The Norwegian sovereign wealth fund has withdrawn investments from seven companies over tax planning and transparency in the past year.
Image: Alexander Erdbeer/Shutterstock
Norges Bank, one of the world's biggest investment managers, has revealed that is has divested from seven companies over tax issues in the past year.
News service Reuters quotes chief executive Nicolai Tangen saying the Norwegian sovereign wealth fund—with assets under management of $1.3trn—had withdrawn investments from seven companies over tax planning and transparency. Tangen says that “aggressive tax planning and cases where companies do not give information of where and how they pay tax” lay behind the decisions.
The move is the first time Norges Bank has withdrawn support for a company based upon its approach to tax, and m
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