Norway Wealth Fund to Probe Shoe Producers and Crypto Firms for Ethical Breaches in 2025
Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, will investigate ethical concerns surrounding shoe manufacturers, cryptocurrency companies, and gambling firms in 2025. The fund’s Council on Ethics, tasked with ensuring compliance with ethical guidelines established by Norway’s parliament, can recommend divestments or blacklist companies that fail to meet its standards. This decision stems from growing concerns over labor rights violations and ethical risks in these sectors, though specific companies have not yet been named.
The Council’s planned investigation into shoe manufacturers will focus on labor conditions, aiming to identify gross and systematic breaches of workers’ rights. This aligns with the fund’s broader mandate to promote responsible corporate behavior in the 8,700 companies it invests in globally, representing 1.5% of listed shares worldwide. An internal document revealed the Council’s intent to assess ethical risks in industries with high exposure to regulatory and reputational challenges, emphasizing corporate accountability for working conditions.
While the Council on Ethics has not disclosed anticipated outcomes, it noted that breaches of ethical standards could result in significant consequences for implicated firms. These investigations highlight Norway’s commitment to ethical investment practices, reinforcing the fund’s role as a global leader in sustainable finance. This marks a critical step in addressing labor and ethical concerns across industries with complex global supply chains.
