Norway’s oil fund sells out of Warren Buffett-owned utility
while it has placed its parent company Berkshire Hathaway Energy and fellow electricity group MidAmerican Energy under observation, meaning that it could exclude them from its portfolio in the future. The actions mark the latest in the oil fund’s ethical investment process that has seen it sell out of more than 100 companies due either to product exclusions — such as from makers of tobacco and nuclear weapons — or those related to conduct such as environmental damage or child labour. The fund is on its fourth round of exclusions for companies that derive more than 30 per cent of their business from coal and the three companies were part of its examination of its fixed-income portfolio whereas previous exclusions focused on shareholdings.
- Financial Times -