COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

Leonardo SpA

On 8 December 2016, The Council on Ethics recommended the exclusion of Leonardo SpA from the GPFG due to the risk of gross corruption. The company has been involved in serious cases of corruption, alleged to have taken place in four countries between 2009 and 2014.

Please find the Council’s recommendation here.

Norges Bank did not follow the Council’s recommendation, but announced its decision to place the company under observation 5 May 2017. The Council on Ethics will follow up on the risk of corruption with the company while it is under observation.

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