This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients (the so-called fiduciaryduties). Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm (avoid complicity). Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.

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