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For Firefox users, there is media bias / propaganda / fact check plugin.
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Again: The Norwegian Sovereign Wealth Fund still have active investments in Russia.
Where is the outrage for them?
According to this Norwegian publication in an article published January 31st 2023:
the Norwegian oil fund still holds hundreds of millions worth of shares in petroleum companies like Gazprom, Novatek, Bashneft and Lukoil
Even if the value of their investments lower, they still haven’t pulled out any from Russia. The investments could be worth very little, but they still have something invested in Russia.
Norwegian Government on February 28, 2022, ordered the Oil Fund to freeze all investments in Russia and prepare a plan for divesting with the goal of totally exiting the Russian stock market
What’s stopping them?
The value of their investments is lower because they've been pulling out of Russia. The article you sent says they've slashed the value down by 90%, and they're still going. Liquidating hundreds of millions in stocks while getting a decent value out of them takes time, and so far they've done a pretty good job selling off 90% of their Russian holdings with just a few more millions to go
Let’s break down that January 31, 2023 article once more:
1: The investments in Moscow listed equities dropped from $2.7 billion to a mere $300 million.
It would be laughably naive to think this is purely because they've been 'pulling out' of Russia. By all means, review the article and let me know if it states the exact reason for the decrease in value.
2: By December 31, 2022, Norway still had shares in 51 Russian companies.
It's September 2023. If they were aggressively pulling out, wouldn't they have zero investments by now?
Nice try.
Timelines for individual retail investors are significantly shorter than timelines for multibillion dollar sovereign wealth funds with fiduciary obligations.
And yet all the investments, their value, and what percentage of ownership the Norwegian Sovereign Wealth Fund possess are all publicly available on their website.
If I filter by ‘Russia’, they still show 51 companies. Today. Let’s look at their top five, which you can also view by accessing their own data.
Highest Percentage of Ownership:
Highest Amounts of Investment in NOK:
^ these alone = ~$185,140,710 USD.
What fiduciary obligations does a pension fund have that is somehow more complex, important, and forgivable vs obligations belonging to Pepsi Co?
I largely agree with what your saying but this part is ridiculous. The Finnish parliament has no obligations to serve/sell Pepsi. It's not an investment it was literally having the drink available. That's not at all comparable to the fiduciary duty of a pension fund.
Sure, but now tell me how the richest pension fund in the world, currently valued in the trillions, has such fiduciary obligation that it can’t divest ~$300 million of Russian investments.
Make it make sense.
Did you miss the first few words I wrote?
I did not. Happy to help!
My original comment (to which you responded) regarding the obligations of Pepsi Co were highlighting a critical comparison between a corporate drinks manufacturer and the pension fund. The Finnish Parliament can do what they like. If they’re doing it because Pepsi Co hasn’t fully pulled out of Russia, and thus Pepsi deserves to be shunned, what does Norway deserve?
If action is mandated for entities that don’t divest from Russia, then it must equally be applicable to all entities where this is true. Otherwise, hypocrisy.
Yes, you did. That's the part I largely agreed with. The part I don't agree with is fiduciary funds obligations not being more complex than serving drinks in your cafeteria/restaurant.
You seem confused. Let me be clear:
I have no criticism for the Finnish Parliament or their choice of soft drink selection.
I have no belief that a government office cafeteria is equally as complex as a pension fund.
Now if you’ve made it this far, why are Finland choosing not to support Pepsi? Let’s look to the article:
The Finnish parliament will no longer carry Pepsi products as the American soft drink giant continues to support the Russian economy by continuing its operations in the aggressor country
So, from the article, the Finnish Parliament have taken a stand against Pepsi because Pepsi won’t cease operating in Russia. And Pepsi Co failing to stop their operations in Russia is bad. Right?
Still with me? Great.
Norway’s Sovereign Wealth Fund also isn’t ceasing their operations (by way of their investments) in Russia.
Again: where is the equivalent outrage? Why isn’t anyone taking a stand against Norway for not divesting? They said they would, but haven’t. The amount is pennies when compared to their other investments. So why are they hanging on to them? Why don’t they do what they said they would? And why isn’t anyone speaking out against them for failing to divest, especially while their former PM is leading NATO?
Hope that helps!
Making rapid economical changes in this scale will collapse companies and economies.
Who would collapse?
sugar drinks could be compramised over living in the freezing cold
How would the richest sovereign wealth fund in the world pulling out their investments from Russia bring about living in the freezing cold?
It isn’t as if Norway’s fund haven’t already said they would divest. It’s just that they haven’t taken any concrete action on what they promised for more than a year.
Why?