Norwegian fund to ditch alcohol, gambling and porn

Norwegian pension provider KLP will dispose of all its shares in companies which produce alcohol, gambling and pornography.

Any company that derives over five per cent of its revenue from the production of alcohol and gambling will be divested from, meaning that the fund will exclude 40 alcohol companies and about 50 gambling companies.

KLP CEO Sverre Thornes said: “We manage over NOK 600bn in pension funds for around one million Norwegians. It is a great responsibility, and we therefore regularly consider whether we do this in a good enough way. This is not just about what gives the highest return, but also about our investments contributing to a positive and sustainable social development. We have now, after good conversations with our customers and owners, decided to pull out of alcohol and gambling.”

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