May 28, 2019 / 5:51 AM / 3 months ago

Norway's pension fund KLP bans investment in alcohol, gambling firms

FILE PHOTO: Heineken beers are seen on a production line at the Heineken brewery in Jacarei, Brazil June 12, 2018 REUTERS/Paulo Whitaker

OSLO (Reuters) - KLP, Norway’s largest pension fund, said on Tuesday it will no longer invest in gambling companies and alcohol makers, and recently sold stocks and bonds in such firms worth about $320 million.

The decision affects around 90 companies, which have been added to KLP’s exclusion list alongside industries it previously divested from, including tobacco firms, certain weapons makers and those involved in the mining or usage of coal.

Explaining its decision, KLP said it did not want to make money from products that can harm people who are vulnerable to addictions, adding that there are better ways in which pension savings can make a sustainable contribution to society.

The company, which has around $80 billion in assets under management, also consulted customers and owners before taking this decision, it added.

Among the excluded companies were casino group Wynn Resorts, online gambling firm Betsson, spirits and beer maker Diageo and brewers such as Carlsberg and Heineken.

KLP will also continue to refrain from owning stocks and bonds of pornography companies, it added.

Reporting by Terje Solsvik; Editing by Subhranshu Sahu and Rashmi Aich

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