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:
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- 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
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Kirin Holdigs Co Ltd
The Council on Ethics recommends that the observation of the Japanese company Kirin Holdings Co Ltd be terminated. Kirin is ...
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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 ...
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AviChina Industry & Technology Co
The Council on Ethics recommends that AviChina Industry & Technology Co Ltd (AviChina) be excluded from investment by the Norwegian ...
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Bharat Electronics Ltd
The Council on Ethics recommends that Bharat Electronics Ltd (BEL) be excluded from investment by the Norwegian Government Pension Fund ...
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Cognyte Software Ltd
The Council on Ethics recommends that Cognyte Software Ltd (Cognyte) be excluded from investment by the Norwegian Government Pension Fund ...
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Leonardo SpA – termination of observation
The Council on Ethics recommends that observation of Leonardo SpA (Leonardo) be discontinued, as the Council considers that the risk ...
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PTT PCL, PTT Oil and Retail Business PCL
The Council on Ethics recommends that the Thai oil and gas company PTT PCL (PTT) and its subsidiary PTT Oil ...
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Young Poong Corp
The Council on Ethics recommends that Young Poong Corp be excluded from investment by the Norwegian Government Pension Fund Global ...
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NHPC Ltd
The Council on Ethics recommends that NHPC Ltd be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) ...
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Aurora Cannabis Inc
The Council on Ethics recommends to exclude Aurora Cannabis Inc from investment by the Norwegian Government Pension Fund Global (GPFG) ...