Norway’s Sovereign Fund Generated Less Income Due to Ethical Divestment Policy

Norway’s Government Pension Fund Global (GPFG) generated 1.11% less in equity returns between 2006 and 2016 due to its policy on excluding companies on ethical grounds, according to a report released by Norges Bank Investment Management (NBIM). These exclusionary guidelines include companies engaged in severe environmental damages, labor issues and others such as the production of tobacco or nuclear weapons.

Norway’s GPFG – Return Impact of Equity Benchmark Index Exclusions by Year and Exclusion Criterion. Conducted in Percentage Points

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