Norwegian sovereign wealth fund lines up search for ethics screening help

The Council on Ethics for the Government Pension Fund Global, Oslo, will search for a firm to help screen companies that might conflict with the sovereign wealth fund's ethical guidelines.

A notification filed with European procurement website Tenders Electronic Daily said the 8 trillion Norwegian kroner ($954 billion) fund holds equities and fixed-income securities issued by about 9,500 companies that operate globally. The council will look for a firm to assist in identifying companies in the sovereign wealth fund's portfolio whose conduct or products might conflict with its guidelines.

The search will be split into two, four-year contracts. The first will cover a database of companies' environmental, social and governance performance and/or criticism and identification of companies in the fund's portfolio "where there may be an unacceptable risk that the company contributes to or is itself responsible for conduct" outlined in its guide.

The second relates to the screening of companies producing products in line with the guidelines.

An executive at the Council on Ethics said the current provider is Reprisk, whose contract ran from 2014.

The notice said a search is expected to be launched Aug. 30. Further details are available on the TED website.