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Sovereign Wealth Funds Briefing - Categorized | Market

Norwegian pension fund KLP divests from Total over Western Sahara concerns

Posted on 12 June 2013

Norway’s KLP pension fund company is removing French oil stock Total from its portfolio on ethical grounds due to the company’s involvement in Western Sahara, the fund said. Jeanett Bergan, head of responsible investment at KLP Asset Management (KLP Kapitalforvaltning), said: “KLP considers Total’s operations on the continental shelf off Western Sahara can be linked to contravention of fundamental ethical norms.”
Based on the pension fund’s own review, along with urging from the Norwegian authorities and the experience of previous similar cases, KLP said it decided investing in Total risked might flout basic ethical principles………………………………………..Full Article: Source


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