A large Norwegian pension fund is taking a baffling stand. Kommunal Landspensjonskasse (KLP) has announced it will no longer invest in companies that profit from either gambling or alcohol.
In a press release posted on their website, the $80-billion firm announced they would divest from 90 companies that profited from the two activities. They also announced they would never consider investing in any companies involved with pornography, although they had not done so in the past.
KLP’s chief executive, Sverre Thornes, noted that while alcohol and gambling can be positive influences in people’s lives, but the decision was made to help influence a better society. He said:
“This is not just about what gives the highest return, but also about our investments contributing to a positive and sustainable social development. Now we have, after good conversations with our customers and owners, decided to withdraw from alcohol and gambling.”