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Norway wealth fund will not invest in G4S due to risk of human rights violations

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The sovereign wealth fund has excluded 156 firms including those that produce tobacco, nuclear weapons, that cause severe environmental damage, or derive over 30% of revenue from coal

Oslo — Norway's $1.1-trillion wealth fund can no longer invest in G4S because of the “unacceptable risk” that the security services company contributes to, or is responsible for human rights violations, the central bank said on Thursday.

Norway's sovereign wealth fund, the world's largest, operates under ethical guidelines set by parliament. “We carried out a robust investigation into the issues raised by the Council on Ethics into G4S’s employment practices in Qatar and the UAE,” a company spokesperson said. G4S's exclusion from the fund was based on an assessment of the company's operations in Qatar and the United Arab Emirates, the fund's ethics watchdog, the Council on Ethics, said in a separate statement.

“The council's investigations also revealed long working days, a lack of overtime payment and examples of harassment.”

 

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