• Sweden edition
 
'Ethical' Nordea funds dump BP holdings

'Ethical' Nordea funds dump BP holdings

Published: 07 Jun 2010 15:57 GMT+02:00
Updated: 07 Jun 2010 15:57 GMT+02:00

The committee added that it has agreed that all other Nordea funds will postpone investments in BP until the British firm has evaluated its systematic risk management. The decision will have a direct impact on about 20 Nordea funds sold in the Nordic countries that have invested in BP.

"The environmental disaster in the Gulf of Mexico is an extraordinary situation given the size of the oil spill, BP's weak reaction, the initiation of a criminal investigation against the company and the risk of further accidents," said Sasja Beslik, head of Nordea's responsible investments and governance (RIG) group in a statement.

The committee justified its decision because BP did not follow its own safety and environmental regulations, according to the information available, and had failed to disclose information and was not explicit about the handling of similar activities from a safety and environmental standpoint.

Nordea's RIG group works with a thorough analysis of oil and gas companies to identify systemic safety and environmental risks associated with deep-sea drilling.

The Local (news@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

05:13 June 8, 2010 by Sebastian_R
Rightfully so. And while they are at it, why not kick-out the other oil companies, too?

I'm really looking for an enthical ETF/Index Fund but they are hard to come by. Why aren't there more and better established ethical ways to get into stock market passivly
07:45 June 8, 2010 by rufus.t.firefly
Since moving to Sweden, I have noticed the word "leadership" is invoked almost obcessively. It is used without meaning or context and void of expectations. In fact, it is most often used to escape credit for bad conduct.

In this case, however, an act of genuine leadership has taken place. May this shining example be replicated over and over.
09:27 June 8, 2010 by Pont-y-garreg
The first sentence in this article makes no grammatical sense at all.
10:04 June 8, 2010 by flintis
They've not "dumped" them, they state they will make no further investment.
11:28 June 8, 2010 by StockholmSam
Hey Flintis, read the article in DN. Nordea has begun the process of removing BP holdings from its funds. So yes, they are dumping BP.
17:13 June 8, 2010 by nielsl
I guess a lot of funds are getting rid of BP's shares, because its in decline.

I don't see how this company does bad compared to for example shell or exxon.. all these companies have been responsible for big scandals in the african regions. Now it';s in the US its more visible, but honestly this sounds like a hypocrite move to me, unless they have no stakes in all these other oil companies.
23:01 June 8, 2010 by rufus.t.firefly
Maybe it is hypocritical. But maybe the other oil companies will notice.
12:13 June 11, 2010 by Audrian
BG stock prices are tanking by the day. Any sensible investor should cut and run with its money, because the worst has not yet come. Nodea's statements are opporunistic rather than principled. If it dis-invests from all oil companies, which are behaving the same way, it might make sense.
Today's headlines
Swedish police chase German ambulance
A German ambulance. File photo: TT

Swedish police chase German ambulance

Swedish police took up the chase after a German registered ambulance late Friday night after reports that it had been racing around the forests in Småland with its siren on and lights flashing. READ  

Interview
'The concept of race is a slippery slope': Ullenhag
Integration Minister Erik Ullenhag. Photo: Pontus Lundahl/TT

'The concept of race is a slippery slope': Ullenhag

Integration Minister Erik Ullenhag tells The Local why he plans to remove the term "race" from all Swedish law, how he responds to his critics, and why Sweden must steer clear of xenophobia. READ  

Sweden's tourism figures on the rise for 2014

Sweden's tourism figures on the rise for 2014

Tourism in Sweden is on the rise, with the first half of 2014 seeing a boom in visiting figures for both domestic and foreign tourists. READ  

Northern Dispatches
How I tackled northern Sweden's savage insects

How I tackled northern Sweden's savage insects

Ex-Londoner Paul Connolly has just survived a northern Sweden heat wave. But it wasn't the high temperatures that were the real problem, he recounts. READ  

