Norway’s Council on Ethics Confronts with Finance Ministry over Repsol

According to TV2 channel’s report, Norway’s Council on Ethics wants to blacklist Repsol, but the Finance Ministry does not take their suggestion into consideration. 

The proposed exclusion is attributed to oil companies Perenco and Repsol’s  operations in a village downriver from the proposed reserve for indigenous people in Amazons. 

Norway’s Ministry of Finance is urged to withdraw its investments from oil and gas company Repsol because of its operations in the region. The recommendation was made to the Ministry by the Council on Ethics within Norway’s ’Government Pension Fund Global’ (GPFG) whose stated aim is to investigate if investment in certain companies meets the GPFG’s ethical guidelines, writes TV2. 

However, the ministry did not take any action in six months. the Council’s chair, Ola Mestad told TV2 that it is difficult to understand why it took so long time to make a decision on the basis of a recommendation by the Council.

To date, 60 companies are currently excluded from the GPFG, including Lockheed Martin Corp, Boeing Co, British American Tobacco Plc, Wal-Mart Stores Inc, Rio Tinto Ltd and Vedanta Resources Plc.

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