Norway SWF Can Now Invest in AECOM and Texwinca Holdings
Posted on 05/13/2020
Norges Bank, which oversees Norway Pension Fund Global, has decided to revoke the exclusion of AECOM and Hong Kong-based Texwinca Holdings Limited. AECOM Ltd was excluded in 2018 on the basis of production of nuclear weapons. These activities have now been discontinued. Texwinca Holdings is an investment holding company principally engaged in knitted fabric and apparel businesses.
According to the NBIM press release, “Texwinca Holdings Ltd was excluded in 2019 because of systematic breach of workers’ rights in factories owned by a subsidiary. The Council of Ethics has been informed that the subsidiary is liquidated. Based on this information, the Council on Ethics has recommended that the exclusion be revoked.”