OECD monitor criticises Norway wealth fund on ethical investment policy

OSLO (Reuters) - Norway's oil fund, the world's largest sovereign wealth fund, has no strategy for dealing with possible violations of human rights by the companies in which it invests, an independent committee set up to safeguard OECD ethical guidelines said.

The Norwegian committee pointed to the fund's investment in South Korean steel maker POSCO, which plans to build a $12 billion steel plant in India, saying the fund was not doing enough to protect against human rights breaches.