Four primary companies of navigation are excluded by sovereign bottom Norwegian GPFG



The central bank Norwegian Norges Bank, than through own asset management unit Norges Bank Investment Management (NBIM) manages the Government Pension Global Fund (GPFG), has returned note the decision to exclude nine society from the sovereign bottom. Between these there are four primary shipowning societies, the taiwanese Evergreen Marine Corp. (Taiwan) Ltd., the Korea Line Corporation South Korean and the Thais Precious Shipping and Thoresen Thai Agencies (TTA), whose ouster is established - have specified the financial institution - "on the base of a risk assessment of important serious environmental damages and or systematic violations of the human rights". Moreover the South Korean shipowning company Pan Ocean Co. it is placed under observation on the base of the same criteria.

Norges Bank has explained that the decision to exclude the societies from the bottom is assumed by the executive committee of the bank on the base of the recommendations formulated from the ethical committee. Relatively to the four shipowning societies excluded by the sovereign bottom, the recommendations of the ethical committee evidence that from various years the ships of Evergreen, Korea Line, Precious Shipping and TTA placed in disarmament came correspondents for being demolished on the spiagge of Bangladesh and Pakistan, where such activity is carried out with working conditions extremely degraded and causing also serious damages to the atmosphere.

The council of the Norges Bank has specified to consider that, with such modalities of demolition of the ships, it can be asserted that these societies have contributed to serious violations of the human rights and serious environmental damages. Moreover the council has specified that not sussistono indications that these companies will stop to adopt this practice of demolition of the ships.

The council of the Norges Bank will under investigation resume the motivations of the exclusion if, to the term of a four-year term, in this period the companies do not have subordinate some they ship to the procedure of the beaching, that it consists in the silting up of the naval unit on a beach where then is carried out the demolition.

Pan Ocean is placed under observation on the base of the same motivations, as the council of the financial institution has taken note that the South Korean company has supplied to the demolition of own old ships with their dismantling on the spiagge of Bangladesh.