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UPDATE 2-Norway wealth fund puts PKN Orlen on watch over human rights concerns

Reuters
Updated ·2 min read

(Adds background)

OSLO, Feb 23 (Reuters) - Norway's $1.3 trillion wealth fund on Wednesday put Polish energy group PKN Orlen under observation for a period of three years, saying its purchase of newspaper group Polska Press held serious implications for press freedom in Poland.

PKN's purchase of Polska Press from a German media group has been criticised by opposition parties in Poland for being part of a drive by the nationalist Law and Justice (PiS) government to increase control over the media and curb free speech.

Focusing on press freedom as a criteria for screening for the first time, the fund's ethics watchdog said the acquisition posed an "unacceptable risk that the company contributes to serious violations of human rights."

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"This recommendation rests on Orlen's acquisition of the newspaper publisher Polska Press and its implications for freedom of the press and therefore freedom of expression in Poland," the Fund's Council on Ethics said in a statement.

PKN Orlen did not reply to a request for comment.

By putting PKN Orlen under observation for three years, the fund will monitor whether there are improvements in the situation it describes during that period. If there are none, the fund will sell its stake.

Norway's wealth fund at the end of 2022 held a stake in PKN Orlen worth 1.92 billion crowns, at the time worth $195 million, or 1.15% of the outstanding shares, according to fund data.

The fund currently has 105 firms on its list of exclusions and observations based on ethical recommendations made by the council on ethics, regarding severe environmental damage, the production of tobacco or human rights violations, among others.

An additional 83 exclusions and observations are based on the production or use of coal, which are decided by the fund's management, not the council on ethics. (Reporting by Victoria Klesty and Nerijus Adomaitis, editing by Sandra Maler, Lincoln Feast, Gwladys Fouche and Simon Cameron-Moore)