KLP Drops Shares

Poker Black Jack

writer icon Tormod Birch     Adam Jang   |   Business     🕐 29. May. 2019

Pension fund KLP is dropping all its shares in alcohol and gambling. The pension fund having previously had both alcohol and gambling companies as part of their portfolio.

The fund is now dropping 40 alcohol companies, and 50 gambling businesses. KLP also confirms that they will not be investing in companies that deal with pornography, something they have not done in the past either.

One step ahead of the Oil Fund
The Norwegian Government Pension Fund Global (GPFG), also referred to as the 'Oil Fund', recently made the news for being heavily invested in the cannabis market. That is not the only ethically questionable area that the GPFG has invested in, however.

In the past, the Oil Fund has been criticised for its billion kroner investment in casino companies. In April the fund looked into whether it was suitable to keep these investments, or if they should be considered unethical.

It was established that they will not need to change their ethical guidelines when it comes to gambling companies. And the fund will, therefore, continue its investments in the area.

Clean Conscience
With a clear conscience and with backing from its customers, KLP is on the straight and narrow path: ”We have, after great conversations with our customers and owners, decided to pull back from alcohol and gambling,” says KLP's Managing Director, Sverre Thornes.

KLP informs that they have placed the pension funds in a portfolio consisting of 6 000 companies, located in 50 different countries.

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