Finance Minister Siv Jensen’s plans to change the management of the country’s huge sovereign wealth fund...quickly met a torrent of criticism. Critics argued that disbanding the fund’s ethical council would reduce independence and transparency, and that the new plan does nothing to safeguard human rights or encourage more environmentally investments...Some claimed the changes may consolidate too much power with the central bank, while others bemoan the absence of firm plans to diversify the fund’s investments away from fossil fuels and towards renewable energy...“Venstre [Norwegian Liberal party] believes the independence of the council is very important to safeguard,” said finance spokesman Terje Breivik. “I give all credit to the ethics council, which is one of the reasons that the Oil Fund garners international recognition.”...Jensen denied the changes threatened independence, transparency and accountability, saying the criteria for excluding companies and the ethical considerations remained unchanged.