'Ethical' Nordea funds dump BP holdings
The Local · 7 Jun 2010, 15:57
Published: 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.