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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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 ...
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L3Harris Technologies Inc
The Council on Ethics recommends that L3Harris Technologies Inc be excluded from investment by the GPFG due to the company’s ...
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Weichai Power Co Ltd
The Council on Ethics recommends that Weichai Power Co Ltd (WP) be excluded from investment by the Norwegian Government Pension ...
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Adani Ports & Special Economic Zone Ltd
The Council on Ethics recommends that Adani Ports & Special Economic Zone Ltd (APSEZ) be excluded from investment by the ...
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PT Astra International Tbk, Jardine Matheson Holdings Ltd and Jardine Cycle & Carriage Ltd
The Council on Ethics recommends that PT Astra International Tbk (Astra) and the parent companies Jardine Cycle & Carriage Ltd ...
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KDDI Corp
On 29 June 2023, the Council on Ethics recommended to exclude the company KDDI from investment by the Norwegian Government Pension ...
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Delek Group Ltd
The Council on Ethics recommends that Delek Group Ltd be excluded from the Government Pension Fund Global because the company ...
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Sumitomo Corp
On 29 June 2023, the Council on Ethics recommended to exclude the company Sumitomo Corp from investment by the Norwegian Government ...