COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

PetroChina Co Ltd

On 8 December 2016, the Council on Ethics recommended the exclusion of PetroChina Co. Ltd. from the GPFG due to the risk of gross corruption. Around 65 senior executives and middle managers formerly employed by the company and its subsidiaries have been under investigation for allegedly receiving bribes in China, Canada and Indonesia.

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 on 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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