OSLO: Norway’s sovereign wealth fund has ended observation of Supermax Corp Bhd
, two years after placing the medical glove maker under watch over allegations that the company was contributing to human rights violations.
The trillion-dollar wealth fund said in a statement on Wednesday that it had also ended the observation of Southern Co and BHP Group for their coal usage and production.
Norges Bank, guided by its council on ethics, may exclude companies from the fund’s investment universe, or place them under observation, based on factors including human rights abuses, weapon sales, and coal-related activities.
“According to the council, Supermax has during the time of observation reported that it has implemented several measures to improve conditions,” Norges Bank Investment Management (NBIM) said in a statement.
“The risk that the company is contributing to human rights violations is no longer considered unacceptable.”
NBIM’s decision comes over a year after the United States lifted a ban on Supermax, allowing it to resume sales. The company’s imports were barred from the United States in October 2021 over the alleged forced labor practices.
Southern Co was put under observation in 2016 while BHP, which has been monitored since 2020. — Reuters
