Brazil Ore, Power Giants Excluded From Norway’s Wealth Fund
- Vale left out after repeated dam breaches killed hundreds
- Eletrobras barred over concerns of human rights violations
Eletrobras powerlines stand near the Ouerosene favela of Rio de Janeiro, Brazil.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Iconic Brazilian companies Vale SA and Eletrobras SA were removed from the world’s largest sovereign wealth fund due to environmental and human rights concerns.
Norges Bank Investment Management said in a statement it’s excluded iron-ore giant Vale from Norway’s $1 trillion pension fund after repeated dam breaches in Brazil killed hundreds of people and caused environmental damage. Eletrobras was withdrawn because of the “unacceptable risk” that the country’s largest utility contributes to serious or systematic human rights violations.