NORWAY - The Governmental Pension Fund - Global has been urged to evaluate its ethical guidelines by environmental and solidarity NGO, the Future in Our Hands (FIVH).
Hermstad said exclusion was a necessary tool for the financial manager, and argued that shareholders, as owners, were obliged to express other values than maximum profit.
Climate change was also highlighted as a key issue when engaging with companies.
"I want to express that Norges Bank Investment Management (NBIM) now has moved on in their ethical task they were given in December 2004. In a meeting just a few weeks ago with Knut Kjær and the Corporate governance group, I expressed that we were proud of how their work has developed.
"That is not to say that we are satisfied, but nevertheless."
Hermstad coincluded although the NBIM was currently focussing on very important issues, it would need to move forward.
"I also hope all that financial actors will contribute to solving the major ethical issues of our time. It might also yield financial profit: If we want to stop climate change, end the over-exploitation of nature and solve the poverty issue, somebody must find it profitable to deliver the solutions," said Hermstad.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.