World’s Biggest Wealth Fund Set to Target National Oil Giants

Norway’s $1.3 trillion wealth fund is set to take a critical look at the stakes it holds in national oil companies, as its ethics council expands scrutiny of corruption in its latest set of guidelines.

The Oslo-based fund, the world’s biggest of its kind, has already steered away from areas such as tobacco, weapons, coal and palm oil following recommendations from the ethics council. The investor last year excluded PetroChina Co. for gross corruption on the council’s recommendation, although the advice focused mainly on human rights violations and excessive emissions.