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FACTBOX-Ethical company decisions taken by Norway wealth fund

Wed 10th March, 2021 12:00pm
OSLO, March 10 (Reuters) - Norway's $1.3 trillion wealth
fund operates under ethical guidelines set by parliament and
excludes companies from its investments that it says do not
respect them. It can also put them on a watchlist for possible
exclusion at a later stage. 
    Below is a selection of recent decisions taken by the board
of the central bank - the fund is managed by a unit of the bank
- based on recommendations from its ethics watchdog, the Council
on Ethics.
    These come separately to ethical decisions taken by the
fund's management, Norges Bank Investment Management, which can
also divest from companies over ethical considerations.
    
    KIRIN
    Earlier this month Japanese beverage giant Kirin  2503.T 
was put on a watchlist for possible exclusion at a later stage
over its business ties to Myanmar's military.  urn:newsml:reuters.com:*:nL2N2L13JN
    Kirin on Feb. 5 said it would end its partnership with
Myanma Economic Holdings Public Company Limited (MEHPCL), a
company run by Myanmar's army, after a military coup deposed the
democratically elected government.  urn:newsml:reuters.com:*:nL1N2KL0DJ
    The fund will monitor the implementation of the company's
plan to end the ties and could exclude the company if it is not
satisfied.
    
    TEXTILE PRODUCTION
    In August, the fund excluded India's Page Industries
 PAGE.NS , which manufactures for swimwear brand Speedo, saying
it posed an unacceptable risk for violations of human rights.
 urn:newsml:reuters.com:*:nL8N2FX1X3
    Investigations into working conditions at one of its 17
factories identified numerous labour rights violations,
including verbal and physical harassment of employees and
occupational health and safety hazards, the fund's ethics
watchdog said.
    Page has denied wrongdoing and called allegations of verbal
abuse and workplace intimidation against employees "outrageous".
 urn:newsml:reuters.com:*:nL4N2H5290        
    
    CLIMATE CHANGE
    In May, the fund excluded four Canadian oil and gas
companies - Canadian Natural Resources  CNQ.TO , Cenovus Energy
 CVE.TO , Suncor Energy  SU.TO , and Imperial Oil  IMO.TO  -
companies for producing too much greenhouse gas emissions, its
first use of carbon emissions as a criterion to blacklist firms.
 urn:newsml:reuters.com:*:nL4N2CV03O     
    
    COAL
    The fund excluded some of the world's biggest commodities
firms from its portfolio for their use and production of coal,
including Glencore  GLEN.L  and Anglo American  AAL.L .
 urn:newsml:reuters.com:*:nL4N2CV14K
    The fund is also excluding German utility RWE  RWEG.DE ,
South African petrochemicals firm Sasol  SOLJ.J  and Australian
company AGL Energy  AGL.AX  over their use of coal.

 (Reporting by Gwladys Fouche;
Editing by Alison Williams)
 ((gwladys.fouche@tr.com; +47 21 04 05 53; Reuters Messaging:
Twitter handle: @gfouche))
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