Business

Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others

OSLO (Reuters) – Norway’s $1 trillion wealth fund can invest again in miner Rio Tinto and retailer Walmart after their exclusions from the fund’s investments on ethical grounds were revoked, the board of the central bank said on Tuesday.

FILE PHOTO: A general view of the Norwegian central bank in Oslo, Norway March 6, 2018. REUTERS/Gwladys Fouche/File Photo

The fund can also resume investing in Mexican tycoon Carlos Slim’s Grupo Carso, U.S. defense company General Dynamics and fertilizer-maker Nutrien, the board added in a statement.

Reinvestments will likely take place “within an appropriately long timeframe,” said the board, without specifying a timeline. The fund is managed by a unit of the central bank.

The fund, one of the world’s largest investors, has an ethical mandate set by parliament and is not allowed to invest in companies that produce nuclear weapons, cluster munitions and tobacco, among other ethical criteria.

An ethical watchdog, the Council on Ethics, makes recommendations to the board of the central bank on whether companies should be excluded, reincluded or put on a watchlist, after which the board ultimately decides.

Walmart, and its subsidiary Wal-Mart de Mexico SAB de CV, had been excluded from the fund’s investments since 2006 based on an assessment of “serious or systematic violations of human rights”.

These included, in the ethics watchdog’s view, employing minors against international rules, allowing hazardous working conditions at suppliers and pressuring workers into overtime.

“The Council on Ethics has found that the grounds for exclusions are no longer present,” the board of the central bank said in a statement.

Walmart was unavailable for comment on Tuesday. It told Reuters in 2014 that it does not comment on any shareholders that buy or sell its stocks.

“Our company provides a range of jobs, and along with training and development, our associates have strong career opportunities. We are proud of what our associates achieve and the opportunities that we provide around the world,” said a Walmart spokesman at the time.

RIO TINTO

Miner Rio Tinto was excluded in 2008 based on the risk of causing severe environmental damage related to Indonesia’s Grasberg mine, the world’s second-largest copper mine.

“The company has made it clear for the Council on Ethics that it has signed an agreement to sell its interest in the mine,” said the statement by the central bank’s board.

Rio Tinto was not immediately available for comment.

The issue was Rio Tinto’s stake in the mine, which according to the Norwegian finance ministry at the time, discharged very large amounts of tailings directly into a natural river system.

Rio Tinto spokesman Nick Cobban said at the time of the exclusion: “We have an exemplary record in environmental matters, world-leading in fact, and they are given the very highest priority in everything we do.”

“The current system of tailings is unquestionably the most appropriate given the high rainfall and seismically unstable geology in the area,” Cobban said.

Fertilizer-maker Nutrien had been excluded from the fund in 2011 following an assessment of the risk of violations of fundamental ethical norms related to the company’s operations in Western Sahara, a contested territory between Morocco and the Algerian-backed Polisario since Spain left in 1974.

“The Council on Ethics have found that these purchases now have ceased,” said the central bank’s board.

Nutrien is “pleased with Norges Bank’s decision”, said a company spokesman, referring to the Norwegian name of the central bank.

U.S. listed General Dynamics had been excluded from the fund in 2005 because it produced cluster munitions.

“The company has made it clear for the Council on Ethics that such production has been terminated,” said the board.

General Dynamics was not immediately available for comment.

Grupo Carso SAB de CV was excluded from the fund in 2011 because it produced tobacco. “The company has made it clear … that it is no longer involved in tobacco production,” said the board.

Grupo Carso was not immediately available for comment.

Editing by Terje Solsvik/David Evans/Jane Merriman


Source link

health news headlines provided courtesy of Medical News Today.

Advertisement

Advertisement Small

Follow Me

Collaboratively harness market-driven processes whereas resource-leveling internal or "organic" sources. Competently formulate.

View More Job Search Results

Calendar

July 2019
M T W T F S S
« Jun    
1234567
891011121314
15161718192021
22232425262728
293031  

Pages

Recent Comments

    RSS Meks Blog

    • How to easily create WordPress dropdown menu (without coding) July 17, 2019
      Interested to create WordPress dropdown menu all by yourself and don’t know how? Just follow our guide and learn in no time! The post How to easily create WordPress dropdown menu (without coding) appeared first on Meks.
      Ivana Cirkovic
    • 12 must join Facebook groups for photographers July 11, 2019
      Whether it’s for constructive feedback or new learnings, these Facebook groups for photographers are a great networking place to be in! The post 12 must join Facebook groups for photographers appeared first on Meks.
      Ivana Cirkovic
    • Easy guide on how to make your WordPress site private July 4, 2019
      Wondering how to make your WordPress site private knowing there is no built-in option to it? Read our guide and learn all about it! The post Easy guide on how to make your WordPress site private appeared first on Meks.
      Ivana Cirkovic
    • 10+ email list building ideas and tools (to easily grow your customer base) June 27, 2019
      What are some of the most efficient email list building ideas and tools to grow your audience in 2019 and beyond? Here’s our recommendation! The post 10+ email list building ideas and tools (to easily grow your customer base) appeared first on Meks.
      Ivana Cirkovic
    • The future of WordPress and Gutenberg Editor – Matt’s talk at WordCamp Europe 2019 June 22, 2019
      What seems to be the future of WordPress and Gutenberg Editor? These are the topics Matt covered in his summer state of WordPress at WCEU in Berlin and all the great things coming ahead. The post The future of WordPress and Gutenberg Editor – Matt’s talk at WordCamp Europe 2019 appeared first on Meks.
      Ivana Cirkovic
    • How to easily add Google Fonts to your WordPress website June 19, 2019
      Do you want to add Google fonts to your WordPress website? Here’s how you can freshen up your web place and make it faster, trendy and more appealing. The post How to easily add Google Fonts to your WordPress website appeared first on Meks.
      Ivana Cirkovic
    • Using Google Trends for market research to leverage your content creation ideas June 12, 2019
      Did you know you can use Google Trends for market research and target your customer needs, tailor content strategy, in a much better way? The post Using Google Trends for market research to leverage your content creation ideas appeared first on Meks.
      Ivana Cirkovic
    • How WordPress can help you to build and increase brand awareness June 6, 2019
      How can you build and improve brand awareness with WordPress and what steps are needed in that strategy? The post How WordPress can help you to build and increase brand awareness appeared first on Meks.
      Ivana Cirkovic
    • Starting a photography blog: The secrets successful photo bloggers won’t tell you May 30, 2019
      Is starting a photography blog the next step for your personal branding and getting out there with your work? Sure is! And here’s how you can do it! The post Starting a photography blog: The secrets successful photo bloggers won’t tell you appeared first on Meks.
      Ivana Cirkovic
    • 5+ best forum plugins for WordPress to build a loyal community in 2019 May 22, 2019
      Looking for the best forum plugin for WordPress to build a community and keep them engaged? Let us save you the time and choose among these 6 we recommend. The post 5+ best forum plugins for WordPress to build a loyal community in 2019 appeared first on Meks.
      Ivana Cirkovic

    Text

    Distinctively utilize long-term high-impact total linkage whereas high-payoff experiences. Appropriately communicate 24/365.

    Archives