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

October 2019
M T W T F S S
« Sep    
 123456
78910111213
14151617181920
21222324252627
28293031  

Pages

Recent Comments

    RSS Meks Blog

    • How to add Instagram photo feed to your WordPress site (in 5 minutes!) October 1, 2019
      How (and why) to add Instagram to WordPress and see more benefits from that match? We give you all the details and tools to do it successfully yourself! The post How to add Instagram photo feed to your WordPress site (in 5 minutes!) appeared first on Meks.
      Ivana Cirkovic
    • 13 best headline & blog title generator tools to easily boost your SEO September 12, 2019
      Ready to increase traffic to your website today? Use these headline generator tools and improve your click-through-rates! The post 13 best headline & blog title generator tools to easily boost your SEO appeared first on Meks.
      Ivana Cirkovic
    • How to create a Facebook Page for your blog (plus PRO tips) September 4, 2019
      Wondering how to create a Facebook Page for your blog knowing that you really do need one? Follow our in depth guide and learn how to create and manage attractive and successful Facebook Page! The post How to create a Facebook Page for your blog (plus PRO tips) appeared first on Meks.
      Ivana Cirkovic
    • Beginners guide on how to redirect a page in WordPress August 29, 2019
      Whether you’re trying to redirect a page in WordPress or just want to discover and understand why it’s important, use this guide to help you get ahead of it and learn all there is to it. The post Beginners guide on how to redirect a page in WordPress appeared first on Meks.
      Ivana Cirkovic
    • The best Facebook Groups for SEO to improve your knowledge and rankings August 21, 2019
      Are you tired of searching for the best Facebook groups for SEO to improve your knowledge and learn about the tricks from the trade? The post The best Facebook Groups for SEO to improve your knowledge and rankings appeared first on Meks.
      Ivana Cirkovic
    • Useful rank tracking plugin and tools recommendation to improve your WordPress website SEO August 15, 2019
      Are you looking for a reliable rank tracking plugin to track your rankings on search engines and improve SEO strategy? Here is our top recommendation! The post Useful rank tracking plugin and tools recommendation to improve your WordPress website SEO appeared first on Meks.
      Ivana Cirkovic
    • 6 reasons why you should never use WordPress nulled themes August 7, 2019
      What are WordPress nulled themes and should you use them, are they really that bad as people say or it’s just to scare you away from using the good stuff for free? In this article, we’re explaining in details why you should never ever use these kinds of themes. The post 6 reasons why you […]
      Ivana Cirkovic
    • Top 6 WordPress Portfolio plugins (hand-picked by designers) July 31, 2019
      Wondering what type of WordPress Portfolio plugins to use to showcase your work? Read our recommendation and choose between these top eight I present to you today. The post Top 6 WordPress Portfolio plugins (hand-picked by designers) appeared first on Meks.
      Ivana Cirkovic
    • Definitive guide to adding Facebook Pixel in WordPress July 24, 2019
      Having problems setting up Facebook Pixel in WordPress? If you want to improve your Facebook ads conversion, use this guide and learn how to properly ad Facebook Pixel in any WordPress site or blog. The post Definitive guide to adding Facebook Pixel in WordPress appeared first on Meks.
      Ivana Cirkovic
    • 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

    Text

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

    Archives