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(Bloomberg) – The Ethics Council, which recommends exclusions for the Norwegian sovereign fund in the amount of $ 1 trillion, is currently badyzing the rupture of the dam of Vale in Brumadinho (MG) last week.
The accident makes at least 58 dead and more than 300 missing. This is the second disaster in about three years caused by the world's largest iron ore producer, which is under pressure from authorities and investors this week.
"It is obvious that we are considering such cases," said Eli Ane Lund. , chief of the secretariat of the board of ethics of the funds of Norway, in a telephone interview Monday. "Accidents can happen to anyone, but there is the fact that it is the second very serious accident of the kind that affects this business."
In Sweden, Ethics of the public pension fund AP Funds said this weekend that it would probably recommend such a process in Norway would take time and involve a dialogue with society, said Lund, without commenting on the likelihood of different results.
"We have to find out what happened and why, and especially this makes sure nothing happens again," she said.
Norway's sovereign wealth fund, the largest in the world, held $ 543 million in Vale shares and $ 51 million in bonds by the end of 2017., according to the latest data available on the website. Web of Norges Bank Investment Management.
The fonds refused to comment.
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