Norway wealth fund ends observation of Malaysia's Supermax, two others (updated)

TXNM Energy

09/10/2024 22:26

(Recasts with details from statement, background in paragraphs
2 and 7)
       Oct 9 (Reuters) - Norway's sovereign wealth fund has
ended observation of Supermax  SUPM.KL , two years after placing
the Malaysian medical glove maker under watch over allegations
that the company contributes to human rights violations.
        Norges Bank's decision comes over a year after the
United States 
    lifted a ban
     on Supermax, allowing it to resume sales. The company's
imports were barred from the U.S. in October 2021 over the
alleged forced labor practices.
  
        "According to the Council on Ethics, the company has
during the time of observation reported that it has implemented
several measures to improve conditions," Norges Bank Investment
Management said in a statement on Wednesday. "The risk that the
company is contributing to human rights violations is no longer
considered unacceptable."   
    The trillion dollar wealth fund has also ended the
observation of Southern Co  SO.N  and BHP  BHP.AX , without
giving any direct reason, and revoked exclusion of six
companies, the fund said.
        BHP was put under observation by the fund in 2020 for
coal use and production.
        Supermax, Southern Co and BHP did not immediately
respond to Reuters requests for comment.
  
    As part of Norges Bank's work on the product-based coal
criterion, the fund monitors company events and companies
entering the market.   
    The sovereign wealth fund is also revoking exclusion of TXNM
Energy  TXNM.N , Public Power Corp  DEHr.AT , TransAlta  TA.TO ,
Jastrzebska Spolka Weglowa  JSW.WA , Eneva SA  ENEV3.SA  and
Capital Power  CPX.TO . 
    The companies did not immediately respond to Reuters
requests for comment.
   

 (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Shreya
Biswas and Devika Syamnath)
 ((Gnaneshwar.Rajan@thomsonreuters.com;))