18.08.2015 - Norway Oil Fund Excludes Companies on Environment Risks
Norway’s sovereign-wealth fund, the world’s biggest, said Monday that it would exclude four companies from its investment portfolio on concerns that the companies could create severe environmental damage as they convert tropical forest into palm-oil plantations. The exclusions include South Korea’s Posco and Daewoo International Corp. as well as Malaysia’s IJM Corp. Bhd and Genting Bhd, the fund said. The Norwegian central bank manages the $880 billion fund on behalf of the government. This is the first time the bank’s executive board has made a decision to exclude companies from investment after it took over responsibility for the fund’s ethically based exclusions on Jan. 1. The decisions were previously made by the country’s Ministry of Finance...............................................Full Article: Source
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