Page 3 - Diversification Risk News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Economy, are you sending a message that you will divest from oil and gas? no, we are not, and i'll tell you why — in 2019, the oil fund divested the pure upstream oil companies. now, that was not for ethical reasons, that was because we wanted to have diversification risk, because the nation is so dependent on oil that it didn't make sense to have pure upstream companies on top. we have kept the integrated oil companies and we think that the way to solve this problem is to have an active dialogue with the companies and be part of this transition, the energy transition. we don't think — som...

The cayman islands, yet you used them for tax purposes. no, i generated the earnings in the ako fund in the uk, and that's where i paid my full tax all the time. so why did you have these vehicles that were registered from the cayman island and jersey? because what i said which i mentioned earlier is that the clients of large endowments worldwide, that's where they wanted to be. let's take a bigger picture and look and how you run the fund. the fund has massive stakes in oil and gas companies around the world, i think still to the tune of some $27 billion. now, post—glasgow, cop26 and the ur...

Divested the pure upstream oil companies. now, that was not for ethical reasons, that was because we wanted to have diversification risk. because the nation is so dependent on oil that it didn't make sense to have pure upstream top. we have kept the integrated oil companies and we think that the way to solve this problem is to have an active dialogue with the companies and be part of this transition, the energy transition. we don't — think somebody needs to own these companies and we don't see any problems byjust selling out of the like of bp and shell and so on. with the gets much more valu...