Norway’s Sovereign Wealth Fund: Ethical Dilemmas

Norway’s Sovereign Wealth Fund: Ethical Dilemmas

  • Case
  • Teaching Notes

Norway’s Government Pension Oil Fund Global (the Oil Fund) is funded by the excess revenues generated by Norway’s oil and gas sales and income from existing holdings in the Oil Fund. It had grown to USD 1 trillion in assets, making it the world’s largest sovereign wealth fund. The Council on Ethics (2016) advised the Oil Fund on what types of companies should be excluded for ethical violations. This came at the behest of several NGOs, with the concurrence of Parliament. Energy companies that derived 30% or more of their energy from coal should not be part of the Oil Fund; so too mining companies that derived over 30% of their revenues from coal were excluded. The irony was that the Oil Fund was financed ...

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