Norway's pension fund KLP bans investment in alcohol, gambling firms

Adds detail

OSLO, May 28 (Reuters) - KLP, Norway's largest pension fund, said on Tuesday it will no longer invest in gambling companies and alcohol makers, and recently sold stocks and bonds in such firms worth about $320 million.

The decision affects around 90 companies, which have been added to KLP's exclusion list alongside industries it previously divested from, including tobacco firms, certain weapons makers and those involved in the mining or usage of coal.

Explaining its decision, KLP said it did not want to make money from products that can harm people who are vulnerable to addictions, adding that there are better ways in which pension savings can make a sustainable contribution to society.

The company, which has around $80 billion in assets under management, also consulted customers and owners before taking this decision, it added.

Among the excluded companies were casino group Wynn Resorts WYNN.O, online gambling firm Betsson BETSb.ST, spirits and beer maker Diageo DGE.L and brewers such as Carlsberg CARLb.CO and Heineken HEIN.AS.

KLP will also continue to refrain from owning stocks and bonds of pornography companies, it added.

(Reporting by Terje Solsvik; Editing by Subhranshu Sahu and Rashmi Aich)

((; +47 918 666 70; Reuters Messaging:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.