Russian President Vladimir Putin (left) and his counterpart Ilham Aliyev from Baku: The nuclear fund Kenfo has invested in Azerbaijani government bonds, among other things.
(Photo: via REUTERS)
Dusseldorf Germany’s first sovereign wealth fund has strict rules, at least in theory. The fund with the name Kenfo is based on the image of the “respectable merchants”, writes CEO Anja Mikus in the foreword of the code of conduct. He must act “legally and morally at all times” in accordance with social values.
He is also obliged by law to act according to ESG criteria – i.e. to invest ecologically, socially and ethically. But Handelsblatt research raises doubts about how seriously the fund takes it.
Kenfo is the abbreviation for “Fund for the Financing of Nuclear Waste Management”. Hardly anyone knows about Germany’s largest public foundation, but it manages more than 25 billion euros. The German power plant operators Eon, EnBW, RWE and Vattenfall paid in the money in 2017. The disposal fund invests the billions on behalf of the state in order to use the proceeds to finance the permanent storage of nuclear waste.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue