Nobel Foundation could be investing in weapons

Part of the Nobel Foundation's capital, some of the proceeds of which fund the peace prize, is administered by a fund manager which is a major investor in missiles and cluster bombs.

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Norwatch, a news service linked to the movement 'The future in our hands', revealed the connection after an analysis of the Nobel Foundation's investments.

The Foundation has refused to reveal which companies it invests in and has no ethical guidelines for how its capital should be used, reported the Norwegian paper Dagsavisen.

The American investment management firm T Rowe Price administers part of the Nobel capital under the instruction of the Nobel Foundation.

The Nobel Foundation has its own portfolio at the company, but in the general portfolio, T Rowe Price invests in the weapons industry. Two examples are Lockheed Martin, which produces parts of cluster bombs and advanced nuclear missiles, and Honeywell International, which has a central role in the USA's nuclear weapon's programme.

Åke Altéus, the vice managing director of the Swedish Nobel Foundation said that the organisation cannot rule out that it owns shares in these companies.

"We have not given T Rowe Price instructions to keep away from such companies. There is no reason to believe that there is a difference between how they invest our funds and how they invest others," said Altéus to Dagsavisen.

Nevertheless, he said that the Foundation would be having a discussion on ethics with its fund manager.

Geir Lundestad, the secretary of the Nobel Committee, which awards the peace prize, said that the Nobel Foundation is not doing a good enough job when it comes to ethical investment.

He demanded a clear policy, reported the news agency NTB.

"We have raised this issue several times, but we're not getting anywhere," he said.

TT/The Local