(Bloomberg) -- Iconic Brazilian companies Vale SA and Eletrobras SA were removed from the world’s largest sovereign wealth fund due to environmental and human rights concerns.

Norges Bank Investment Management said in a statement it’s excluded iron-ore giant Vale from Norway’s $1 trillion pension fund after repeated dam breaches in Brazil killed hundreds of people and caused environmental damage. Eletrobras was withdrawn because of the “unacceptable risk” that the country’s largest utility contributes to serious or systematic human rights violations.

Vale declined to comment. Eletrobras didn’t respond to an emailed request for comment outside of normal business hours.

Norges’s move deals a blow to Vale, which has taken steps to improve its image after a dam collapse early last year killed 270 people. The Rio de Janeiro-based mining company replaced its top manager, committed to decommissioning riskier dams, and built a treatment plant to clean up polluted water.

For Eletrobras, it’s also a reminder of the problems associated with the Belo Monte plant, where construction was marked by fierce opposition from environmental groups and a corruption scandal. Norges’s Council on Ethics said the project led to “increased pressure on indigenous lands, the disintegration of indigenous peoples’ social structures and the deterioration of their livelihoods,” with about 20,000 people displaced by the dam. The council also said the company has been involved in other projects that have been criticized for human rights violations.

Norway’s wealth fund owned $375 million in Vale stock at the end of 2019, according to the latest figures available on the website of Norges Bank Investment Management. It also held $53 million in shares and $21 million in bonds of Eletrobras.

Other companies excluded from the fund include Canadian Natural Resources Ltd., Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. due to emissions. ElSewedy Electric Co was also excluded because of its participation in the development of a hydropower project in Tanzania.

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