Stockholm (NordSIP) – On May 19th, the Executive Board of Norges Bank Investment Management (NBIM) decided to exclude three companies based on the fact that they contribute to rights violations in Myanmar and Israel.
In Myanmar, the Executive Board decided to exclude Honeys Holdings Co Ltd due to “unacceptable risk that the company contributes to systematic violations of human rights”, following a recommendation by the Council on Ethics due to concerns over workers’ rights at two factories that the Japanese company owns in Myanmar.
In Israel, the Executive Board decided to exclude Shapir Engineering and Industry Ltd and Mivne Real Estate KD Ltd due to “unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations or war or conflict”, following a recommendation by the Council on Ethics due to concerns about the companies’ activities and their association with Israeli settlements on the West Bank.
“The Executive Board has not conducted an independent assessment of all aspects of the recommendations, but is satisfied that the exclusion criteria have been fulfilled. Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases,” the announcement concludes.