Controversial weapons manufacturer re-admitted at NBIM

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Stockholm (NordSIP) -Norges Bank Investment Management (NBIM), Norway’s sovereign wealth fund, decided to lift the exclusion of Raytheon after 12 years, reports Investment & Pensions Europe (IPE). The company had been flagged for its production of cluster bombs by the Council on Ethics, whose purpose is to evaluate whether the investments made by the NBIM are consistent with the Government Pension Fund Global (GPFG) ethical guidelines. According to the council, the company issued a statement on its website in the summer of 2016 saying it no longer manufactures or sells cluster munitions, or other controversial weapons.

The Swedish national pension funds AP1, AP2, AP3 and AP4, as well as the Danish Industriens Pension and Danica Pension also excluded Raytheon from their investments in 2008, after The Convention on Cluster Munitions was signed in December 2008 in Oslo, prohibiting all use, stockpiling, production and transfer of controversial weapons, including cluster bombs, land mines, nuclear warheads, or biological or chemical weapons.

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