Norges Bank excludes Chinese company from government pension fund

Norway’s central bank has blacklisted three companies including China’s Weichai Power from its government pension fund due to ethical concerns. Norges Bank said, that Weichai Power was excluded as the company contributes to sales of weapons to states in armed conflicts, where “weapons are used in ways that constitute breaches of international rules.”

The two other blacklisted companies are India’s Adani Ports and Special Economic Zone (APSEZ) and US-based L3Harris Technologies. The decision was made by Norway’s central bank’s executive board.

Adani Ports was excluded because of an unacceptable risk, that the companies are contributing to serious violations of individuals’ rights in situations of war or conflict. Lastly, L3Harris was excluded because of its development and production components to nuclear weapons.

Source: Reuters

About Charlotte Nike Albrechtsen

Charlotte Nike Albrechtsen is a journalist working with ScandAsia at the headquarters in Bangkok.

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