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A good example of how convoluted the logic and thinking can often become among the reality-insulated, pointy-headed civil service class.
"Ethical" investing rules are perfectly fine [I applaud the decision not to own a producer of cluster munitions], but let's apply them consistently and without hypocrisy.
After all, this is a fund that was created in very large part by retained profits from mineral extraction. In this case the mineral being oil. A good deal of it from the earnings of state controlled Statoil. A company so enlightened that it continues to operate in such environmentally-conscious and socially just jurisdictions as Nigeria.
Must be a cold winter in Oslo...seems some brain cells may have temporarily frozen.
"Ethical" investing rules are perfectly fine [I applaud the decision not to own a producer of cluster munitions], but let's apply them consistently and without hypocrisy.
After all, this is a fund that was created in very large part by retained profits from mineral extraction. In this case the mineral being oil. A good deal of it from the earnings of state controlled Statoil. A company so enlightened that it continues to operate in such environmentally-conscious and socially just jurisdictions as Nigeria.
Must be a cold winter in Oslo...seems some brain cells may have temporarily frozen.
Norway oil fund expels Textron, Barrick Gold
Fri Jan 30, 2009 6:31am EST
OSLO, Jan 30 (Reuters) - Norway's $300 billion plus sovereign wealth fund has excluded U.S. weapons producer Textron Inc (TXT.N) and Canadian mining group Barrick Gold Corp (ABX.TO) for ethical reasons...
...She said Barrick Gold's exclusion was "based on the assessment that investing in the company entails an unacceptable risk of the fund contributing to serious environmental damage."...
...Barrick, the world's largest gold miner, joins South Africa's DRD Gold (DRDJ.J), India-focused Vedanta Resources (VED.L) and U.S. group Freeport McMorRan (FCX.N) among miners removed from Norway's investment fund for environmental reasons...
Fri Jan 30, 2009 6:31am EST
OSLO, Jan 30 (Reuters) - Norway's $300 billion plus sovereign wealth fund has excluded U.S. weapons producer Textron Inc (TXT.N) and Canadian mining group Barrick Gold Corp (ABX.TO) for ethical reasons...
...She said Barrick Gold's exclusion was "based on the assessment that investing in the company entails an unacceptable risk of the fund contributing to serious environmental damage."...
...Barrick, the world's largest gold miner, joins South Africa's DRD Gold (DRDJ.J), India-focused Vedanta Resources (VED.L) and U.S. group Freeport McMorRan (FCX.N) among miners removed from Norway's investment fund for environmental reasons...
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