Categories
· Business (Tobacco)
· Investing
· Business (General)
non-USA, by Country
· Norway
|
Jump to full article: Bloomberg News, 2010-01-19
Author: Vibeke Laroi and Josiane Kremer
Intro: Norway excluded 17 tobacco companies, including British American Tobacco Plc and Philip Morris International Inc., from its sovereign wealth fund based on ethical guidelines.
Altria Group Inc., Japan Tobacco Inc., Reynolds American Inc., Swedish Match AB and Imperial Tobacco Group Plc, were also excluded and the shares have been sold, the Finance Ministry said today. The 2.6 trillion-krone ($456 billion) fund bases its investment on ethical rules encompassing human rights, weapons manufacturing and the environment. The tobacco exclusion was proposed in April as part of an overhaul of the guidelines.
“It’s timely to exclude tobacco,” Finance Minister Sigbjoern Johnsen said in a statement. “It’s important that the ethical guidelines reflect at all times what can be considered to be commonly held values of the owners of the fund.” . . .
Cultivation of tobacco takes place mainly in the U.S., India, Brazil and China as well as in several African countries, the council said. The “extent of health hazardous child labor in tobacco cultivation in some countries can be large.” The Bill and Melinda Gates foundation also doesn’t invest in tobacco companies because they engage in “egregious” activities.
Jump to full article » |