A view exhibits the constructing of Norway’s central financial institution (Norges Bank) in Oslo.
| Photo Credit: REUTERS
Norway’s central financial institution mentioned on May 15 that its govt board has determined to exclude three companies from its government pension fund over ethical concerns.
Norges Bank, which manages the sovereign wealth fund, mentioned in an announcement it has determined to exclude India’s Adani Ports and Special Economic Zone, L3Harris Technologies and China’s Weichai Power.
Norges mentioned it determined to exclude Adani Ports as a result of “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict.”
The firm, which is a part of billionaire Gautam Adani’s conglomerate, was on the central banks’ watchlist for attainable exclusion from funding since March 2022.
Transportation gear maker Weichai Power can be being excluded from the fund over concerns that the Chinese firm contributes to gross sales of weapons to states in armed conflicts, the place “weapons are used in ways that constitute breaches of the international rules,” the financial institution mentioned.
U.S. defence contractor L3Harris can be being excluded from the fund as a result of its growth and manufacturing of parts to nuclear weapons, the financial institution mentioned.
Adani Ports, Weichai Power, and L3Harris didn’t instantly reply to Reuters requests for touch upon the exclusions.
The assertion didn’t point out the fund’s stake within the three companies.
