Oslo bars wealth fund from investing in WTK, Ta Ann
OSLO: Norway excluded five companies from the investments of the nation's sovereign wealth fund, the world's largest, for taking part in activities that damage the environment or for being linked to child labour.
Malaysia's WTK Holdings Bhd and Ta Ann Holdings Bhd were excluded alongside China's Zijin Mining Group and Peru's Volcan Cia Minera SAA on the basis that their activities risk causing severe damage to the environment, the Oslo-based ministry said in a statement yesterday.
India's Zuari Agro Chemicals Ltd was also excluded "based on an assessment of the risk of contributing to the worst forms of child labour", it said.
The world's largest wealth fund takes into account ethical rules encompassing human rights, some weapons production, the environment and tobacco when deciding on its investments.
It has excluded companies including Wal-Mart Stores Inc and British American Tobacco Plc following recommendations from the ministry's Ethics Council. The exclusions are announced after the shares are sold.
The ministry said it also asked the fund to take into account oil spills and the environment in the Niger Delta and to exercise its ownership rights.
But the ministry decided not to place Royal Dutch Shell Plc and Eni SpA under observation as had been recommended by the Council on Ethics, it said. Bloomberg