(First published in Norwegian 01 Mar 2005)
By Pia Gaarder
“An ethical council is established, and a screening method where certain types of weapons producers are removed,” recited Svein Gjedrem at Tuesday’s press conference where the Oil Fund’s portfolio as per 31 December 2004 was presented.
The weapons Gjedrem refers to are cluster bombs and nuclear weapons, which according to the ethical guidelines for the Oil Fund, are supposed to be screened out.
Responding to questions from NorWatch on the status for implementation of the ethical guidelines, Gjedrem answered that the ethical council is still being established.
“The council was established in the 4th quarter and has been under its establishment phase. It has not made any decisions regarding individual companies as yet. But this will come,” said Gjedrem.
“No changes have yet been made to the investment universe as a result of the introduction of ethical guidelines.”
The ethical council was formed on 19 November, but did not meet until one month later. The council’s leader, Gro Nystuen, has not wanted to present a timeframe for when the guidelines will be effective for the Oil Fund.