Norges Bank, an investment firm created to manage the Norwegian oil wealth, has decided to exclude several shipping companies from the Government Pension Fund Global, while placing one more maritime company under observation.
Evergreen Marine Corp (Taiwan) Ltd, Korea Line Corp, Precious Shipping PCL and Thoresen Thai Agencies PCL are excluded based on an assessment of the risk of severe environmental damage and serious or systematic violations of human rights.
Pan Ocean Co. Ltd has also been placed under observation based on the same criteria.
The exclusion is based on the companies’ poor management of their end-of-life ships; specifically, the sale of these vessels to unauthorised shipbreaking facilities on the beaches of Gadani, Pakistan and Chittagong, Bangladesh.
The Government Pension Fund Global, the largest sovereign wealth fund in the world owning 1% of all investments worldwide, is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited.
The purpose of the fund is to invest parts of the large surplus generated by the Norwegian petroleum sector into international markets, so the risk is independent from the Norwegian economy.
Published: 17 January, 2018
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