Norges Bank


Government Pension Fund Global: Exclusion and observation of coal companies

Norges Bank has decided to exclude five companies from the Government Pension Fund Global and place four companies on an observation list after an assessment against the product-based coal criterion.

Norges Bank’s Executive Board has decided to exclude the companies Sasol Ltd, RWE AG, Glencore PLC, AGL Energy Ltd and Anglo American PLC after an assessment against the product-based coal criteria, ref. section 2 (2), subsections c and d, of the Guidelines for Observation and Exclusion of Companies from the Government Pension Fund Global.

The exclusions are based on the new absolute thresholds for coal companies that were added to the guidelines last year. The amendments took affect 1 September 2019. It is the first time these thresholds in the coal criterion are being applied.

Decisions about observation

The Executive Board has also decided to place the companies BHP Group Ltd/BHP Group Plc, Vistra Energy Corp, Enel SpA and Uniper SE on an observation list after an assessment against the product-based coal criterion, ref. section 2 (2), subsection c and 2, of the guidelines.

In the assessment against the product-based coal criterion, importance shall also be given to forward-looking assessments, including any plans the company may have that will change the level of extraction of coal or coal power capacity realting to thermal coal, and/or increase the income ratio or business share relating to renewable sources.

The exclusion and observation decision was made by the Executive Board based on recommendations from Norges Bank Investment Management. The Executive Board finds that the recommendations have adequately substantiated that the companies can be excluded from the fund and be placed on an observation list.

For several of the companies of which exclusion is now being made public, the market situation, including the liquidity of individual shares, has meant that it has taken a long time to sell the shares in a reasonable manner. That explains why a long period of time has passed between some of the decisions and the bank’s publication.

List of all excluded companies (

Press contact:

Marthe Skaar
Head of Communications and External Relations (acting), Norges Bank Investment Management
Tel. no.: +47 92617663


Published 13 May 2020 00:01