Norway's sovereign wealth fund said it would exclude from its portfolio two companies from Thailand and one from Israel, explaining that it contained an "unacceptable risk" of human rights violations.
The $1.3 trillion fund added on Thursday that its executive board had decided to exclude Cognite Software Ltd., which provides security and analytics software, and Thailand's national energy company PTT and its oil and retail business unit.
The fund's ethics board said the Thai companies' partnerships with companies owned by the Myanmar government and military and their activities there provide the armed forces with huge revenue streams that can fund military operations and abuses.
The fund referred to an "unacceptable risk" that the two companies contribute to gross violations of the rights of individuals in situations of war or conflict.
In the case of Cognite, the Ethics Board said several countries that are alleged buyers of surveillance products and customers of its services have been "accused of particularly severe human rights abuses".
The statement did not name any countries, and Cognite did not respond to a request for comment.
The fund said the decisions were based on ethics board recommendations from May and June.
The fund did not mention its stake in the companies, nor did it respond to a request for further comment on the exclusion.