{news} Fw: USGP-INT Norway, social and economic justice, Norway ejects Wal-Mart from $240 billion fund Tue Jun 6, 2006

[Justine McCabe]

----- Original Message ----- 
From: "juliawillebrand" <julia.willebrand at verizon.net>
To: <usgp-int at gp-us.org>
Sent: Tuesday, June 06, 2006 6:16 PM
Subject: USGP-INT Norway, social and economic justice, Norway ejects 
Wal-Mart from $240 billion fund Tue Jun 6, 2006


Dear IC,

While doing a bit of research for my run as GPNY 2006 Comptroller candidate,
I was googling for examples of Government entities which are investing
ethically... And I found the article below. I prize instances of Green core
values being applied. And thought y'all might enjoy seeing this.

BTW the issues and programs for my comptroller campaign are being worked on
now. If any of you have suggestions for reading or programs let me know.

Greenly,
Julia


How to Invest $200 Billion ... Ethically

Norway pumps three million barrels of oil from the North Sea daily, and is
now the world¹s third largest exporter of oil, after Saudi Arabia and
Russia. But how can Norway save this wealth for future generations?

3/28/2006 :: The answer: Funneling the revenues into The Norwegian
Government Pension Fund. Currently the fund receives attention not only
because it is one of the largest retirement funds in the world, but also due
to its newly implemented ethical investment guidelines.

Tore Mydske, representing the Norwegian Ministry of Finance, which is
responsible for the fund, answers the ethical questions:

WHY DOES THE GOVERNMENT PENSION FUND HAVE A STRONG ETHICAL PROFILE?

The ethical guidelines were adopted by the Norwegian Parliament in 2004, and
are based on two premises. First, the fund is an instrument for ensuring
that a reasonable portion of the country¹s petroleum wealth should benefit
future generations.

So it needs to be managed with focus on generating a sound return in the
long term. Second, the fund should not through its investments contribute to
unethical acts, such as violations of fundamental humanitarian principles,
serious violations of human rights, gross corruption, or severe
environmental degradation.

HOW ARE THESE ETHICAL CONSIDERATIONS OBSERVED?

The ethical basis for the fund is promoted through three different measures