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Switzerland: National Bank to screen shares on ethical grounds

Date: 20 Jan 2014

photo of cash

The Swiss National Bank has said that it will sell shares in companies that fall short on ethics, including those that are responsible for human rights abuses or significant damage to the environment.

The Bank's current portfolio includes arms manufacturers and others that have been the target for criticism based on social or environmental performance. It has not yet confirmed which companies will be caught by the new exclusion clause.

Two years ago, the Bank was forced to publish its own central banker's code of ethics after the wife of the chairman bought "ridiculously cheap" US dollars - creating a scandal which forced the then chairman to resign his position.

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