Kommunal Landspensjonskasse Gjensidig Forsikringsselskap or KLP is an Oslo-based mutual insurance company that manages the pensions of municipal employees in Norway. As of 31 March 2021, the fund had assets of NOK 813.5 billion (US$95.1 billion), with 337 municipal and county authorities, 31 health trusts and 2,300 public sector firms as clients. It is Norway's largest pension fund and KLP Eiendom is a major subsidiary that manages real estate in Norway and Denmark. State employees are insured through the Norwegian Public Service Pension Fund. History The company was founded as a managed fund under the Norsk Kollektiv Pensjonskasse on 15 February 1949 as a result of decisions by the City Association and the Men's Association with the aim of offering municipal employees occupational pensions. It then managed the customers' occupational pension agreements. The collaboration lasted until 1974 when KLP received its own license to operate an insurance company. For the first 40 years, KLP was a company that primarily administered collective pension schemes in the municipalities. Throughout the 1990s, KLP developed the business further by, among other things, establishing its own non-life insurance company, property company and asset management company. In 2011, seven municipalities and one county municipality chose to put their occupational pension scheme out to tender. After final consideration, seven out of eight chose KLP as provider of public service pension. Ethical divestment KLP has a long track record of ethics-based financial divestment, is a member of the United Nations Principles for Responsible Investment (UNPRI) and publishes detailed explanations about why it excludes certain investments. KLP also shares its ESG analysis with the Government Pension Fund Global (GPFG), Norway’s US$1.36 trillion sovereign wealth fund, which holds, on average, 1.4 per cent of all the world’s listed companies. In 2001, KLP divested from Singapore Technologies Kinetics on account of its production of anti-personnel mines, an activity that was acknowledged by the Ministry of Foreign Affairs in Thailand in 2004 upon questioning by the International Campaign to Ban Landmines (ICBL). In 2008, KLP divested from G4S after a complaint was filed against the company with the OECD by the Union Network International over the company's "symtematic violations of labor rights in twelve countries". In 2014, KLP divested from all mining firms and power producers whose operations were more than 30 per cent reliant on coal, in line with guidelines laid down by the Norwegian Parliament. In 2017, KLP divested its