COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

Eni SpA

On 20 December 2016, the Council on Ethics recommended that Eni SpA be placed under observation due to the risk of gross corruption. Several current and former senior executives, as well as the company itself, are under investigation for corruption alleged to have taken place in Nigeria in 2011. Eni as a company, its former CEO and the former subsidiary Saipem SpA have also been indicted in Italy for gross corruption alleged to have taken place in Algeria in 2010.

Please find the Council’s recommendation here.

On 5 May 2017, Norges Bank announced its decision to ask NBIM to follow up on the risk of corruption in its ownership dialogue with the company. Eni is therefore not included on the Fund’s observation list.

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