Elon Musk, Marc Andreessen mock ESG investment 'insanity'
Sweden's Skandinaviska Enskilda Banken AB recently said it would revise its ESG rules to permit six of its funds to invest in companies that generate more than 5% of their revenue from the defense sector starting April 1.
"It is SEB Investment Management’s view that investments in the defence industry are of key importance to uphold and defend democracy, freedom, stability and human rights," the company told FOX Business in a statement. "At the same time, it is important to keep in mind that many of our customers and unit-holders still do not want to invest in the defence industry, and therefore going forward many of our funds will continue to exclude such investments.
Excluded investments will include companies that manufacture, develop, or sell weapons that violate international conventions, such as cluster bombs, land mines, and chemical and biological weapons, as well as companies that contribute to the development of nuclear arms programs or the production of nuclear weapons.
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