The ethics watchdog for Norway's $1-trillion wealth fund will focus this ye...
OSLO - The ethics watchdog for Norway’s $1-trillion wealth fund will focus this year on shipbreaking on India’s beaches, which endangers workers and pollutes the sea and sand, and will also look into pollution caused by pharmaceutical companies.
The fund’s Council of Ethics checks that companies the fund invests in meet these ethical standards. It set out its latest priorities in its annual report published on Wednesday. Norway’s fund already excluded four firms in 2018 because they scrap ships on beaches in Bangladesh and Pakistan. It is forbidden by law from investing in companies that produce nuclear weapons or landmines, or are involved in human rights violations, among other criteria.
The fund gradually sells shares in any company it wishes to drop, before any announcement is made. The main aim is to remove the ethical risk.This year the Council on Ethics will also look for the first time into the pollution, particularly from antibiotic production, caused by pharmaceutical companies.
“Besides don’t do it, be especially diligent on everything, from the local partners you pick, to making risk assessments, and be especially careful about the corruption risk,” he said.
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