Pension fund invests in arms firms

THE State’s National Pensions Reserve Fund (NPRF) has invested in six of the seven companies blacklisted on ethical grounds by the Norwegian State pension fund.

The Norwegian Ministry for Finance has blocked its pension fund from holding shares in companies involved in producing nuclear weapons on ethical grounds.

But according to its 2004 annual report, the NPRF has shares worth tens of millions of euro in six of the seven companies now excluded by the Norwegian pension fund.