Kommunal Landspensjonskasse, Oslo, divested from four North American companies involved in the Dakota Access Pipeline, said a news release from the pension fund.
The 589 billion Norwegian kroner ($69.9 billion) KLP decided to divest 580 million kroner in fixed-income and equity investments in Energy Transfer Partners, Phillips 66, Enbridge Inc. and Marathon Petroleum Corp. due to an unacceptable risk of contributing to human rights violations, said the release.
“We have had a long and thorough process on this case. It has been complicated, but I am confident that we have now reached the right conclusion,” KLP's CEO Sverre Thornes said in the release.
KLP has not been able to achieve a sufficient level of progress in influencing the companies through active ownership, it said.
A spokeswoman for KLP was not available to comment on reallocation of these assets by press time.