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Editorial: Abuse of "ethics"

Over the past months, fund manager Banco Fondsforvaltning has been aggressively advertising its new "ethical" and "ideal" mutual fund, Humanfond Aksje, in Norwegian newspapers. Two percent of the total assets in this fund goes to non-governmental organisations that endorse the concept. The fund is allegedly "ethical" because the managers avoid investing in those two companies on the Oslo stock exchange that have more than 10% of their activities in breweries or armaments.
Artikkelen er mer enn to år gammel. Ting kan ha endret seg.
Over the past months, fund manager Banco Fondsforvaltning has been aggressively advertising its new "ethical" and "ideal" mutual fund, Humanfond Aksje, in Norwegian newspapers. Two percent of the total assets in this fund goes to non-governmental organisations that endorse the concept. The fund is allegedly "ethical" because the managers avoid investing in those two companies on the Oslo stock exchange that have more than 10% of their activities in breweries or armaments.

By attaching themselves to names like Norwegian Church Aid and Amnesty International, Banco has bought credibility, which in turn is used to make entirely new groups of people buy stocks and shares. Some of the people who have been sceptical of owning shares in multinational corporations engaged in rainforest destruction or destroying indigenous peoples' livelihoods, may start doing so when Norwegian Church Aid and Amnesty ask them to.

Banco's business plan could be summed up as follows: Making profits from the long-standing relations between idealistic organisations and their faithful donors. The involved organisations argue against themselves when they encourage their members to invest in Norsk Hydro, Norske Skog, and genetech company Axis-Shield. Banco's marketing is misleading, and may also be illegal, as the reference to the word "ethical" is abused in the company's marketing campaign.

Norwatch Newsletter 12/00