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
Annual Report 2022
Selected articles:
-
- Foreword by the Council’s chair
- The work of the Council on Ethics
- Human rights, war and conflict
- Climate and environment
- Gross corruption and other serious financial crime
- Product-based criteria
- Companies’ sale of arms to certain states
- Democracy and freedom of the press
- Companies’ business partnerships with the armed forces in Myanmar
Please find the Annual Report in alternative formats here.
Latest recommendations
-
Hyundai Glovis Co Ltd – termination of observation
The Council on Ethics recommends that observation of Hyundai Glovis Co Ltd (Hyundai Glovis) be terminated. Hyundai Glovis was placed ...
-
Thoresen Thai Agencies PCL – revocation of exclusion
The Council on Ethics recommends that the exclusion of Thoresen Thai Agencies PCL (Thoresen Thai) from investment by the Norwegian ...
-
Power Construction Corp China Ltd
The Council on Ethics recommends that Power Construction Group of China Ltd (PowerChina) be excluded from investment by the Norwegian ...
-
Petrofac Ltd
On 3 April 2023, the Council on Ethics recommended that the British company Petrofac Ltd (Petrofac) be placed under observation ...
-
Semen Indonesia Persero Tbk PT
The Council on Ethics recommends that PT Semen Indonesia (Persero) Tbk (SIG) be placed under observation for a period of ...
-
GAIL India Ltd
The Council on Ethics recommends that the Indian gas company GAIL (India) Ltd (GAIL) be excluded from investment by the ...
-
Korea Gas Corporation (KOGAS)
The Council on Ethics recommends that the Korean gas company Korea Gas Corporation (KOGAS) be excluded from investment by the ...
-
Kirin Holdigs Co Ltd
The Council on Ethics recommends that the observation of the Japanese company Kirin Holdings Co Ltd be terminated. Kirin is ...
-
Polski Koncern Naftowy Orlen SA
The Council on Ethics recommends that Polski Koncern Naftowy Orlen SA be placed under observation due to an unacceptable risk ...
-
AviChina Industry & Technology Co
The Council on Ethics recommends that AviChina Industry & Technology Co Ltd (AviChina) be excluded from investment by the Norwegian ...