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what i mentioned that important things in terms of the expectations we have on tax and transparency, one, you want to pay tax where your earnings are generated. that s very important. but you didn t generate earnings injersey and the cayman islands, yet you used them for tax purposes. no, i generated the earnings in the ako fund in the uk, and that s where i paid my full tax all the time. so, why did you have these vehicles that were registered from the cayman island and jersey? because what i said which i mentioned earlier is that the clients of large endowments worldwide, that s where they wanted to be. let s take a bigger picture and look now at how you run the fund. the fund has massive stakes in oil and gas companies around the world, i think still to the tune of some $27 billion. now, post glasgow, cop26 and the urgent need to decarbonise the world
and injersey? because what i said was that, which i mentioned earlier, is that the clients of large endowments worldwide, that s where they wanted to be. let s take a bigger picture and look now at how you run the fund. the fund has massive stakes in oil and gas companies around the world, i think still to the tune of some $27 billion. now, post glasgow, cop26 and the urgent need to decarbonise the world economy, are you sending a message that you will divest from oil and gas? no, we are not, and i ll tell you why in 2019, the oil fund divested the pure upstream oil companies. now, that was not for ethical reasons, that was because we wanted to have diversification risk, because the nation is so dependent on oil
of the expectations we have on tax and transparency, one, you want to pay tax where your earnings are generated. that s very important. but you didn t generate earnings injersey and the cayman islands, yet you used them for tax purposes. no, i generated the earnings in the ako fund in the uk, and that s where i paid my full tax all the time. so why did you have these vehicles that were registered from the cayman island and jersey? because what i said which i mentioned earlier is that the clients of large endowments worldwide, that s where they wanted to be. let s take a bigger picture and look now at how you run the fund. the fund has massive stakes in oil and gas companies around the world, i think still to the tune of some $27 billion. now, post glasgow, cop26 and the urgent need to decarbonise the world
the cayman islands, yet you used them for tax purposes. no, i generated the earnings in the ako fund in the uk, and that s where i paid my full tax all the time. so why did you have these vehicles that were registered from the cayman island and jersey? because what i said which i mentioned earlier is that the clients of large endowments worldwide, that s where they wanted to be. let s take a bigger picture and look and how you run the fund. the fund has massive stakes in oil and gas companies around the world, i think still to the tune of some $27 billion. now, post glasgow, cop26 and the urgent need to decarbonise the world economy, are you sending a message that you will divest from oil and gas? no, we are not, and i ll tell you why in 2019, the oilfund divested the pure upstream oil companies. now, that was not for ethical reasons, that was because we wanted to have diversification risk,
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