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Norway's KLP Pension Fund Drops Glencore Over Western Sahara Oil

  • Glencore oil exploration violates `fundamental ethical norms'
  • Norway's largest pension fund previously excluded Total SA

KLP, Norway’s largest life insurer, said it will sell shares of Glencore Plc and no longer invest in the Swiss resource company because its oil-exploration activities off the coast of Western Sahara risk violating “fundamental ethical norms.”

It’s “difficult to conclude” that companies including Glencore can engage in oil exploration off the coast of Western Sahara “in a manner consistent with international law,” the Oslo-based pension fund manager said in a statement on its website.