Norway sold 'nuclear' BAE stake

[emad]

David Gow in Brussels
Friday January 6, 2006
The Guardian


The Norwegian government has sold its stake in BAE Systems, Britain's biggest military contractor, and six other global arms manufacturers because of their alleged involvement in producing nuclear weapons, it emerged yesterday.

The Norwegian government pension fund, at £110bn one of the world's largest, said yesterday it had sold its stocks in BAE and the six others late last year on the recommendation of its ethics council.

The fund, formerly known as the petroleum fund and used to invest Norway's oil and gas wealth in overseas equities and government bonds, said it had disposed of investments worth 3.3bn crowns (£290m) in BAE, Italy's Finmeccanica, France's Safran and US groups Boeing, Honeywell, Northrop Grumman and United Technologies.

A BAE spokesman declined to comment on the decision, which the fund's ethics council said stemmed from the British group's 37.5% stake in the European missile-maker MBDA.
The Norwegian fund's advisers cited Jane's Air Launched Weapons magazine, saying MBDA was producing the ASMP-A "nuclear warhead air-to-surface missile" for the French armed forces, with deliveries to be completed in 2008.

http://www.guardian.co.uk/armstrade/story/0,10674,1680512,00.html

[Stockholm]

1. Corporate Governance in action

Actually, you americans should be a bit proud. It all started in California with Calper and their pension fund and is spreading like a whirlwind around the world.

Now, if only someone could prove that SRI investing provides better returns than investments without ethical restraints.

Way to go Statens Petroleumfond.

[EuroObserver]

2. Looks very ethical. Another great scandinavian lead.

I'd like to see more focus on environmentally positive (or at least not negative) investment too.

I'd love to see the list of where they do invest now, with weightings. Is such data publically available?

[mom cat]

3. Wonder if we could import some of that:

Ethics in government.

[ConcernedCanuk]

4. Silly gurl, mom cat - importing ethics indeed!

.
.
.

Next thing ya know ya'd wanna feed the poor, house the homeless and give medical care to the needy!!

That ain't the Murikkkan way!

ya tax the poor, give tax breaks to the rich, and make war on countries that are no threat!!

DAT's the Murikkan way . . .

doncha know??

sheesh!!

[mom cat]

5. Sorry! Must have been dat ole head injury actin' up.

I keep fergettin bout how dey really keep us down.