Sovereign Wealth Fund Drops Thai Firm on Human Rights Worries

Norway’s giant sovereign investment vehicle, Norges Bank Investment Management (NBIM), has decided to exclude a high-profile Thai company from its Government Pension Fund.

In a statement on its website, The Executive Board of NBIM said it has decided to exclude the Thai companies PTT PCL (PTT) and its subsidiary PTT Oil and Retail Business PCL (PTTOR) due to unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war or conflict.

The fund’s ethics council said the Thai firms’ partnerships with Myanmar state- and military-owned companies and their activities there provide the armed forces “with substantial revenue streams that can finance military operations and abuses,” a Reuters report confirmed.

But Going Green

In stark contrast to the firms Myanmar exposure, with the aim of reducing greenhouse-gas emissions in the aviation industry, last month the Thai oil and gas company entered into a memorandum of understanding with several of its subsidiaries on a sustainable aviation fuel (SAF) collaboration project.

“PTT Group is committed to creating low-carbon society in Thailand, pushing for a net-zero target, reducing greenhouse-gas emissions while adding more value to local biochemical products by utilizing existing resources,” Noppadol Pinsupa, the chief operating officer of PTT’s downstream petroleum business group said.

“PTT will also promote sustainable energy, propel the country’s economy and upgrade the quality of life for Thais,” Pinsupa added.

#Governance #Social NorgesBank