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Norwegian ethics ruffle financial world

070926_norwayfund.jpgLast year, the Church of Norway asked the Norwegian Government Pension Fund to consider divesting the fund’s holdings in Caterpillar Inc. The reason: Caterpillar was selling the Israeli army bulldozers that were being used against Palestinian civilians. Given the avalanche of negative publicity that swamped Wal-Mart last summer when the pension fund dumped its stock in the giant retailer after concluding that it was complicit in human rights violations, Peoria-based Caterpillar had reason to be concerned. But the pension fund’s council on ethics, which consists of a university philosopher, a human rights lawyer, a product safety expert, an economist and an international law expert, took a long look at Caterpillar and gave the company a clean bill of health. Image source: norges-bank.no. > Continue.

News selected by Covalence | Country: Norway, USA | Company: Boeing, Caterpillar, Wal-Mart | Source: Chicago Tribune

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