Norway's Wealth Fund to Probe Ethical Practices in Key Industries

Norway's $1.8 trillion wealth fund plans to investigate ethical breaches in shoe manufacturing, cryptocurrency, and gambling industries. The fund could potentially divest from companies failing to meet ethical guidelines. The Council on Ethics, overseeing this, will focus on work conditions and workers' rights in 2025.

Norway's $1.8 trillion sovereign wealth fund is set to embark on a significant ethical review next year. The fund will scrutinize shoe manufacturers, cryptocurrency companies, and gambling firms for potential ethical breaches, with possible divestments as a consequence if norms aren't met.

The global financial giant, holding 1.5% of all listed global shares, adheres to stringent ethical guidelines. Overseen by the Council on Ethics, the fund investigates companies to ensure these standards are upheld, with breaches potentially resulting in exclusion or public watch-listing.

In a document intended for Norway's finance ministry, the council underscored its aim to examine work conditions at shoe companies extensively in 2025. The council underlines that such evaluations are critical for upholding workers' rights, although it remains uncertain what the inquiries will uncover.

(With inputs from agencies.)