Norwegian Wealth Fund Targets Shoemakers, Crypto Firms, and Gambling over Ethics

The Norwegian sovereign wealth fund's ethics watchdog will investigate companies, including shoemakers and crypto firms, for potential ethical breaches in 2025. The fund, which holds 1.5% of global listed shares, may divest from firms violating ethical guidelines related to working conditions, money laundering, and human rights.

The ethics watchdog of the Norwegian sovereign wealth fund is set to launch investigations into shoemakers, cryptocurrency companies, and gambling operators for potential ethical violations in 2025. As the world's largest sovereign wealth fund, holding 1.5% of global listed shares, it operates under stringent ethical guidelines imposed by Norway's parliament.

The Council on Ethics, which monitors the fund's investments for adherence to these guidelines, has outlined plans to scrutinize working conditions in shoe factories and examine the risks of money laundering in crypto and gambling sectors. Companies found in breach of ethical standards could face divestment or inclusion on a public watch list.

The fund, valued at $1.8 trillion, excludes over 189 firms, including major names like Airbus and Boeing, over ethical concerns. The latest investigations will focus on compliance with human rights, environmental standards, corruption, and fair labor practices in the supply chains of its portfolio companies.

(With inputs from agencies.)