Norway’s $1.4 trillion wealth fund has exited hundreds of companies over the past decade to avoid the environmental, social and governance risk it says they represented.
Since 2012, Norges Bank Investment Management has offloaded about 300 stocks as a result of ESG screening results, Chief Corporate Governance Officer Carine Smith Ihenacho said in an interview. Oslo-based NBIM is due to provide more details on its expanded ESG divestment strategy on Tuesday.
The fund has made sustainable investing a more explicit strategy since Nicolai Tangen took over as chief executive late last year. With a portfolio of about 9,000 stocks, the world’s biggest owner of publicly traded companies intends to base future investment decisions on the results of a new ESG pre-screening process.
This article was originally posted on bloomberg.com