KLP, which manages some $80 billion in assets, has sold its shares in about 90 companies that receive more than five percent of their revenue from alcohol or betting.
The holdings accounted for about $320 million of the fund’s assets.
“Responsible alcohol consumption and gambling can be positive elements in people’s lives,” KLP’s CEO Sverre Thornes said in a statement.
“We acknowledge, however, that alcohol and gambling addiction have major negative consequences for individuals and their loved ones, as well as great costs for society,” he continued…
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