Norges Bank Investment Management (NBIM) has decided to exclude four Chinese companies due to what is described as an unacceptable risk of companies contributing to serious environmental damage, says the Norwegian sovereign wealth fund.
NBIM manages the NOK 11.5 trillion global government pension fund (GPFG) and E24 writes that companies excluded include China Traditional Chinese Medicine Holdings Co. Ltd., Beijing Tong Ren Tang Chinese Medicine Co. Ltd., Tong Ren Tang Technologies Co. Ltd. and China Grand Pharmaceutical and Healthcare Holdings Ltd.
These companies are engaged in traditional Chinese medicine and also use parts of endangered species in production, such as pangolins, musk deer and leopards. All decisions in the announcement were based on recommendations made earlier this year by GPFG’s advisory body, the Ethics Council, NBIM said.
âChina Traditional Medicine Holdings is a Chinese pharmaceutical company that produces and sells traditional Chinese medicine. The company’s products include animal parts of globally threatened species, such as saiga antelope horns, leopard bones and pangolin shells, âwrites the Ethics Board on its website Internet.
The Ethics Council points out that the production of traditional Chinese medicine involving endangered species may contribute to the illegal trade in these species and increase the risk of their extinction.
âThere was no information regarding how much body parts from endangered species the company used, where the animal parts came from, what stocks existed and how they were replenished. When such information is lacking, the board assumes that the company is contributing to serious environmental damage, “writes the Ethics Board.
The risk of contributing to extinction is also mentioned in the Ethics Board’s recommendation to exclude the companies Tong Ren Tang Technologies Co Ltd and Beijing Tong Ren Tang Chinese Medicine Co Ltd. According to the Ethics Council, these companies use animal parts from all over the world. endangered species, such as saiga antelope horns, leopard bones, pangolin shells and musk deer musk.
The Ethics Board uses a similar rationale in its recommendation to exclude China Grand Pharmaceutical and Healthcare Holdings, but here the Ethics Board is only referring to Saiga antelope horns, not others. animal species.
The Ethics Council presented its recommendations relating to these companies in March, April and May. It normally takes some time for the Norges Bank management board to make decisions based on the advice of the Ethics Board.