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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments, Market

Norwegian sovereign fund divests companies over Western Sahara

Posted on 29 June 2016

The Norwegian sovereign wealth fund has divested two companies due to their involvement with oil extraction in Western Sahara. Norges Bank Investment Management (NBIM), responsible for the Government Pension Fund Global, said it heeded a recommendation by the Council of Ethics to sell its stakes in Cairn Energy and Kosmos Energy, worth a combined NOK475m (€49.6m) at the end of 2015.
Referring to the Council’s recommendation, NBIM cited the risk of “particularly serious violations of fundamental ethical norms”, the reason given in the past when the NOK7.1trn fund sold its stakes in companies active in Western Sahara………………………………………..Full Article: Source


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