Norways ethical pension fund dumps SERCO -

The Norwegian state pension fund has sold off its holdings in three munitions companies, including a South Korean firm that makes cluster weapons, over ethical concerns, the Finance Ministry said Friday.

A year ago Norway hosted a confernece aimed at banning cluster weapons world wide.

In addition to dropping Hanwha Corporation of South Korea the Finance Ministry said it has divested its stakes in Serco Group of Britain and US-based GenCorp over their involvement in making nuclear weapons.

....The Norwegian government's pension fund -- worth more than $377 billion and managed by the central Bank of Norway -- also cited Hanwha Corp. of South Korea and Serco Group plc of Britain for their weapons-related operations. The fund found that Hanwha was involved in making cluster munitions and that GenCorp and Serco had a role in producing nuclear arms.
Norway is Evaluating the Ethical Guidelines for the Pension Fund Global

- Socially responsible investments used to be a marginal issue for most investors. I believe we are now seeing the beginning of responsible investment becoming mainstream in the investor community, says the Norwegian Minister of Finance Mrs Kristin Halvorsen in her opening address at the conference “Investing for the Future” which takes place in Oslo January 16-17.

(Ministry of Finance, 16.01.2008)

Companies Excluded from the Investment Universe

...Defence and Space Company) EADS Finance BV General Dynamics Corporation L3 Communications Holdings Inc. Lockheed Martin Corp. Raytheon Co. Thales SA. The press release from the Ministry of Finance The recommendation from the Advisory Council on Ethics <>(Ministry of Finance, 03.02.2007)

Recommendation on Exclusion of Cluster Weapons from the Government Petroleum Fund Oslo, 16 June 2005

...Corp, L3 Communications Holdings Inc, Raytheon Co, Lockheed Martin Corp, Alliant Techsystems...from the Government Petroleum Fund. Raytheon Company produces, according to its own web-site, 3 http://www.raytheon.com/products/stellent/groups/public..

(Ministry of Finance, 02.09.2005)
Norway excludes 3 arms producers from oil fund [Reuters] Norway's global pension fund drops three weapon producers over ethics concerns [Calibre Macro World]Norwegian Government: One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global [Calibre Macro World]