Norway declares war on Wal-Mart...
They have declared...get this...that their oil money can't be invested in Wal-Mart because of serious environmental damage.
The huge fund that's meant to preserve Norway's oil wealth for future generations is pulling out of shares that don't meet the government's ethical standards. Among them is the Wal-Mart discount store chain.
Norwegian Finance Minister Kristin Halvorsen revealed Tuesday that two new stocks will be banned from the country's so-called "oil fund," which now is called the Norwegian Government Pension Fund - Global and currently is worth about USD 250 billion. It ranks as one of the biggest pension funds in the world.
The ministry reported that it's excluding Wal-Mart Stores Inc, Wal-Mart de Mexico and Freeport McMoRan Copper and Gold Inc from the fund "in line with recommendations from the Council on Ethics for the Fund."
Halvorsen's finance ministry officials cited "serious" and "systematic violations of human rights and labour rights" as its reason for pulling out of its Wal-Mart investments.
Another decision to dump shares in Freeport McMoRan was based on "serious environmental damage" incurred by the company
posted by GayandRight @ 10:31 PM
2 Comments:
The Norwegians are very hypocritical....I think that they voted down joining the European Union twice, largely because they were worried about exploitation of their culture and independence.....Except when it comes to finding a market for their oil.
They should invest their billions in Pet Rocks - that would be an ethical thing to do.
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