Council on Ethics
The role of the Council on Ethics for the Government Pension Fund Global (GPFG) is to evaluate whether or not the Fund’s investment in specified companies is inconsistent with its Ethical Guidelines.
- The Council’s activities.
- GPFG’s Ethical Guidelines
- Norges Bank manages the Fund and makes decisions to exclude companies from the Fund’s portfolio based on advice from the Council.
- The Council’s recommendations will be made public on this website.
- Upon request, the Council can provide notification via email when new recommendations are made public.
Please send request to postmottak@etikkradet.no. - Norges Bank provides a list of companies excluded from the Fund.
- The Council’s’ routines for assessing companies that have been excluded from investment by the GPFG or placed under observation.
- Council Members.
- The Council’s secretariat prepares the cases for the Council.
- Frequently Asked Questions
Latest recommendations
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Eramet SA
The Council on Ethics recommends that Eramet SA be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) ...
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Mizrahi Tefahot Bank Ltd
The Council on Ethics recommends excluding the company Mizrahi Tefahot Bank Ltd (Mizrahi) from the Government Pension Fund Global due ...
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Bank Hapoalim BM
The Council on Ethics recommends excluding the company Bank Hapoalim BM (Hapoalim) from the Government Pension Fund Global due to ...
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First International Bank Of Israel/ FIBI Holdnings Ltd
The Council on Ethics recommends excluding the companies First International Bank of Israel Ltd (First) and FIBI Holdings Ltd (FIBI) ...
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Caterpillar Inc
The Council on Ethics recommends the exclusion of Caterpillar Inc. from the Government Pension Fund Global due to an unacceptable ...
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Bank Leumi Le-Israel BM
The Council on Ethics recommends excluding the company Bank Leumi Le-Israel BM (Leumi) from the Government Pension Fund Global due ...
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Toronto-Dominion Bank
The Council on Ethics recommends that Toronto-Dominion Bank (TD) be placed under observation due to an unacceptable risk that the ...
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Paz Retail and Energy Ltd
The Council on Ethics recommends that Paz Retail and Energy Ltd (Paz) be excluded from investment by the Norwegian Government ...
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Rio Tinto PLC and Rio Tinto Ltd
The Council on Ethics recommends the exclusion of Rio Tinto PLC and Rio Tinto Ltd (Rio Tinto Group) from investment ...
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Petroleos Mexicanos
The Council on Ethics recommends that the Mexican company Petroleos Mexicanos (Pemex) be excluded from the Norwegian Government Pension Fund ...