The Executive Board’s decision on exclusion were made based on a recommendation from the Council on Ethics. The recommendation is reasoned with unacceptable risk that the company is responsible for serious environmental damage (see § 3, subsection c, of the Guidelines for observation and exclusion from the Government Pension Fund Global). 

The Executive Board has not conducted an independent assessment of all aspects of the recommendation but is satisfied that the exclusion criteria have been fulfilled.

Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases.

The Council on Ethics’ recommendation

List of all excluded companies

For more information, contact:

Runar Malkenes, 
Director of Communications, Norges Bank
Phone: +47 952 14 283