Norway’s $1.4 trillion sovereign wealth fund, the Global Pension Fund, recently excluded Korea Gas, citing the risk that it contributes to serious violations of individual rights in situations of war or conflict. decided.
The main point of contention is a business alliance with the state-owned Myanmar Oil and Gas Enterprise (MOGE) in the Shwe gas field off the coast of Myanmar.
After the Myanmar military staged a coup in February 2021, “the military intensified extremely serious abuses against civilians,” the fund’s ethics council said in April.
Through its operations in Myanmar, Korea Gas Corporation “provides the military with a substantial source of revenue that can fund military operations and human rights abuses,” SWF said.
The world’s largest wealth fund emphasizes being a responsible investor in its 2023-2025 strategic plan announced earlier this year.
Data Source: NBIM
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ESG-related concerns have led the fund to drop big, well-known companies such as Airbus, Lockheed Martin and Glencore in recent years.
Since 2006, the fund has excluded or raised concerns about 11 of the more than 2,500 South Korean companies listed on the Korea Stock Exchange.
Norges Bank Investment Management, the administrator of the Government Pension Fund Global, did not respond. asian investorsInquire about exclusions.
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