Kjell Joran Hansen
As a result, the fund will no longer be able to use its ethical guidelines for a while, and the Ethics Council, which has been in place since the fund's creation, has been suspended for the first time in its history.
Recent choices made by the fund, based on the Ethics Council's advice, have caused controversy in the United States. In August, the fund sold its stake in Caterpillar, citing concerns about the company's provision of bulldozers to Israel, which were later used in Palestinian areas.
The fund is managed by Norges Bank Investment Management, which follows a mandate set by the Norwegian parliament. Its ethical guidelines address various issues, including landmines and climate change. The Ethics Council regularly assesses the fund's holdings and suggests which companies should be removed or monitored.
The Norwegian Parliament also approved changes to the fund's mandate.
In October, Finance Minister Jens Stoltenberg asked for a review of the fund's ethical guidelines. He told NRK on Tuesday that the fund will still make investment decisions based on ethical considerations, even with the Ethics Council being suspended.
source: bloomberg.com
Recent choices made by the fund, based on the Ethics Council's advice, have caused controversy in the United States. In August, the fund sold its stake in Caterpillar, citing concerns about the company's provision of bulldozers to Israel, which were later used in Palestinian areas.
The fund is managed by Norges Bank Investment Management, which follows a mandate set by the Norwegian parliament. Its ethical guidelines address various issues, including landmines and climate change. The Ethics Council regularly assesses the fund's holdings and suggests which companies should be removed or monitored.
The Norwegian Parliament also approved changes to the fund's mandate.
In October, Finance Minister Jens Stoltenberg asked for a review of the fund's ethical guidelines. He told NRK on Tuesday that the fund will still make investment decisions based on ethical considerations, even with the Ethics Council being suspended.
source: bloomberg.com