On 26 September 2014, the Council on Ethics recommended the exclusion of Innophos Holdings Inc. (Innophos) because of the company’s purchases of phosphate from Western Sahara.
On 1 January 2015 new Guidelines for Observation and exclusion from the Government Pension Fund Global came into force. The new Guidelines apply to companies in the Fund’s portfolio. As of 1 January 2015 Innophos was not included in the Fund’s portfolio. As set out in paragraph 12 litra b) of the new Guidelines, all recommendations from the Council on Ethics which the Ministry of Finance had received, but not finally processed by 1 January 2015, should be taken note of by the Ministry and made public. The recommendation is thus published on the Council on Ethics’ website.