The world's largest sovereign wealth fund has pulled out of UK-listed G4S, claiming the security company poses a risk to its ethical position on human rights.
Norway's £860bn fund - which operates under guidelines set by its parliament - is tasked with investing the proceeds of the country's vast oil and gas output. It owns shares in more than 9,000 firms worldwide and has previously exited more than 150 investments on environmental, health and other grounds.The fund's board announced the firm, in which it had owned a 2.3% stake, posed an"unacceptable risk" to its stance on the human rights of migrants workers.
The decision - revealed to G4S in April - was based, it said, on an assessment of the company's operations in Qatar and the United Arab Emirates by the fund's Council on Ethics.Its concerns stemmed on the fact, the council said, that many of the 18,000 G4S staff in the Gulf nations are from overseas who paid recruitment fees to join the company.
The council's statement explained:"When the workers arrive in the Gulf, they must spend a significant part of their salary to pay off this debt, and therefore have little chance of leaving. Many also received far lower wages than agreed, and in the Emirates, the workers got their passport confiscated," the Council of Ethics statement said.
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