Norwegian Pension Fund Sells Stakes in US Detention Centers (1)

Norway’s biggest pension fund said it sold its holdings in CoreCivic Inc. and GEO Group Inc. after negotiations failed to convince the companies to address allegations of human rights violations at their US refugee centers.

KLP divested shares of the two US-based companies amounting to roughly 4 million kroner ($377,000), according to a statement. The Oslo-based pension fund, which has assets of about $70 billion, said continuing to hold the shares represented an “unacceptable risk” to its guidelines for responsible investment.

“The fact that the companies have violated several of the most important human rights over a long period of ...