Norway’s $1tn sovereign wealth fund has been given the green light to reinvest in the controversial US retailer Walmart, alongside a handful of other companies that have made reforms.

The fund’s Council on Ethics, an independent body that regularly reassesses its investment blacklist, on June 25 recommended that the bans on five companies be lifted: defence manufacturer General Dynamics, Mexican conglomerate Grupo Carso, UK-listed miner Rio Tinto, Canadian fertiliser manufacturer Nutrien, and Walmart.