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Norges Bank excludes Adani Ports from government pension fund

2024-05-20

Norway's central bank's executive board has decided to exclude three companies from its government pension fund due to ethical concerns. Norges Bank, which manages the sovereign wealth fund, announced that India's Adani Ports and Special Economic Zone, U.S. defence contractor L3Harris Technologies, and China's Weichai Power will be excluded from its investment portfolio.

Adani Ports has been excluded because of an "unacceptable risk that the company contributes to serious violations of individuals' rights in situations of war or conflict." This company, part of billionaire Gautam Adani's conglomerate, had been under scrutiny by the central bank since March 2022.

Weichai Power, a transportation equipment manufacturer, is being excluded due to its involvement in selling weapons to states engaged in armed conflicts, where these weapons are used in ways that violate international rules.

L3Harris Technologies is being excluded because of its role in developing and producing components for nuclear weapons.

Adani Ports, Weichai Power, and L3Harris did not immediately respond to requests for comment on their exclusions. The statement did not specify the size of the fund's stakes in these companies.

(Source: Reuters & ET Energy)