Norway sovereign wealth fund takes Kirin off exclusion watch list
23/03/2023 07:14
OSLO, March 23 (Reuters) - The Norwegian sovereign
wealth fund said late on Wednesday it had removed Japan's Kirin
Holdings 2503.T from its watch list and was no longer
considering excluding the beverage giant from its investment
portfolio.
The $1.3 trillion Government Pension Fund Global fund, one
of the world's largest investors, had said in 2021 it was
reviewing its holdings in Kirin due to what it said at the time
were the Japanese firm's business ties to Myanmar's military.
An independent ethics council advises the board of the
Norwegian central bank, which manages the fund, on which
companies to exclude from the portfolio.
"Kirin has ended the business relationship and no longer has
any activity in Myanmar. Hence, it is the Council on Ethics'
assessment that there are no longer grounds for having the
company under observation," the fund said in a statement.
The fund held a stake of 1.22% in Kirin at the end of 2022,
the time for which data is available. The holding was then
valued at $170.2 million.
Kirin said its business was conducted in accordance with the
company's human rights policy.
"Respect for human rights is a foundation for all of Kirin
Group business activities," the company said in a statement to
Reuters.
(Reporting by Terje Solsvik; Editing by Bradley Perrett)
((terje.solsvik@thomsonreuters.com; +47 918 666 70))