KLP has decided to exclude four companies that derive more than 30% of their revenues from coal or coal-based activities. In addition, KLP is including two companies given that the oil exploration they were involved in off the coast of Western Sahara has ceased.
KLP and the KLP funds (KLP) have decided to exclude the companies Agritrade Resources Limited, Hubei Energy Group Co., Ltd, Shenzhen Energy Group Company Limited og Zhejiang Zheneng Electric Power Co., Ltd based on the exclusion criteria for coal based activities. In addition, Kosmos Energy Ltd. and Cairn Energy Plc. have been included given that the oil exploration activities they were involved in off the coast of Western Sahara have ceased.
- KLP is excluding four new companies because they derive more than 30% of their revenues from coal-based activities, says Marte Siri Storaker, advisor Responsible Investments at KLP asset management.
Inclusion of Kosmos Energy Inc. and Cairn Energy Plc.
In November, Norges Bank announced the inclusion of Kosmos Energy Inc. og Cairn Energy Plc. The companies have been excluded from KLP and the KLP Funds since December 2016 based on their involvement in oil exploration activities off the coast of Western Sahara.
- It is now confirmed that the companies involvement in oil exploration in the area has ceased. KLP has reviewed Norges Banks decision to include the companies, and find no reason to deviate from the Council of Ethics recommendation. KLP and the KLP Funds have therefore decided to include Kosmos Energy Ltd. Og Cairn Energy Plc, says Marte Siri Storaker.
KLP has excluded 189 companies for violation of KLP and the KLP Funds' guidelines for responsible investment. More information about excluded companies, along with the rationale for exclusion, can be found at klp.no.
KLP is Norway's largest life insurance company. KLP delivers and manages public pensions for the majority of Norway's municipalities, health organizations and government-owned companies. At KLP, considering society, the environment and responsible investments is part of the daily operations.
For more information
Advisor responsible investments Marte Siri Storaker: tel. 414 69 714
Senior advisor Responsible investments Lars Erik Mangset: tel. 930 29 494
Information director Sissel Bjaanæs: tel. 932 56 350