The Norwegian parliament recognizes animal welfare concerns as relevant to the investments of the Norwegian Oil Fund.
The Norwegian Oil Fund (officially the Government Pension Fund Global) is listed as one of the largest shareholders in international meat and dairy corporations. For example, the fund holds shares in Chinese Muyan Foods, known to be building the world’s largest pig farm.
Recognition of animal welfare in The Norwegian Oil Fund
The Norwegian parliament has now reviewed the Fund’s ethical commitments. The Standing Committee on Finance and Economic Affairs recognizes violations of animal welfare as a possible «particularly serious violations of fundamental ethical norms», which means that it can justify exclusion of companies from the fund.
The Committee refers to both the EU’s Lisbon Treaty on Animal Welfare and to animal welfare standards from ISO and the World Organization for Animal Health (OIE). The Commitee make it clear that they agree that animals have the right to be treated without unnecessary harm.
Animal welfare concerns are to be examined
The majority of the Standing Committee on Finance and Economic Affairs does not agree that animal welfare considerations should be taken before investments are made. However, they expect the Fund’s Council on Ethics to review the investments and ensure that all relevant concerns are addressed.
– So far animal welfare concerns have been largely ignored by the Norwegian Oil Fund. It is a huge step forward that the Parliament stresses animal welfare as a relevant concern to be taken into account, says head of communications Live Kleveland at the Norwegian Animal Protection Alliance.
A minority of the Committee wanted to take a stronger stance. The Socialist Left Party and the Red Party proposed that the Oil Fund withdraws from investments in animal production if they are not in compliance with Norwegian animal welfare standards. The Green Party proposed to include animal welfare, human rights and other sustainability goals into the criteria for investments.
Investments in factory farming
Last year the Oil Fund had large investments in companies listed among the lowest in the international BBFAW index. The BBFAW (Business Benchmark on Farm Animal Welfare) is the leading global measure of company performance on farm animal welfare.
– Investing in factory farming is both cruel and unsustainable, and should be stopped, Kleveland concludes.
She hopes the Norwegian Oil Fund’s new approach on animal welfare will influence other investors worldwide.
The Norwegian Animal Protection will continue its work to make the Oil Fund withdraw from investments in factory farming.
Norway´s Oil Fund is one of the world’s largest funds. Investments are spread across most markets, countries and currencies. The Norwegian parliament has decided that the fund should not be invested in companies that contribute to violations of fundamental ethical norms. An independent Council on Ethics assesses companies and makes recommendations on exclusion.
Read more about how animal welfare becomes mandatory in Norwegian companies.
