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Norway fund shuns tobacco companies 

Norway has dropped 17 tobacco companies, including Philip Morris and British American Tobacco, from its sovereign wealth fund, adding to a growing list of stocks blacklisted by Europe’s biggest equity investor.

Imperial Tobacco, Altria, Reynolds American and Japan Tobacco were among others barred from the $455bn fund – which owns more than 1 per cent of all global stocks – after the Norwegian finance ministry ruled that the companies were in breach of the fund’s ethical guidelines.

The tobacco companies join a list of about 50 stocks excluded from the Norwegian fund on ethical grounds, ranging from arms manufacturers, such as Boeing and BAE Systems, to companies accused of environmental and labour rights violations, including Rio Tinto and Wal-Mart.

Norway has sought to make its sovereign wealth fund a role model for socially responsible investment since introducing ethical guidelines in 2003.

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