The pension plan’s stance also means it won’t likely voluntarily divest from GEO Group and CoreCivic.
Research shows that 54% of divestitures underperformed the markets since 2010.
Norway’s pension giant has divested from 240 firms since 2012.
Fund divests one company due to human rights violations, and two for coal activities.
Selling of nukes, tobacco, coal and oil sands holdings follows new law, plus actions of sister fund.
ESG-oriented decision motivated by new law.
Nokia, Nordea Bank lead list of 13 firms with potential ties to African nation.
The vote to divest from CoreCivic and GEO Group was 6-5 during an emotional meeting.
Stock of Hess Corp. will be divested along with other energy companies if they don’t justify oil and gas reserves and stop denying climate change.
Investment committee research finds companies don’t meet divestment threshold
Action follows American Federation of Teachers’ critical report on Trump’s immigration policy.
The fund is also barred from making any future investments in these industries.