The Council on Ethics recommends that the companies Elco Ltd and its subsidiary Electra Ltd be excluded from the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the companies are contributing to serious infringements of the rights of the individual in situations of war or conflict in connection with the construction of roads linked to Israeli settlements in the West Bank. The Council takes the view that the construction of the roads in question falls outside the occupying powers right of use and has a negative impact on social and economic conditions for the population in the occupied area.
The Council notes that Electra has recently won a tender for the construction of a major road project whose primary purpose is to serve Israeli settlements in the West Bank, and that the company has also previously built such roads. The Council therefore considers that there is an unacceptable risk that Electra will, through its construction activities linked to Israeli settlements in the West Bank, contribute to serious violation of the rights of the individual in situations of war or conflict. Elco contributes to the same through its ownership of Electra.
The Council on Ethics issued its recommendation on 15 March 2021. Norges Bank announced its decision to exclude the companies from investment by the GPFG on 2 September 2021.