Norway’s wealth fund urged to pull £5.7bn from cladding firms

The world’s largest sovereign wealth fund ought to promote its £5.7 billion investments in firms that profited from harmful houses in Britain if they don’t compensate victims, in accordance to Grenfell survivors and cladding campaigners.

They have written to Nicolai Tangen, the art-loving boss of Norges Bank Investment Management (NBIM), to “leverage its position as major shareholder” to push 11 firms to repair fire-safety defects and compensate victims of the Grenfell tragedy. NBIM ought to “divest its holdings in these firms if they fail to do so”, it provides.

Michael Gove, the housing secretary, backed the campaigners “in their call to action” on firms who constructed or provided supplies for unsafe flats after seeing the letter that they’ve despatched to Norway’s £1 trillion state-owned pension fund.