A recent article in The Wall Street Journal reports that Norway's Government Pension Fund is looking into expanding their ethical investments. They may exclude tobacco companies, pornographers, and companies from countries with human rights abuses. But what was first to go from this fund? That's right, Wal-Mart. Here's the article from the Wall Street Journal:

Norway's Government Pension Fund, one of the world's biggest sovereign-wealth funds, is considering broadening its ethical-investment program after shedding holdings in arms makers, mining companies and U.S. retailer Wal-Mart Stores Inc.
Norges Bank Investment Management, the Norwegian central bank that oversees the two trillion kroner ($369 billion) Norwegian Government Pension Fund, has begun a year-long review of the fund's ethical guidelines and is inviting comment from nongovernmental organizations and academia.

Investments in tobacco companies, pornographers and the gambling industry are likely to be considered for exclusion, as well as companies from countries that abuse human rights.
"We are global investors," Norwegian Finance Minister Kristin Halvorsen said. "We believe social and environmental responsibility creates the best conditions for high, sustainable long-term returns. That is our business."

Ms. Halvorsen also claimed success for the fund's policy of dialogue with companies, saying Norges Bank had been negotiating with a "major global agricultural group" over its efforts to stamp out child labor, and she said the possibility of exclusion had strengthened the fund's negotiating position.

The fund divested itself fully from Wal-Mart in June 2006 over human-rights and labor-rights concerns. Wal-Mart couldn't be reached for comment late Thursday. At the same time, the fund divested its holdings in mining group Freeport-Mc Mo Ran? Copper & Gold Inc. on environmental grounds.