Largest sovereign wealth fund excludes ONGC from portfolio

Largest sovereign wealth fund excludes ONGC from portfolio

State-owned Oil & Pure Fuel Corp has been excluded from the world’s largest sovereign wealth fund, because of the “unacceptable danger that the corporate is contributing to severe violations of the rights of people” in its joint ventures with South Sudan’s nationwide oil firm Nile Petroleum Company.

The exclusion was introduced by Norges Financial institution late Thursday after a advice from the Council on Ethics, an impartial physique that investigates doable norm breaches within the wealth fund’s $1.4 trillion portfolio. The Norwegian wealth fund is the world’s single largest investor in listed firms, proudly owning about 1.4 per cent globally.

The ethics council stated that firms working in conditions of conflict and battle should be notably cautious when there’s a identified danger for norm violations.

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