Norway has temporarily suspended its ethical investing rules, according to Finance Minister Jens Stoltenberg, to prevent its $2.1 trillion oil fund from being forced to divest from major tech companies like Amazon, Microsoft, and Alphabet due to their work for the Israeli government. The decision follows US concerns and the fund’s prior divestment from Caterpillar. Stoltenberg expressed worries that such divestments could undermine the fund’s diversified investment strategy and its importance to Norway’s budget, especially as the ethics council was set to review the tech companies and others on a UN blacklist. The move, supported by opposition parties, has drawn criticism from left-wing politicians who believe it prioritizes large corporations and US interests over ethical considerations.
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Norway’s sovereign wealth fund announced the sale of its shares in 11 Israeli companies, citing the “serious humanitarian crisis” in Gaza as the backdrop for the decision. The fund, which invests Norway’s oil and gas profits, stated that these sales were finalized recently, following a decision to divest from companies not in the Norwegian Finance Ministry’s index. Additionally, the fund will move its Israeli company investments in-house and terminate contracts with external managers in Israel. These actions aim to simplify investment management and strengthen due diligence in response to the deteriorating conditions in the region.
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Following reports of potential use of equipment in the war in Gaza, Norway’s largest pension fund, KLP, has decided to exclude Oshkosh Corporation and ThyssenKrupp from its investment portfolio. KLP determined that these companies, which sell equipment to the Israeli military, were in violation of the fund’s responsible investment guidelines. This decision was made after KLP communicated with the companies and found they failed to document adequate due diligence regarding their potential complicity in violations of humanitarian law. This action aligns with a broader trend of divestments by European investment funds from companies linked to the war in Gaza or involvement with illegal Israeli settlements.
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AP7, a Swedish pension fund, announced on Friday its complete divestment from Tesla, selling all its shares in the electric vehicle maker. This significant move, representing a substantial portion of AP7’s holdings – on the order of $1.3 to $1.4 billion – is directly attributed to Tesla’s alleged violations of union rights within the United States.
The decision underscores a prioritization of ethical investing, with AP7 explicitly citing these labor rights violations as the primary reason for the sale. This stands in contrast to purely financial motives, indicating a willingness to sacrifice potential future gains for adherence to socially responsible investing principles.… Continue reading
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