COUNCIL ON ETHICS

For the Norwegian Government Pension Fund Global

Saipem SpA

On 20 December 2016, the Council on Ethics recommended that Saipem SpA be placed under observation due to the risk of gross corruption. Saipem has been involved in corruption cases in several countries, for example in Algeria.

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. Saipem is therefore not included on the Fund’s observation list.

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