Sunday, January 29, 2023

Norway’s funds separate from companies involved in arms production

Copenhagen (NWN) – Norway’s largest pension fund said Thursday it has divested 14 companies involved in the production of nuclear missiles and other weapons.

Oslo-based KLP, which manages more than 300 billion kronor ($35.4 billion), said it made the decision after reviewing companies that may violate its guidelines on weapons.

“This will primarily mean companies that produce certain types of weapons, which by their very nature violate fundamental humanitarian principles,” the fund said in a statement.

Until this month, KLP will not do business with companies including Britain’s Rolls-Royce Holdings plc, Massachusetts-based Raytheon Technologies Corp and France’s Thales.

Earlier this year, KLP divested from 16 companies that operated in Israeli settlements in the occupied West Bank. He joined the United Nations’ list of 112 companies that were said to have been involved in violating the human rights of Palestinians by operating in the West Bank.

KLP said on Thursday that Rolls-Royce produces components for a number of ships capable of launching nuclear weapons. Its ethical guidelines state, “The production of such delivery platforms is grounds for exclusion.”

The fund said Raytheon Technologies Corp. has developed missiles that can carry nuclear warheads and is said to be the world’s largest producer of guided missiles. It said Raytheon was previously excluded because it produces components for nuclear weapons and cluster weapons but was added back last year.

KLP said Thales develops and produces components for nuclear missiles and specifically designed delivery platforms for such weapons.

The exclusion means that KLP has sold debt securities in the form of shares worth over 1 billion kroner ($117 million) and bonds worth about 200 million kroner (23.5 billion).


Nation World News Desk
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