The Council on Ethics recommends that the exclusion of the company IJM Corp Bhd from the Government Pension Fund Global (GPFG) be revoked.
In 2014, the Council on Ethics recommended to exclude IJM Corp Bhd from the GPFG due to the risk of the company being responsible for severe environmental damage through its conversion of tropical forest into oil palm plantations. At the time, the company was developing plantations in lowland rainforest in East Kalimantan, Indonesia. The Council emphasised that the company seemed not to have implemented measures to reduce the loss of biodiversity.
In 2021, IJM Corp divested its stake in its plantations business and is no longer involved in the development and operation of plantations. The Council on Ethics therefore considers that the grounds for exclusion no longer exist.
The Council submitted its recommendation on 22 February 2022. Norges Bank published its decision to revoke the exclusion of the company on 15 June 2022.
Please find the Council’s recommendation here.