InvestorQ : Why has Norway Sovereign Fund removed ONGC from its portfolio?
sarah Leo made post

Why has Norway Sovereign Fund removed ONGC from its portfolio?

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Rashi Mehra answered.
2 months ago
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The Norwegian Pension Fund has decided to exclude ONGC from the fund due to the unacceptable risk that ONGC was contributing to. This has reference to the presence of ONGC in South Sudan and its joint venture with the Nile Petroleum Corporation. Since the government has been involved in grave human rights violations, the Norwegian Pension Fund Ethics Committee decided to exclude ONGC from its list.

Most of the large global funds have such ethics committees that oversee if their portfolio companies are involved in any form of human rights violations. Norwegian Pension Fund is the world’s largest sovereign fund with assets under management or AUM of around $1.4 trillion.

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