Norges Bank Investment Management has publicly asked the Ministry of Finance to be allowed to divest of oil and gas companies in Norway’s sovereign fund, aka GPFG or Petroleumsfondet, since all its capital comes from the Norwegian state’s exploitation of its oil and gas reserves. NBIM requires a political decision to do so. You’ve had a Commission explore the matter and they recommend against divestment, masking it as a technical and insurance issue, and so I want to discuss it as it should be discussed: as a political decision.
I am an investment professional with 40 years’ experience. I chaired the expert group that drafted the UN Principles of Responsible Investment and, as a director in Storebrand Kapitalforvaltning, Norway’s largest insurance/funds management company, I was the architect of integrating environmental and social concerns into investment policy. I’m also a Fellow at CISL, Cambridge University.