OSLO (Reuters) – Norway’s $1 trillion wealth fund can invest again in miner Rio Tinto and retailer Walmart after their exclusions from the fund’s investments on ethical grounds were revoked, the board of the central bank said on Tuesday.
The fund can also resume investing in Mexican tycoon Carlos Slim’s Grupo Carso, U.S. defense company General Dynamics and fertilizer-maker Nutrien, the board added in a statement.
Reinvestments will likely take place “within an appropriately long timeframe,” said the board, without specifying a timeline. The fund is managed by a unit of the central bank.
The fund, one of the world’s largest investors, has an ethical mandate set by parliament and is not allowed to invest in companies that produce nuclear weapons, cluster munitions and tobacco, among other ethical criteria.
An ethical watchdog, the Council on Ethics, makes recommendations to the board of the central bank on whether companies should be excluded, reincluded or put on a watchlist, after which the board ultimately decides.
For the rest of this article: https://www.reuters.com/article/us-norway-swf-ethics/norway-wealth-fund-allowed-to-invest-again-in-walmart-rio-tinto-others-idUSKCN1TQ0SF