COPENHAGEN — Norway’s sovereign wealth fund says it is banning all financial holdings in British security services company G4S due to the risk that it “contributes to or is responsible for serious or systematic human rights violations.”
The board of the world’s largest fund of its kind said Thursday’s decision came after a recommendation from Norway’s Council on Ethics, which monitors investments.
The council said G4S provides security services in over 90 countries and had assessed its operations in Qatar and the United Arab Emirates, where its employees are mostly migrant workers.
It said many G4S workers have their passports taken, are paid less than agreed to, and take loans to pay fees to get their jobs with the company. They are then often unable to quit due to the debt.
The Associated Press