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Finance

Norway wealth fund places Fincantieri under observation, takes Poland's Orlen off list

Published by Global Banking and Finance Review

Posted on February 6, 2025

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(Reuters) - Norway's $1.8 trillion sovereign wealth fund, the world's largest, said on Thursday it had placed Italian shipbuilder Fincantieri under observation over alleged human rights violations.

At the same time, Norges Bank Investment Management, the fund's operator, it said it was taking Polish energy group Orlen off the observation list.

Companies under observation are monitored for potential exclusion from the Norwegian Government Pension Fund Global, according to the fund's website.

Norges Bank Investment Management said Fincantieri was under review in light of legal action that the fund said had revealed "grossly exploitative working conditions" for several thousand people employed by subcontractors at the company's shipyards.

Fincantieri and Orlen did not immediately respond to a request for comment outside normal office hours.

The wealth fund took Orlen off its observation list saying it no longer considered the company at risk of restricting press freedom.

Orlen was placed under observation in 2023 when the wealth fund cited "unacceptable risk that the company contributes to serious violations of human rights", in relation to its acquisition of regional newspaper publisher Polska press.

"The company has since implemented several changes indicating that there is no longer an unacceptable risk of the company contributing to restricting press and freedom of expression," Norges Bank Investment Management said in a statement.

Orlen's purchase of Polska Press from a German media group was criticised by Poland's opposition politicians at the time as being an attempt to increase control over the media and curb free speech.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sonali Paul)