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Taiwan protests ban from huge Norwegian pension fund investment portfolio
TAIWAN flag carrier Evergreen Marine has protested its exclusion from Norway's soveriegn fund's investment portfolio for allegedly scrapping ships in an enviromentally unfriendly manner at unapproved scrapping beaches in Bangladesh and Pakistan.
Many companies are excluded from the fund's portfolion on ethical grounds, according to Wikipedia.
Evergreen protested, saying that in the case of six vessels, three were chartered and redelivered to their owners during the period 2014 to 2016.
"It was those owners who decided how and where the ships were dismantled," said an Evergreen statement.
"Regarding the other three units, Evergreen sold them to a buyer that adopts a ship recycling policy in line with the guidelines of the IMO's '2009 Hong Kong Convention on Safe and Responsible Ship Recycling'".
Norway・s sovereign wealth fund (Statens pensjonsfond Utland or SPU) stated that the investment ban resulted from the carrier・s sale of six decommissioned containerships
"Based on the company's environmental philosophy, Evergreen demands, in both its bidding invitations and memorandum of agreement for ship recycling that its vessels are sold for demolition at ISO certified 'Green-Ship Recycling'shipyards only," said Evergreen.
This requirement, the company said, is enforced o ensure that "the recycling of all Evergreen ships meets the standards of international regulations".
The Norwegian Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector.
The fund has over US$1 trillion in assets, including 1.3 per cent of global stocks and shares, making it the world・s largest sovereign wealth fund.
In September 2017 it was worth $192,307 per Norwegian citizen. It also holds portfolios of real estate and fixed-income investments.
Many companies are excluded from the fund's portfolion on ethical grounds, according to Wikipedia.
Evergreen protested, saying that in the case of six vessels, three were chartered and redelivered to their owners during the period 2014 to 2016.
"It was those owners who decided how and where the ships were dismantled," said an Evergreen statement.
"Regarding the other three units, Evergreen sold them to a buyer that adopts a ship recycling policy in line with the guidelines of the IMO's '2009 Hong Kong Convention on Safe and Responsible Ship Recycling'".
Norway・s sovereign wealth fund (Statens pensjonsfond Utland or SPU) stated that the investment ban resulted from the carrier・s sale of six decommissioned containerships
"Based on the company's environmental philosophy, Evergreen demands, in both its bidding invitations and memorandum of agreement for ship recycling that its vessels are sold for demolition at ISO certified 'Green-Ship Recycling'shipyards only," said Evergreen.
This requirement, the company said, is enforced o ensure that "the recycling of all Evergreen ships meets the standards of international regulations".
The Norwegian Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector.
The fund has over US$1 trillion in assets, including 1.3 per cent of global stocks and shares, making it the world・s largest sovereign wealth fund.
In September 2017 it was worth $192,307 per Norwegian citizen. It also holds portfolios of real estate and fixed-income investments.
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