'Ethical' Nordea funds dump BP holdings
Published: 7 Jun 10 15:57 CET | Print version
Online: http://www.thelocal.se/27088/20100607/
Nordea's committee for responsible investment decided on Friday to divest its holdings in BP in all of its 'ethical' profile funds.
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"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.
What do you think? Leave your comment below.
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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
In this case, however, an act of genuine leadership has taken place. May this shining example be replicated over and over.
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.