Wednesday, November 14, 2007

Vedanta excluded from Norwegian Government Pension Fund

British company excluded from Norwegian Government Pension Fund

Norway's Ministry of Finance has excluded the British metals and mining company Vedanta Resources Plc (Vedanta) from the investment universe of the Norwegian Government Pension Fund รข€“ Global, based on are commendation from the Council on Ethics for the Fund.

According to the Council on Ethics the Fund runs an unacceptable riskof contributing to severe environmental damages and serious orsystematic violations of human rights by continuing to invest in the company.

"Excluding a company from the Fund is an expression of not wanting to contribute to grossly unethical practices. The Council on Ethics has concluded that Vedanta causes serious damages to people and the environment as a direct consequence of their activities in India.Norges Bank does not regard the exercise of ownership rights as a tool by which Vedanta's behaviour can be influenced in a positivedirection. We cannot hold shares in such a company," says Minister of Finance Kristin Halvorsen.

Vedanta is a British metals- and mining company. Its core business is linked to mining and production of copper, aluminium, and zinc inIndia. The Council on Ethics has examined four Vedanta subsidiaries that operate in India: Sterlite Industries, Madras Aluminium Company,Bharat Aluminium Company, and Vedanta Alumina. Vedanta holds a majority share in all these companies.

source- cgnet

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