Norway fund shuns tobacco companies

Norway has dropped January 2010 17 tobacco companies, including Philip Morris and British American Tobacco, from its sovereign wealth fund, adding to a growing list of stocks blacklisted by Europe’s biggest equity investor.

The tobacco companies join a list of more than 50 stocks excluded from the Norwegian fund on ethical grounds, ranging from arms manufacturers, such as Boeing and BAE Systems, to companies accused of environmental and labour rights violations, including Rio Tinto and Wal-Mart.

ESO: Background information: Norway wealth fund recovers stock losses http://www.europeansources.info/record/norway-wealth-fund-recovers-stock-losses/

Norway: Ministry of Finance: Press Release, 19.1.10: Tobacco producers excluded from Government Pension Fund Global http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2010/Tobacco-producers-excluded-from-Government-Pension-Fund-Global.html?id=591449

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