Norwegian pension fund blacklists Petrobras

摘要

Norway's largest pension fund KLP has decided to exclude Brazil's state-controlled Petrobras from its investment portfolio in the wake of a colossal corruption investigation into the firm. “There is an unacceptable risk of future corruption within the company,” according to KLP, which manages over 550bn kroner ($67bn) in assets. Petrobras says KLP had already notified it of the decision, while it has started to share more information with KLP about its efforts to improve its corporate governance.