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The Consumers Council has commissioned the environmental organization Fremtiden into our hands to create an “ethical pension guide”. – Very strange, says investor Jan Petter Sissener.
A big part of the state’s job in financial markets is to protect consumers from being misled and losing money. But now the Consumers Council is taking another step forward. In collaboration with the environmental organization The future in our hands, they have developed an “guide to ethical pensions”.
The reason is the rule change, which means that 1.5 million Norwegians will have control over their own pension account. In the guide, the different pension funds classify whether they meet the ethical requirements. At the top of the list is climate change, in which funds also score worse.
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– Extreme religious organization
All the pension funds of the four main providers also have their own ethical standards. Furthermore, many people follow the ethical rules of the oil fund, which are also on top of the world, and have been criticized for being too strict.
– I think this seems very strange, says investor Jan Petter Sissener to Nettavisen.
You do not intend to take any investment advice of the future in our hands.
– I won’t take any investment advice from them, I promise you. They say they will work ethically and respectfully with the environment, but they are above all political, says Sissener.
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The big investor believes that the state should spend energy and time to ensure that consumers are not misled. The most important thing for the pension should be the return, he believes and points out that the most important players in Norway have very strict ethical rules.
– I have serious doubts as to whether this is the correct approach. The future in our hands is an extreme religious organization. They have no special experience in this area, he says.
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Sissener believes that there are good reasons to make green investments. But he thinks there are too many looking for relatively few good investment items.
– They want to politically boost investments towards green. But you can’t get all the money to pursue the same investments at the same time. Because investment objects are not enough. Then the margins disappear completely and the profitability disappears. We fear this is bubbling, he says.
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– What ethical rules do you follow?
– We follow KLP and Norges Bank (the oil fund). If they have someone on the no-no list, then we don’t have them in principle.
The article continues after the measurement.
– not surprised
Leader Anja Bakken Riise on The Future in Our Hands isn’t surprised by Sissen’s comments.
– Now, Sissener has probably never been at the forefront of future-oriented sustainable investing, so the fact that he comes up with such retrospective spoon-kicks isn’t exactly a surprise, he tells Nettavisen.
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She believes that there is a great demand for how Norwegians can combine return and ethics.
– Fortunately, many Norwegians are much more progressive than Sissener, says Bakken Riise.
The Consumer Council says it was easy to come to the conclusion that the future in our hands should work with them on the new ethical guide.
– The future in our hands is a consumer organization with experience in social responsibility, ethics and sustainability. Therefore, it was not that difficult for us to conclude that it would be prudent to collaborate with them on the Ethical Banking Guide in 2015 and the Ethical Pensions Guide, which we launched this January, says Jorge B. Jensen, Director of the Consumer Council.
– And how does this protect consumers?
– Many consumers are concerned about the social responsibility, ethics and sustainability of companies. Ethical trading has previously quantified that the proportion of “ethical consumers” is 29% of Norwegian consumers. There are good reasons to assume that this commitment also applies to banks and pensions. To ensure that consumers have a relevant basis for comparison, the Consumer Council has collaborated with Fremtiden on our hands to create an ethical pension guide. Throughout the guide, Norwegian pension companies are shown to be good at ethics and have strong internal guidelines, he says.
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