OSLO, Nov 4 (Reuters) – Norway’s largest pension fund, KLP, said on Thursday it would no longer invest in 14 major weapons makers and their suppliers, including Raytheon Technologies Corporation (RTX.N) and Rolls-Royce (RR.L).
The companies, based in Britain, China, France, Israel, India, Italy and the United States, have been excluded because they produce a certain type of weapons – mostly involving nuclear arms – that violate fundamental humanitarian principles, KLP said in a statement.
“The criterion applies mainly to nuclear weapons and cluster munitions, as well as anti-personnel mines,” KLP said.
The other 12 companies are Babcock International Group (BAB.L), China Shipbuilding Industry Co (601989.SS), Dassault Aviation , Elbit Systems (ESLT.TA), General Dynamics Corp (GD.N), KBR Inc (KBR.N), L3Harris Technologies (LHX.N), Larsen & Toubro Ltd (LART.NS), Leidos Holdings (LDOS.N), Leidos (SAICI.UL), Leonardo SpA (LDOF.MI) and Thales SA (TCFP.PA).
Two of the companies – Elbit Systems and Leonardo – have already been excluded by KLP for other reasons.
The move by KLP follows a review of the ethical criteria, expanding the definition to include makers of key components used for these types of weapons.
KLP, which currently has $90 billion worth of assets under management, said the exclusion would be effective from November 2021.
Reporting by Victoria Klesty in Oslo
Editing by Matthew Lewis
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