February 13, 2018 / 9:02 AM / 2 months ago

Norway wealth fund to firms: fight corruption

OSLO, Feb 13 (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, set out new expectations on Tuesday for the 9,100 companies it invests in regarding the way they prevent and fight corruption internally.

The fund suggested, among other things, that boards should ensure that firms establish anti-corruption policies and procedures to prevent and address corruption and that these should be clearly communicated to employees.

“Companies should have a whistleblowing mechanism that provides a separate and confidential escalation route when reporting through a line manager is not appropriate, or if the whistleblower wishes to remain anonymous,” the fund said in the document.

The fund funnels the proceeds of Norway’s oil and gas production. It invests in some 9,100 companies worldwide, as well as bonds and property.

It is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria. (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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