Council on Ethics
The role of the Council on Ethics for the Government Pension Fund Global (GPFG) is to evaluate whether or not the Fund’s investment in specified companies is inconsistent with its Ethical Guidelines.
- The Council’s activities.
- GPFG’s Ethical Guidelines
- Norges Bank manages the Fund and makes decisions to exclude companies from the Fund’s portfolio based on advice from the Council.
- The Council’s recommendations will be made public on this website.
- Norges Bank provides a list of companies excluded from the Fund’s portfolio.
- The Council’s’ routines for assessing companies that have been excluded from investment by the GPFG or placed under observation.
- Council Members.
- The Council’s secretariat prepares the cases for the Council.
- Frequently Asked Questions
Latest recommendations
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Supermax Corp Bhd – termination of observation
The Council recommends that its observation of Supermax Corp Bhd be discontinued. Supermax is a Malaysian company that produces rubber ...
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Larsen & Toubro Ltd
The Council on Ethics recommends that Larsen & Toubro Ltd (L&T) be excluded from investment by the Norwegian Government Pension ...
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China State Construction Engineering Corp Ltd
The Council on Ethics recommends that the Chinese company China State Construction Engineering Corp Ltd (CSCEC) be excluded from the ...
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Turning Point Brands Inc
The Council on Ethics recommends that Turning Point Brands Inc be excluded from the investment universe of the Government Pension ...
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Prosegur Cia de Seguridad SA
The Council on Ethics recommends that Prosegur Cia de Seguridad SA (Prosegur) be excluded from investment by the Norwegian Government ...
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General Dynamics Corp
The Council on Ethics recommends that General Dynamics Corp be excluded from investment by the Norwegian Government Pension Fund Global ...
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Tianjin Pharmaceutical Da Re Tang Group Corp Ltd
The Council on Ethics recommends to exclude Tianjin Pharmaceutical Da Re Tang Group Corp Ltd from the Government Pension Fund ...
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Bombardier Inc – extended observation
On 13 March 2024, the Council on Ethics recommended to extend the observation of the Canadian company Bombardier Inc (Bombardier) ...
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Compagnie de l’Odet SE and Bollore SE
The Council on Ethics recommends that the companies Compagnie de l’Odet SE and Bolloré SE be excluded from investment by ...
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Mativ Inc – revocation of exclusion
Mativ Inc (formerly Schweitzer-Mauduit International Inc) was excluded from investment by the Norwegian Government Pension Fund Global (GPFG) in 2013 ...