The colossal Norwegian sovereign wealth fund excludes companies for human rights violations

A general view of the Norwegian central bank, home of Norway's sovereign wealth fund, in Oslo, Norway, March 6, 2018. REUTERS/Gwladys Fouche/File Photo REUTERS - Gwladys Fouche

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The largest sovereign wealth fund on the planet, that of Norway, has announced that it is withdrawing from its investment portfolio two Thai companies and an Israeli company, because their activities go against human rights.

An unprecedented decision for a fund that represents 1.3% of global market capitalization. 

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With our correspondent in the region

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Present in the capital of nearly 9,300 companies worldwide, the Norwegian fund has excluded Thailand's largest company from its investments: the energy company PTT PCL and one of its subsidiaries, because they work with Myanma Oil and Gas, the Burmese state oil company. 

However, oil revenues finance military activities in Burma, and therefore the violence and abuses committed by the authorities since the February 2021 coup. 

The sovereign wealth fund, which held shares worth 9 and 95 million euros, considers these companies to be complicit in serious human rights violations. 

The other penalized company is Israeli, it is called Cognyte Software, and offers computer services to States, which have not been explicitly named, but which "

".

Last year, Facebook and Google notably accused the company of carrying out surveillance activities on political opponents or journalists. 

The board of the Norwegian sovereign wealth fund relied on the opinions of the ethics committee to make these decisions.

It thus points out that respect for human rights is a criterion for the sustainability of its investments.

The amount of its participation in the financing of the Office of the United Nations High Commissioner for Human Rights has also been increased recently and will increase from 16 to 19 million euros for the year 2023.

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