Norway’s sovereign wealth fund bans nine groups on ethical grounds
Oslo —Norway’s $1-trillion sovereign wealth fund, the world’s largest, has excluded nine groups, including the UK’s military equipment maker BAE Systems, from its portfolio based on ethical grounds, the Norwegian central bank said on Tuesday. The British defence group, along with the US firms Aecom, Fluor and Huntington Ingalls Industries have been banned for producing components to build nuclear weapons, the central bank said. The fund has banned BAE Systems in the past but later re-introduced the group and Italy’s Finmeccanica, now called Leonardo, after their joint venture, missile maker MBDA, stopped producing ASMP-A nuclear warhead missiles for the French army. This time, BAE Systems is accused of having signed a 2015 agreement with the US authorities for the maintenance and modernisation of the Trident and Minuteman III intercontinental ballistic missiles. Honeywell International, which has been blacklisted since 2005, was confirmed to be banned for similar reasons, despite th...
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