Council of Ethics

The role of the Council on Ethics for the Government Pension Fund Global is to evaluate whether or not the Fund’s investment in specified companies is inconsistent with its Ethical Guidelines.

The Annual Report for 2015 is now available:


Annual Report 2015 (pdf)

Some excerpts from the Annual Report are available as separate pdf files:

The work of the Council on Ethics
The exclusion of nuclear weapons producers
The weapon criterion and the development of autonomous weapons
The investigations into working conditions in the textile industry
Assessment of corruption risk
Severe environmental damage
The climate criteria

Norges Bank (NBIM) 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.

Norges Bank provides a list of companies excluded from the Fund’s portfolio.

The Council’s secretariat prepares the cases for the Council.