The Council on Ethics recommends the exclusion of Caterpillar Inc. from the Government Pension Fund Global due to an unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict.
Caterpillar is an American company that, among other things, manufactures construction machinery. As of the end of 2024, the Government Pension Fund Global held shares in the company valued at NOK 24.4 billion, corresponding to an ownership stake of 1.23 percent. The company is listed on the New York Stock Exchange.
The basis for this case is that bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property.
In the Council’s assessment, there is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law. The company has also not implemented any measures to prevent such use. As deliveries of the relevant machinery to Israel are now set to resume, the Council considers there to be an unacceptable risk that Caterpillar is contributing to serious violations of individuals’ rights in war or conflict situations, pursuant to section 4(b) of the Fund’s ethical guidelines.
The Council on Ethics issued its recommendation on 2 July 2025. Norges Bank announced its decision exclude the company on August 25, 2025.
Please find the Council’s recommendation here.