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Norway sovereign wealth fund excludes three companies over ethical concerns

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Norway's central bank has decided to exclude three companies—Adani Ports and Special Economic Zone Ltd, L3Harris Technologies Inc, and Weichai Power—from its government pension fund due to ethical concerns

🔭 The context: Norges Bank, which manages the sovereign wealth fund, cited serious violations of individuals' rights in situations of war or conflict for Adani Ports, sales of weapons to states in armed conflicts for Weichai Power, and the development of nuclear weapon components for L3Harris as reasons for the exclusions

🌍 Why it matters for the planet: These exclusions highlight the fund's commitment to ethical investment, aiming to ensure that their investments do not support human rights abuses or contribute to global conflicts

⏭️ What's next: The affected companies, which were on a watchlist for potential exclusion, have not yet responded to the decisions, and it remains to be seen how these exclusions will impact their operations and reputations

💬 One quote: "There is an unacceptable risk that the company contributes to serious violations of individuals' rights in situations of war or conflict," stated Norges Bank regarding Adani Ports

Click for more news covering the latest on ethical governance

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