Key facts
- Norway's $2.3 trillion wealth fund may overhaul its ethical rules.
- US scrutiny over divestments from Caterpillar prompted a review.
- The fund's exclusion list currently includes major defense companies.
- A commission's findings on ethical rules are due Thursday.
- Changes could impact the fund's ban on investing in nuclear weapons companies.
Norway is expected to overhaul the ethical rules for its $2.3 trillion wealth fund following a review prompted by US scrutiny. The findings of a state-appointed commission, due on Thursday, could lead to changes in the fund's divestment policies. The review was initiated after the Trump administration protested the fund's decision to divest from Caterpillar shares due to the company's equipment being used in Gaza and the West Bank. Norway's parliament subsequently voted to pause ethics-based divestments pending the review's outcome. Finance Minister Jens Stoltenberg indicated that the changing global value chain and the concentration of the fund's assets in a few large companies necessitate a review of the ethical framework to ensure it remains robust while maintaining broad investment. A potential change concerns the fund's ban on investing in companies that produce nuclear weapons or key components, which currently excludes major defense contractors.