Norway’s biggest pension fund has blacklisted Gulf companies over human rights abuses, including state surveillance and treatment of migrant workers.
KLP yesterday said it will boycott firms in the real estate sector in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait, where it said migrant workers have faced human rights violations.
The fund manager, which has £55billion of assets under management, also targeted Gulf telecoms companies over concerns they have suppressed freedom of expression.
It has separately blacklisted Aramco, the world’s largest oil company, citing a lack of green transition planning and its close ties to the Saudi government.
It has withdrawn around £12million from the 12 Gulf companies.
Human rights abuses: Riyad in Saudi Arabia. Norway’s biggest pension fund said it will boycott firms in the real estate sector in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait
The Oslo-based pension scheme said investing in Aramco did not align with its goal to reduce greenhouse gas emissions to net zero by 2050.
Aramco is 90 per cent state-owned, which has made it ‘difficult for other shareholders to influence the company through the exercise of active ownership’, KLP said.
In a statement yesterday the scheme said: ‘Close links between the state and the company result in a significant overall ability to leverage power and influence in favour of a climate and energy transition policy that runs counter to KLP’s goals.’
Aramco has been contacted for comment.
The other firms were excluded due to KLP’s concerns about human rights abuses.
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