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News: Norwegian fund to filter out tobacco investments.
Byline: Spencer Anderson
Norway
Norway's largest pension fund will cut all of its investments in tobacco related companies next year, in adherence to its new ethical guidelines.
The E234bn Norwegian Pension Fund - Global's guidelines are currently up for review and will be published in March 2009. The current rules block investment in various weapons and environmentally-unfriendly companies, but the incoming guidelines will add tobacco to its exclusion list.
Trude Myklebust, special adviser at the ministry of finance, said the fund had received over 50 submissions of proposals for the new rules and many had expressed concerns about tobacco.
She said: "What we saw was that those who were concerned with the screening criteria were concerned about tobacco. There were a few other areas, but it was mostly tobacco. The strongest voices were on that."
The fund currently has sizeable ...
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