COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

Bharat Heavy Electricals Ltd.

On 5 December, 2016, the Council on Ethics recommended the exclusion of the Indian company Bharat Heavy Electricals Limited from the GPFG. Norges Bank announced its decision to exclude the company on May 5, 2017. The company is building a coal fired power plant close to areas with universally unique environmental qualities in the Sundarbans, the world’s largest mangrove forest, in southern Bangladesh. The Council on Ethics finds that there is an unacceptable risk of the company contributing to or being responsible for severe environmental damage.

Please find the Council on Ethics’ recommendation here.

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