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2010-11 Membership Guide
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Membership News
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The State of American Business 2010
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News
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| Norway Fund Revokes United Technologies Exclusion |
Norway has reversed its decision to exclude U.S. industrial group United Technologies Corp (UTX.N) from its $450 billion wealth fund, saying the firm is no longer involved in nuclear weapons manufacturing.
The central bank-managed fund follows ethical guidelines set by the government and does not invest in companies that produce nuclear weapons or cluster munitions, damage the environment or abuse workers' rights. It had excluded United Technologies since in January 2006.
''The reason for revoking the previous decision is that the company no longer is involved in the activities that formed the basis for its exclusion,'' the finance ministry said in a statement.
The ministry said it had followed an ethics council recommendation that United Technology should no longer be excluded as it was no longer involved in upgrades and testing of engines for United States' MX intercontinental ballistic missile system.
The fund, which invests the Nordic nation's oil and gas wealth in foreign stocks and bonds to save for future generations, holds more than 1 percent of all global stocks.
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Date posted: 11th of March 2010
Source: Reuters
News Category: Finance & Investment
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