The Council on Ethics recommends that Adani Ports & Special Economic Zone Ltd (APSEZ) be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company is contributing to serious violations of the rights of individuals in situations of war or conflict.

APSEZ is an Indian logistics company that engages, among other things, in the operation of ports and port services. APSEZ is part of the Adani group of companies. As per the Council’s recommendation, APSEZ has been under observation since March 2022 due to its business association with the armed forces in Myanmar.

In May 2023, APSEZ disclosed that it had sold its port-related operations in Myanmar to Solar Energy Ltd. No information on the buyer is available, and APSEZ has stated that it cannot share any such information on the grounds of confidentiality. Lack of information means that the Council cannot establish whether APSEZ has links to the enterprise concerned. In a situation in which extremely serious norm violations are taking place, this constitutes an unacceptable risk that the GPFG’s investments in APSEZ may breach its ethical guidelines.

The Council on Ethics issued its recommendation 21 November 2023. Norge Bank announced its decision to exclude the company on 15 May 2024.


Please find the Council’s recommendation here