Norway’s largest pension fund, KLP, has divested from firms that derive more than 5% of their turnover or activity from alcohol, gambling, and pornography.
KLP has $80bn (€71.8bn) in assets under management and said it had divested from investments amounting to $320m from 42 alcohol and 55 gambling firms.
KLP chief executive, Sverre Thornes, said the decision was not just about what would contribute to high returns but about contributing to positive and sustainable social developments.
“Now, after deep conversations with our customers and owners, we have decided to withdraw from alcohol and gambling, while at the same time ensuring that we still do will not invest in pornography,” he said.
“Responsible alcohol consumption and gambling can be positive elements in people’s lives. We acknowledge, however, that alcohol and gambling addiction have major negative consequences for individuals and their loved ones, as well as great costs for society.”