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· Business (Tobacco)
· Investing
· Ethics
non-USA, by Country
· Norway
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Jump to full article: IPE.com / Investments and Pensions Europe (uk), 2010-01-20
Author: Author: Nyree Stewart
Intro: The Ministry of Finance has excluded 17 tobacco-producing companies from the investment universe of the Government Pension Fund – Global, and there is the possibility that still more could be removed.
The decision to begin excluding tobacco producers from the fund was first announced in April 2009, following a review of the existing ethical guidelines to the fund. The ministry claimed an international convention on tobacco control and a tightening of the Norwegian Tobacco Act meant earlier doubts about removing these companies had been resolved. (See earlier IPE article: Norway global to exclude tobacco and target environment)
Sigbjørn Johnsen, minister of finance, said: “We have taken these changes on board and believe – in light of the consultative input in connection with the evaluation of the ethical guidelines – that it is timely to exclude tobacco from the fund. It is important that the ethical guidelines reflect at all times what can be considered to be commonly held values of the owners of the fund.”
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