Norway: Government pension fund drops Rio Tinto over ethical issues

Date: 10 Sep 2008

The Norwegian government has criticised Rio Tinto for what it described as 'grossly unethical conduct' and environmental damage, and has moved to exclude the company from its pension fund.

The fund has excluded 26 other companies in the past, including Vedanta Resources and BAE Systems, over ethical or environmental concerns, and there is a possibility that the move will spark other socially responsible investment funds to follow suit.

According to the government, the decision had been prompted by Rio Tinto's Indonesian mining operations which is believed fell below expected standards with large scale pollution of local waterways.

The company said that the move had been unexpected, and countered that it maintained high environmental standards at all of its operations.

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