The Council on Ethics recommends that observation of the companies Hansae Yes24 Holdings and its subsidiary Hansae Co Ltd be terminated.
Hansae is a Korean garment manufacturer which produces textiles and garments in Vietnam, Haiti and Myanmar among others. In June 2017, the companies were placed under observation due to the risk of systematic labour rights violations at Hansae’s garment factories. During the observation period, Hansae has implemented numerous measures to improve working conditions at its factories. The company is now working more systematically to prevent labour rights abuses at its factories. The sum of these measures may help to create lasting improvements. The Council considers that observation of the companies be ended.
The Council submitted its recommendation on 25 November 2021. Norges Bank published its decision to terminate the observation of the company on 7 March 2022.