The Norwegian sovereign wealth fund, the largest in the world, powered by hydrocarbon revenues, with 1,075 billion euros in assets, still advocates good governance and respect for ethical criteria in the choice of its investments.
It has just divested for the first time in 2020 from seven companies in the Cayman Islands because of their bad tax practices.
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But the value of its shares jumped 55% last year, to more than 100 billion crowns (9.56 billion euros), in this tax haven, against a return up 10.9% in its other equity and bond portfolios.
“
Being based in the Cayman Islands is not a problem in itself,”
said Carine Smith Ihenacho, head of governance.
“
What we are trying to understand is if there is a high tax risk in the companies in which we invest.
And to know why they are established where they are ”
, she explains to the press.
Far from sharing this point of view, Sigrid Klæboe Jacobsen, of the NGO Tax Justice Network, considers that “
the Cayman Islands are obviously a problem”
.
They are "
classified as the most opaque and damaging financial jurisdiction in the world,
" she says, even though Brussels removed them in 2020 from its list of tax havens.
In 2000, the Norwegian fund held 100 million crowns (9.6 million euros) of shares housed in this Caribbean archipelago.
In 2020, it was invested in 372 Cayman-based companies, representing less than 3% of all assets but still 27 billion euros