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.
- Upon request, the Council can provide notification via email when new recommendations are made public.
Please send request to postmottak@etikkradet.no. - 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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Toronto-Dominion Bank
The Council on Ethics recommends that Toronto-Dominion Bank (TD) be placed under observation due to an unacceptable risk that the ...
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Paz Retail and Energy Ltd
The Council on Ethics recommends that Paz Retail and Energy Ltd (Paz) be excluded from investment by the Norwegian Government ...
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Rio Tinto PLC and Rio Tinto Ltd
The Council on Ethics recommends the exclusion of Rio Tinto PLC and Rio Tinto Ltd (Rio Tinto Group) from investment ...
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Petroleos Mexicanos
The Council on Ethics recommends that the Mexican company Petroleos Mexicanos (Pemex) be excluded from the Norwegian Government Pension Fund ...
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Fincantieri SpA
The Council on Ethics recommends that the Italian company Fincantieri SpA be placed under observation due to the risk that ...
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ORLEN SA
The Council on Ethics recommends that the observation of the Polish Energy company Orlen SA be terminated. The company was ...
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RLX Technology Inc
The Council recommends that RLX Technology Inc be excluded from the GPFG because of the company’s production of tobacco or ...
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Bezeq The Israeli Telecommunication Corp Ltd
The Council on Ethics recommends that Bezeq The Israeli Telecommunications Corp (Bezeq) be excluded from investment by the Norwegian Government ...
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Evraz Plc
The Council on Ethics recommends that Evraz PLC be excluded from the Norwegian Government Pension Fund Global due to an ...
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Hyundai Engineering & Construction Co Ltd
The Council on Ethics recommends that its observation of Hyundai Engineering & Construction Co Ltd (HDEC) be discontinued, as the ...