Norway: Norway’s new oil fund chief seeks more ESG-driven divestments

Norway’s $1tn oil fund should sell out of more companies that perform badly on environmental, social and governance issues to try to boost its returns, according to its new chief executive.

Nicolai Tangen told the Financial Times that the world’s largest sovereign wealth fund should “use risk in a more clever way”, particularly by increasing the number of divestments for ESG reasons.

The fund sold out of 42 companies in 2019, mostly for using or producing coal but also for breaching its expectations on human rights, anti-corruption and other ESG standards. Mr Tangen said he wanted that number to increase as the fund prepares to hire more staff to deal with ESG matters.

This article has been summarised, the original full article can be found at ft.com

(Photo: Danny Mejia)

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