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Norway exempts ČEZ from investment portfolio

Norway’s central bank, which manages the country’s sovereign wealth fund, excluded Czech energy giant ČEZ and nine more companies from its investment portfolio in March because of their business activities with coal. Norway’s parliament decided in 2015 that the fund would sell holdings in companies that derive more than 30 per cent of their turnover or activity from coal, the main reason being environmental concerns. Besides ČEZ, the fund excluded Eneva, Great River Energy, HK Electric Investments, Huidan Energy, Korea Electric Corp, Malakoff Corp, Otter Tail Corp, PGE and SDIC Power Holdings, putting another thirteen companies under observation. The fund, which invests the revenues from Norway’s oil and gas production, is the world’s biggest sovereign wealth fund, owning 1.3 per cent of all listed company shares globally. As of the end of 2016, it owned shares in nearly 9,000 companies worth USD 900 billion. - iUHLI.cz -

 

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