News – PH – GPFG executives put companies under surveillance for Myanmar Link

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Executives running the world’s largest sovereign wealth fund have placed a company in which they invest under surveillance due to ties to the Myanmar military

The Ethics Council, which assesses whether companies in which the state pension fund Global invests are in line with the ethical guidelines of the fund, recommended the Japanese consumer goods company Kirin Holdings Co be placed under surveillance “because of the unacceptable risk that the company will contribute to serious violations of individual rights in a war or conflict situation,” a press release said

GPFG with 1091 trillion Norwegian kroner (1 USD) 27 trillion) in assets as of Dec. 31, had a 2According to its website, 4 billion crowns were invested in the company at the time

Recommendation is based on Kirin’s business relationship with an organization affiliated with the Myanmar military, however, Kirin recently announced its intention to end the business relationship with Norges Bank, which oversees the wealth fund, will implement this change as part of the process follow up their observation

Kirin is “deeply concerned about recent military actions in Myanmar that violate our standards and human rights policies,” 5 press release said

The company invested in the country in 2015 “Given the current circumstances, we have no choice but to end our current joint venture partnership with Myanma Economic Holdings Public Co. Ltd., which provides the service of welfare fund management for the military will take urgent steps to enforce this termination “

The board of directors of GPFG has also decided to introduce “Active Ownership” for the industrial engineering and steel production company ThyssenKrupp To make observation

Norges Bank has been in “longstanding discussions with the company, so we have a good basis for active participation in the issues to which this matter relates,” the press release reads

The exclusion of the construction company Atal SA / Poland has been lifted The company has been excluded since 2017 due to the unacceptable risk that it has contributed to serious human rights violations through the use of North Korean workers on construction sites in Poland

“As a result of a resolution in the United Nations Security Council, all North Korean workers have now been posted from Poland. Therefore, there is no longer any reason to exclude the company,” says the press release

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Sovereign wealth funds, mutual funds, Kirin Holdings Company, State Pension Fund of Norway, Myanmar (Burma), Norges Bank

News – Executives from PH – GPFG put companies for Myanmar under surveillance link

Source: https://www.pionline.com/sovereign-wealth-funds/gpfg-executives-place-company-under-observation-myanmar-link