The fund was established in 1996 in order to be able to finance the welfare state even after the oil and gas wells dried up.
(Photo: dpa)
Stockholm The Norwegian Oil Fund is introducing stricter sustainability rules. As Nicolai Tangen, head of the largest sovereign wealth fund in the world, announced on Tuesday, a total of 442 companies were audited this year for sustainability, social compatibility and corporate governance. Working conditions and compliance with human rights were also scrutinized.
Nine companies did not comply with these so-called ESG rules (Environmental, Social, Governance), which is why they did not invest in these companies, the fund said.
“We’re going to sort out companies that we don’t want to invest in,” said Tangen. He didn’t want to say which company it was. The evaluation of the ESG criteria also showed that there are another 65 companies “with a high sustainability risk”. These companies would be followed up. The names of the companies concerned were also not given.
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