Norway's finmin wants to take over oil fund's ethics council

OSLO, April 4 Fri Apr 4, 2014 1:33am EDT

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OSLO, April 4 (Reuters) - Norway's central bank should take over functions of an independent ethics panel that decides which companies should be excluded from Norway's wealth fund investments, the finance ministry said on Friday.

The fund, which is run by the central bank, is the world's richest sovereign wealth fund and holds about 1.25 percent of all global equities. Its decisions are closely followed by international investors.

The fund, which invests in about 7,500 companies, has excluded about 60 firms so far, including Lockheed Martin , Boeing or Philip Morris. (Reporting by Camilla Knudsen and Nerijus Adomaitis)