On 27 March 2014, the Council on Ethics recommended the Ministry of Finance to exclude Genting Berhad due to an unacceptable risk that the company is responsible for severe environmental damage as a result of its conversion of tropical forest into oil palm plantations.
On 1 January 2015 new Guidelines for Observation and exclusion from the Government Pension Fund Global came into force. As set out in paragraph 1 litra c) of the new Guidelines, the Council on Ethics shall submit recommendations on the exclusion or observation of companies to Norges Bank. In its letter to the Bank dated 23 June 2015, the Council on Ethics updated its previous recommendation and maintained its advice to exclude Genting Berhad from the Fund.
Please find the Council’s letter to Norges Bank here.
Please find the Council’s recommendation to the Ministry of Finance here.