Norway´s investment funds are cleaning houseMay 28, 2019
The Norwegian Oil Fund will no longer invest in companies that are directly involved in Cannabis. It was revealed in March that the fund made NOK 446 million from investments in five companies related to cannabis products during the first two months of the year. It resulted in a strong protest from different public health organisations, among which was also NordAN, who sent a letter of concern to Norway Ministry of Finance and to the members of the Parliaments Standing Committee on Finance and Economical Affairs.
“We have already decided not to invest in companies with direct exposure to cannabis,” Communications Manager of Norges Bank Investment Management (NBIM), Thomas Sevang, told Norwegian media last week.
Today, KLP, Norway’s largest pension fund, said that it will no longer invest in gambling companies and alcohol makers, and recently sold stocks and bonds in such firms worth about $320 million.
Explaining its decision, KLP said it did not want to make money from products that can harm people who are vulnerable to addictions, adding that there are better ways in which pension savings can make a sustainable contribution to society.
Among the excluded companies were casino group Wynn Resorts, online gambling firm Betsson, spirits and beer maker Diageo and brewers such as Carlsberg and Heineken.