What's On in Sweden - Pride Parade

What's On in Sweden - Pride Parade

Saturday marks the Stockholm Pride Parade, the biggest event of Pride Week (and the biggest Pride Parade in Scandinavia). Here's what to see and where to be, as well as plenty of other activities in Sweden's three biggest cities for the weekend. READ  

Railway fatalaties on the rise in Sweden
File photo: Carl Dougge/Flickr

Railway fatalaties on the rise in Sweden

Even though Sweden's Traffic Agency has drastic plans to reduce the number of people killed by trains in Sweden, a new report shows that figures are on the rise. READ  

Woman finds Ikea bags stuffed with 80 skeletons

Woman finds Ikea bags stuffed with 80 skeletons

UPDATED: A woman in southern Sweden is furious after stumbling upon scores of skulls and human bones inside Ikea bags in a church. The man who dug up the bones, however, says it's not as bad as it looks. READ  

Swedish Wikipedia jumps to second biggest

Swedish Wikipedia jumps to second biggest

There are now more Swedish Wikipedia entries than any other language in the world, besides English. And there's one Swede who's largely responsible. READ  

Assault with iron pipe 'no hate crime': police
The aftermath of the attack in Seved, Malmö on July 6th 2014. Drago Prvulovic / TT

Assault with iron pipe 'no hate crime': police

Police in southern Sweden have concluded that a man who was beaten with an iron pipe for hanging an Israeli flag in his window was not a victim of a hate crime. READ  

AstraZeneca hikes earnings outlook
Photo: Claus Gertsen/TT

AstraZeneca hikes earnings outlook

After fighting off a fierce takeover bid from Pfizer, Swedish-British drugmaker AstraZeneca raised its 2014 earnings outlook and posted rising second quarter sales on Thursday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
Stockholm demonstration against Israel
National
Stockholm Pride bars Sweden Democrats
National
Gender neutral pronoun 'hen' enters dictionary
Society
Top ten cafes in Stockholm
People-watching
Gallery
People-watching - Stockholm Pride
Blog updates

31 July

Calling a speedo a speedo (Blogweiser) »

"There are a lot of speedos on Europe’s beaches. Some European males are evidently more comfortable sporting small, stretchy suits on public beaches than I would be. I accept it may be nice to have swimwear that’s not long and cumbersome. A speedo is maybe also good for tanning. But strolling around town in a..." READ »

 

27 July

Approaching Stockholm (Around Sweden in a kayak) »

"I woke up in the comfort of my own little cabin on Eva and Rolf’s boat, it was 7:30am and I was feeling a bit groggy after a couple of beers with all the lovely locals the night before. The previous day had really taken its toll on my body and I was very stiff and..." READ »

 
 
 
Photo: Henrik Trygg/Imagebank Sweden
Society
Sweden worst in EU at getting foreigners jobs
Lifestyle
Stockholm Pride kicks off
Analysis
The top six ways the US and Sweden differ
National
Swedish youth suicides hit 25-year high
National
Politician reported for selling 'negro ball'
National
Police turn blind eye to Swedish 'slave trade'
Gallery
Stockholm Pride: Allsång på Skansen with Conchita Wurst
Skatteverket
Sponsored Article
Introducing... ID cards and permits in Stockholm
Gallery
People-watching, June 26th - 28th. Get inside Stockholm's hottest nightclubs
Gallery
Top ten Swedish taboos
Society
Seven-year-old Swede cycles to Berlin
Politics
'Gaza conflict needs help, not empty rhetoric'
Society
Swedes voted 'most beautiful' in the Nordics
Business & Money
Sweden demands EU clarity on Bitcoin tax
National
Swedish organic sales enjoy 'amazing' growth
Gallery
People-watching July 23
National
Swedish cops elect not to shoot 'angry elks'
Business & Money
New alcohol retail rules threaten micro-breweries
Gallery
People-watching Båstad
Sponsored Article
Introducing... Your finances in Stockholm
Sponsored Article
Introducing... Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

721
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se