Largest sovereign wealth fund in the world to review investments in Israel
www.middleeasteye.net
Norway's government will review the fund's investments after a newspaper revealed it invested in a company providing parts to Israeli fighter jets

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Finance minister and former head of Nato, Jens Stoltenberg, who oversees the fund, said in a statement it was understandable that questions are being raised about the fund’s investments in the Israeli company, given that the fund is not supposed to invest in companies which enable states to violate international law, Verdens Gang reported on Tuesday.

“The war in Gaza is contrary to international law and is causing terrible suffering, so it is understandable that questions are being raised about the fund’s investments in Bet Shemesh Engines,” Stoltenberg said.

Stoltenberg’s statement went on to say that Norges Bank is responsible for assessing individual companies based on advice from an external ethics watchdog and guidelines set by the finance ministry.

“In light of…the deteriorating situation in Gaza and the West Bank, I will today ask Norges Bank and the Council on Ethics to conduct a renewed review of the fund’s investments in Israeli companies and Norges Bank’s work on responsible management," Stoltenberg said.

Norwegian Prime Minister Jonas Gahr Store told public broadcaster NRK that the fund’s investment in the Israeli company was “worrying”.

“We must get clarification on this because reading about it makes me uneasy,” he added.

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  • Akasazh@feddit.nlEnglish
    2·
    15 hours ago

    I, for one, find the application of capital in politics that is not purely a heartless adherence to the increasing of monetary value, a minuscule step in the right direction.

    If we are to have capitalism then I prefer the one that factors in ethicality.

    I wish more wealth funds would do that.

  • PyroNeurosis@lemmy.blahaj.zoneEnglish
    19·
    2 days ago

    Excellent news, but keep in mind the West Bank settlements have been illegal under international law for as long as they’ve been around. This is about optics, and I’ll take the win as I can.

  • Grizzlyboy@lemmy.zipEnglish
    171·
    2 days ago

    This really fucking pisses me off. Tangen, a very very competent investor, either is incredibly incompetent or he’s lying about knowing the company was producing military equipment for Israel.

    The ethics committee for the fund has done fuck all about it, and they’ve known for more than a month.

    It shows how money hungry people have no morals and only care about money. Tangen might be one of the best investors, but he’d stomp on a child’s neck to get the tiniest bit more in returns. I wish we could hold him accountable in a way that would show him how his investments have damaged innocent people.

  • saltesc@lemmy.worldEnglish
    125·
    2 days ago

    Are we supposed to be impressed?

    Watch this be as impactful as a fart in a blizzard. We’ve heard it, and that’s about it. So little; so late. What’s even the point, ay, right? May as well…

    • Saleh@feddit.orgOPEnglish
      181·
      2 days ago

      I think we need to acknowledge steps taken in the right direction, without letting it lull us in and be contempt with anything short of adherence to justice and international law.

      A popular shout at demonstrations is

      “Brick by brick, wall by wall
      Make the prison system fall!”

      We will have to bring down many bricks before a wall falls and there is many walls to bring down. But the holes are getting bigger. The walls are holding less and less.