DENMARK - Pensionskassernes Administration (PKA) has announced it has acted to divest its DKK65m (US$12m) holding in oil companies working in Burma.
PKA which manages DKK114bn (US$21.5bn) for eight pension funds, said the board had taken this decision due to political sentiment in the country.
A PKA spokesman told Global Pensions: “The government was disappointed the European Union had put sanctions on the Burmese forestry and precious metal industries but not on oil exports because an agreement could not be reached.”
He continued: “Following a statement from Per Stig Møller, the minister for foreign affairs, that he would have preferred sanctions on Myanmar Oil and Gas to be put in place, we felt unable to retain our shares in companies working there.”
ATP, the Danish labour market pension fund, announced yesterday it would sell its stakes in Total and other oil companies working in the politically troubled state.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.