Norway plans an extensive review this year into the ethics of its $380 billion pension fund investments. The Government Pension Fund -- Global, familiarly known as the "oil fund", is one of the world's biggest sovereign wealth funds. It invests Norway's oil and gas income in overseas stocks and bonds to save for a future when the black gold runs out.

Production of tobacco, gambling, ignoring human rights, and the sex industry are just some of the topics expected to come up. Some groups have also proposed excluding investment in companies with activities in Palestinian territories occupied by Israel. There may also be a push for more investment into "green" technologies.

So far the fund, which is invested in 7,000-7,500 foreign companies, has excluded just 25 -- 20 arms producers, three for environmental damage and two for human or worker rights abuses -- from its "investment universe" on ethical grounds.

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