Norway wealth fund's ethic watchdog chief threatens to resign

OSLO, Oct 28 (Reuters) - The leader of the Norwegian sovereign wealth fund's independent ethics council said on Wednesday he will resign if a recent proposal to curtail the watchdog's authority is implemented.

• Norway's $2.3 trillion sovereign wealth fund is the world's largest investor, owning 1.5% of all globally listed shares via stakes in more than 7,000 companies

• Norges Bank's Council on Ethics advises the central bank's board on which companies to exclude from the fund's portfolio based on ethical criteria

• A government-appointed commission this month suggested that the Council on Ethics should no longer advise on a course of action, only give analyses of ethical breaches by companies

• Svein Richard Brandtzaeg wrote in a newspaper column on Wednesday that he would not remain leader of the watchdog if "the fund's ethical flagship is turned into a toothless internal advisory group"

• The government commission's leader said on October 15 that the fund, by virtue of its size, had become more visible abroad at a time when the geopolitical situation is more fragmented, making it vulnerable to threats

(Reporting by Terje Solsvik, editing by Gwladys Fouche)