Glencore, Anglo, Vale excluded from Norway’s $1 trln oil fund

Glencore, Anglo American and Vale have been excluded from Norway’s oil fund while BHP has been placed on an observation list as the $1.1 trillion fund tightens up its environmental, social and governance (ESG) requirements.

Glencore and Anglo American have been removed due to the fund’s product-based coal criteria, which were made stricter last year, while Vale has been barred due to environmental conduct related to repeated tailings dam breaches.
BHP’s addition to the watchlist is based on its coal activities.
The changes took effect on September 1 last year but have only now been made public to allow the fund to sell shares in the companies, a situation it said has been hampered by the market situation, including the liquidity of individual shares.
The fund owned 1.24% of Glencore, 2.4% of Anglo American and 0.54% of Vale, according to its website. It also has a 0.6% shareholding in BHP Group Ltd and a 3.83% stake in BHP Group Plc.

The move...


Andrea Hotter

May 13, 2020

17:30 GMT

New York