{"id":26946,"date":"2023-04-27T21:25:09","date_gmt":"2023-04-27T21:25:09","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/norway-sovereign-wealth-fund\/"},"modified":"2023-04-27T21:28:42","modified_gmt":"2023-04-27T21:28:42","slug":"norway-sovereign-wealth-fund","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/norway-sovereign-wealth-fund\/","title":{"rendered":"Norway sovereign wealth fund excludes Korea Gas, India&#8217;s GAIL over Myanmar link"},"content":{"rendered":"<p>(Reuters) &#8211;     The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world&#8217;s largest, citing ethical concerns over their ties to the Myanmar military.<\/p>\n<p>South Korea&#8217;s state-run Korea Gas Corp (KOGAS) and Indian gas firm GAIL (India) Ltd were excluded from the fund, Norges Bank said in a statement.<\/p>\n<p>The two were excluded due to &#8220;unacceptable risk that (the) companies contribute to serious violations of individuals\u2019 rights in situations of war or conflict,&#8221; the fund said.<\/p>\n<p>&#8220;The background is the companies&#8217; business collaboration with an organization affiliated with the military in Myanmar,&#8221; Norges Bank Investment Management (NBIM) said. <\/p>\n<p>GAIL did not respond to a Reuters request for comment after market hours. Korea Gas Corp could not be immediately reached. <\/p>\n<p>Norway&#8217;s wealth fund operates under ethical guidelines set by parliament and excludes investments in companies that it says does not respect the guidelines.<\/p>\n<p>At the end of last year, the fund held $5.5 million worth of shares in KOGAS, representing 0.21% of the outstanding shares, according to the fund&#8217;s filings.<\/p>\n<p>Norges Bank held $70.2 million in GAIL shares as of the same date, representing 0.92% of total shares in the company.<\/p>\n<p>The Norwegian sovereign fund, formally called the Government Pension Fund Global and set up in 1996 to save petroleum revenues for future generations, owns about 1.5% of all globally listed shares.<\/p>\n<p>Norges Bank holds stakes in more than 9,200 companies globally through the wealth fund.<\/p>\n<p \/>\n<p> (Reporting by Mrinmay Dey in Bengaluru and Victoria Klesty in Oslo)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/norway-sovereign-wealth-fund\/file-photo-a-general-view-of-the-norwegian-central-bank-3\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q10M-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q10M-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world&#8217;s largest, citing ethical concerns over their ties to the Myanmar military. South Korea&#8217;s state-run Korea Gas Corp (KOGAS) and Indian gas firm GAIL (India) Ltd were excluded from the fund, Norges Bank said in [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26947,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-26946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q10M-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26946"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26946\/revisions"}],"predecessor-version":[{"id":26948,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26946\/revisions\/26948"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26947"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26946"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}