Norway's pension fund KLP bans investment in alcohol, gambling firms (updated)

Betsson AB

28/05/2019 06:57

(Adds detail)
    OSLO, May 28 (Reuters) - KLP, Norway's largest pension fund,
said on Tuesday it will no longer invest in gambling companies
and alcohol makers, and recently sold stocks and bonds in such
firms worth about $320 million.
    The decision affects around 90 companies, which have been
added to KLP's exclusion list alongside industries it previously
divested from, including tobacco firms, certain weapons makers
and those involved in the mining or usage of coal.  urn:newsml:reuters.com:*:nL5N22J7BG
    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.
    The company, which has around $80 billion in assets under
management, also consulted customers and owners before taking
this decision, it added.
    Among the excluded companies were casino group Wynn Resorts
 WYNN.O , online gambling firm Betsson  BETSb.ST , spirits and
beer maker Diageo  DGE.L  and brewers such as Carlsberg
 CARLb.CO  and Heineken  HEIN.AS .
    KLP will also continue to refrain from owning stocks and
bonds of pornography companies, it added.

 (Reporting by Terje Solsvik; Editing by Subhranshu Sahu and
Rashmi Aich)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))