Norwegian bank criticised for nuclear investments / News / The Foreigner

Norwegian bank criticised for nuclear investments. Major bank Nordea makes investments in companies that produce nuclear weapons, reports say. Two years ago, several banks, including Nordea, were strongly criticized for their investments in nuclear weapons manufacturers. While other banks have chosen to withdraw Nordea has continued to invest into these companies arguing this was to bring about change, despite the fact they have been blacklisted by Norway’s Sovereign Wealth Fund.

nordeainvestments, nuclearweaponsmanufacturers



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Norwegian bank criticised for nuclear investments

Published on Wednesday, 12th October, 2011 at 15:55 under the news category, by Nicoleta Dumitrache Sincan.

Major bank Nordea makes investments in companies that produce nuclear weapons, reports say.

Nordea branch exterior
Nordea branch exterior
Photo: Nordea


Two years ago, several banks, including Nordea, were strongly criticized for their investments in nuclear weapons manufacturers.

While other banks have chosen to withdraw Nordea has continued to invest into these companies arguing this was to bring about change, despite the fact they have been blacklisted by Norway’s Sovereign Wealth Fund.

Environmental organization The Future in Our Hands (Framtiden i våre hender), alleges the bank’s investment portfolio shows large companies such as Boeing and EADS are amongst those specialized in making parts for nuclear weapons.

Censuring Nordea sharply for ignoring criticism and encouraging it to take a stand by withdrawing its investments, leader Arild Hermstad says to NRK, “We find it extremely regrettable and sad that Nordea does not follow industry practice and think earning money on nuclear weapons production goes far beyond what is ethically acceptable.”

Sasjia Beslik, Head of Investment at Nordea, says she finds it “interesting” other banks do not invest in companies such as Boeing or EADS, however, saying they will not pull out until an international convention against nuclear weapons is ratified.

“We have a team of seven employees who work both with analyzing the investments we make and with active ownership. However, introducing a ban on nuclear weapons can quickly snowball,” The Future in Our Hands quotes Ms Beslik as writing in a document.

“If I should adviseNordea to exclude companies involved in the production ofnuclear weapons, then will suddenly have people coming to us questioning why we do not excludecompanies that produce mobile phones because these are harmful tohuman health,” she continues.

Meanwhile, Economics and Ethics professor at the Norwegian School of Bergen, Alexander Cappelen, says, “Basically, Nordea and other owners should ask themselves whether nuclear weapons production is a type of business they both want to contribute to and make money on.”



Published on Wednesday, 12th October, 2011 at 15:55 under the news category, by Nicoleta Dumitrache Sincan.

This post has the following tags: nordeainvestments, nuclearweaponsmanufacturers.





  
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