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· Norway
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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 also were 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
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