Norway wealth fund ethics watchdog to scrutinise shoe producers, crypto companies in 2025, document shows
02/12/2024 13:29
By Gwladys Fouche
OSLO, Dec 2 (Reuters) - Norway's $1.8 trillion wealth
fund's ethics watchdog will next year investigate shoe
manufacturers, cryptocurrency companies and casino and gambling
firms for possible ethical breaches, which could lead to the
fund making divestments.
The world's largest sovereign wealth fund, which has massive
market influence as it owns 1.5% of the world's listed shares
across 8,700 companies, operates under ethical guidelines set by
parliament.
The fund's ethics watchdog, the Council on Ethics,
investigates companies the fund is invested in to ensure these
guidelines are respected. If they are not, the council
recommends the fund divests from these companies or put them on
a public watch list.
"During 2025, the council will investigate work conditions
at a significant number of shoe producers," said a document
drafted by the council and sent to the finance ministry on Oct.
10.
"Companies have a direct responsibility for working
conditions within their own operations and gross, systematic
breaches of workers' rights can lead to exclusions from the
fund."
The plan, seen by Reuters, has not been previously reported.
It did not name specific companies.
The Council on Ethics told Reuters that "the work programme
for 2025 indicates that these are issues the Council will look
into in 2025.
"It is not possible for the Council to predict the outcome
of the investigations," it said in an emailed statement.
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EXCLUSIVE-Norway wealth fund may divest companies that aid
Israel in Gaza war, occupied territories urn:newsml:reuters.com:*:nL6N3KK0EJ
Norway wealth fund's ethics watchdog to probe companies over
Gaza war urn:newsml:reuters.com:*:nL5N3FX3I9
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(Reporting by Gwladys Fouche in Oslo, editing by Terje Solsvik)
((gwladys.fouche@tr.com;))