaired by former Liberal Party leader Dr John Hewson is threatening to name and shame super funds that fail to ‘walk the talk’ on climate risk transparency. Dr Hewson said many large super funds are failing to demonstrate the transparency they demand of the companies they invest in.
“A lot of those bigger funds … weren’t prepared to apply the same standards of transparency to themselves in publicly accounting for the way they manage climate risk and why they are so heavily exposed to carbon-exposed industries,” he said………………………………………..Full Article: Source

Norway ignores advice to divest from oil firm over Amazon tribe

Posted on 12 December 2013 by VRS  |  Email |Print

Norway’s Ministry of Finance is being urged to withdraw its investments from oil and gas company Repsol because of its operations in a region in the Peruvian Amazon inhabited by indigenous people who have no direct contact with outsiders.
The recommendation was made to the Ministry by the Council on Ethics within Norway’s ‘Government Pension Fund Global’ (GPFG) whose stated aim is to investigate if investment in certain companies meets the GPFG’s ethical guidelines……………………………………….Full Article: Source

How Australians can protect their super from climate change

Posted on 11 December 2013 by VRS  |  Email |Print

The importance of protecting the more than $1.6 trillion invested in Australia’s retirement funds from the risks associated with climate change has been highlighted in a new report, which has revealed that few superannuation fund trustees can demonstrate they are acting on their fiduciary duty to manage for climate and carbon policy risks.
Climate Smart Super: Understanding Superannuation & Climate Risk, released on Wednesday by The Climate Institute, offers information for individuals to learn more about their super funds and how to engage with them on the investments made on their behalf………………………………………..Full Article: Source

banner
banner
April 2014
M T W T F S S
« Mar    
 123456
78910111213
14151617181920
21222324252627
282930