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Firms must do more to Fight Child Labor – Norway Fund

By Oslo newsroom | Reuters

OSLO (Reuters) – Europe’s largest equity investor urged companies to step up the fight against child labour on Friday and said nearly half of the 527 companies it surveyed were failing to address the issue properly.

Norges Bank Investment Management (NBIM) manages Norway’s half-a-trillion-dollar sovereign wealth fund, which invests the Norwegian state’s tax revenues from oil and gas activities abroad.

NBIM is one of the largest sovereign wealth funds in the world along with those of the United Arab Emirates and China.

“In the three years since we began examining how companies manage child labour risks, we’ve seen an increase in the number of businesses that address these issues,” Anne Kvam, global head of ownership policy at NBIM, said in a statement.

“However, the overall level of reporting on these issues is still far too low and companies need to step up efforts if the international community is to meet targets for eliminating hazardous child labour by 2016.” Read more