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Wal-Mart excluded from oil-fund
09 Apr '07
1 min read
Government has decided to back out from its stocks in Wal-Mart so as to maintain Norway's huge fund, meant to preserve country's oil wealth.
Norway's 'oil fund', now known as 'Norwegian Government Pension Fund – Global', presently is worth about US $250 billion and ranked as one of the biggest pension funds in the world.
Finance Minister Kristin Halvorsen recently informed that Wal-Mart Stores Inc, Wal-Mart de Mexico and Freeport McMoRan Copper and Gold Inc will be excluded from the fund, as was advised by the Council on Ethics for the Fund.
Ethics authorities have claimed that the US-based world's largest retailer employs minors and the working conditions at many factories are harmful and hazardous.
Halvorsen said that Wal-Mart's exclusion reflects Government's refusal to contribute to any serious, systematic or gross violations of ethical norms.
Freeport McMoRan has also been barred from the fund under allegations of environmental violation.
Norway's 'oil fund', now known as 'Norwegian Government Pension Fund – Global', presently is worth about US $250 billion and ranked as one of the biggest pension funds in the world.
Finance Minister Kristin Halvorsen recently informed that Wal-Mart Stores Inc, Wal-Mart de Mexico and Freeport McMoRan Copper and Gold Inc will be excluded from the fund, as was advised by the Council on Ethics for the Fund.
Ethics authorities have claimed that the US-based world's largest retailer employs minors and the working conditions at many factories are harmful and hazardous.
Halvorsen said that Wal-Mart's exclusion reflects Government's refusal to contribute to any serious, systematic or gross violations of ethical norms.
Freeport McMoRan has also been barred from the fund under allegations of environmental violation.
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