MILAN, March 6 (Reuters) - Norwegian wealth fund Norges Bank
Investment Management has removed Italian energy groups Eni
ENI.MI and Saipem SPMI.MI from observation after finding
that both have made progress in tackling corruption risks.
In 2017 the $1 trillion fund decided to raise the issue of
corruption risk https://www.reuters.com/article/norway-swf/update-1-norways-wealth-fund-to-focus-on-corruption-risk-at-four-firms-idUSL8N1I71XW
with Eni and Saipem as part of its active ownership efforts and
a recommendation was made by its ethics council to place the
companies under observation.
But in its "responsible investment" report this week, the
fund noted positive measures by the companies.
"Norges Bank has therefore decided to discontinue this
particular dialogue on corruption risk with Eni and Saipem under
the guidelines for observation and exclusion of companies," it
said in the report.
It added, however, that it would continue to raise relevant
topics with the companies as part of its ordinary ownership
dialogue.
Eni, which jointly controls Saipem with state lender Cassa
Depositi e Prestiti, is on trial in Milan over allegations that
it bought a Nigeria oilfield in 2011 knowing most of the
purchase price would go to agents and middlemen in bribes.
Eni has denied wrongdoing.
In January an Italian appeals court acquitted Saipem and Eni
of corruption in a long-running trial over bribery allegations
in Algeria.