Norwegian fund's nuclear stance
Boeing and BAE Systems are among seven companies excluded from Norway’s NOK1.28trn (€161.3bn Government Pension Fund (formerly the Petroleum Fund) by the Norwegian finance ministry because of their involvement in the production of nuclear weapons.
Other companies include Finmeccanica, Honeywell International, Northrop Grumman, Safran and United Technologies.
The exclusions were based on recommendations by the Ethics Council. A total of roughly NOK3.3bn was disinvested by the fund.
The disinvestment “is not earmarked for specific companies remaining in the benchmark/ investment universe of the fund,” a spokesperson said.
The fund - established at the start of this year following legislation last year - is a continuation of the Petroleum Fund. “According to the ethical guidelines for the Government Pension Fund, global companies that produce weapons that through normal use may violate fundamental humanitarian principles shall be excluded from the fund,” Ministry of Finance announced recently.
The firms were given an opportunity to clarify their involvement in the production of nuclear weapons, but only Northrop Grumman confirmed its involvement in a letter to Norges Bank, said the spokesperson.
According to the finance ministry, the list of nuclear weapons manufacturers outlined in the Ethics Council’s recommendations is not exhaustive. “New exclusions may be called for at a later stage,” it added.
“The Council on Ethics has done thorough work with its recommendations, which gives a solid basis for the decision-making process in the Ministry. The framework that is established for cases of possible exclusions from the Pension Fund contribute to reaching sound decisions,” said finance minister Kristin Halvorsen.