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Iceland's second-biggest pension fund blacklists 138 companies

The Pension Fund of Commerce (LV) says it is implementing a new responsible investment policy, but this will take time, so some companies on the exclusion list will have to remain in the Reykjavik-based pension fund's portfolios for the time being.

Reykjavik, Iceland. | Photo: Pexels: Flor Asef.

Iceland's second-biggest pension fund, the Pension Fund of Commerce (LV), is blacklisting 138 firms as the result of its new responsible investment policy, reports IPE.com.

The ISK 1trn (EUR 6.69bn) pension provider has already divested ISK 3bn (EUR 20m) of its investments. It says most of the exclusions were firms producing coal and oil sands, while 22 made "controversial weapons", 15 were considered to be in breach of the UN Global Compact and 13 were tobacco producers.

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