Unions and pressure groups have called for greater ethical responsibility from the Government Pension Fund of Norway, the world’s largest sovereign wealth investor.
The $760 billion oil fund has already strengthened its ethical stance by refusing to invest in companies such as Walmart, Boeing and Lockheed Martin. Walmart has often been criticised by workers and trade unions over human rights issues, while the latter two are involved in the production of defence aircrafts.
In addition, it cut out tobacco firms and manufacturers of bombs and nuclear weapons from its portfolio, and said it would focus on six areas of environmental, social and governance (ESG) ownership, including children’s rights and water management.
However, critics have argued that the fund should do more, especially considering its ever-expanding size.
“I don’t think the fund has kept up to speed. You have a responsibility to be a responsible investor. Therefore, human rights need to have a bigger focus”, Philip Jennings, general secretary of UNI Global Union told the fund’s representatives at a recent conference.
The fund’s reliance on oil – much of its assets come from surplus wealth created by the Norwegian petroleum sector – has also generated criticism.
The fund came under fire in May, when the Organisation for Economic Co-operation and Development (OECD) complained about its lack of strategy to deal with violations of human rights by companies in which it invests.
The controversy revolved around the Indian mining firm Posco, whose operations were said to have displaced some 20,000 people from their homes. The fund refused to answer questions from Norway’s OECD contact point, claiming that its ethical guidelines “[did] not apply to minority shareholders”.
Like our Facebook Page
Eco-Friendly Decisions That Will Enhance Your Quality of Life
List of Fantastic Places for Green Consumers to Settle in South Carolina
6 Amazing Eco-Friendly Bedroom Design Ideas for Sustainable Homeowners
5 Great Ways to be a More Environmentally-Friendly Cannabis User
Amazing Approaches to Cycling for Promoting a Greener Lifestyle
Understanding The True Environmental Impact of Dentistry
Incredibly Important Benefits of Effective Ethically Made Anti-Virus Face Masks
Best Natural and Eco-Friendly Ways to Treat Dog Ailments
Green Entrepreneurs Find Creative Ways to Balance Ethical Goals with their Retirement Objectives
The Surprising Environmental Benefits of Using an Organic Mattress
From Store to Door with Minimal Impact: How Companies Are Eco-Friendly Innovators
A Guide to Investing In Renewable Energy Stocks in 2021
Creative Ideas to Practice Eco-friendlier Consumerism
Hawkers Launch a Truly Innovative Eco-Friendly Sunglass Line
Everything You Need to Know Before You Start Using Renewable Energy in 2021
The Curtis Institute of Music Makes Facilities More Energy Efficient
What Can Ecotourists Learn from Visiting Chernobyl?
5 Essentials for Promising Eco-Friendly Businesses to Thrive in a New Economy
Charity Organizations Who Are Taking Steps to Become More Environmentally Friendly
Mastering the Art of Trading Bitcoins Profitably and Sustainably
- Editors Choice12 months ago
10 Green Companies With Amazing Environmental Initiatives
- Features12 months ago
5 Sustainable Home Improvement Ideas To Improve Your Home’s Value
- Energy12 months ago
10 Amazing Energy Saving Hacks for Spring
- Invest11 months ago
4 Super Simple Solutions To Create The Perfect Eco-Friendly Home