In November 2006, the Council on Ethics recommended that the Ministry of Finance should exclude Monsanto Co. from the investment universe of the GPFG. The Council then held the view that continued investment in the company would entail an unacceptable risk of contributing to the worst forms of child labour. The Ministry of Finance decided, based on plans presented by Norges Bank in spring 2007, that it would be appropriate to pursue an active ownership strategy for a limited period of time in order to establish whether this might reduce the risk of contributing to grossly unethical conduct.
Please find the 2006 recommendation here.
On June 10, 2008, the council on Ethics sent a letter to the Ministry of Finance with a new assessment of the case.
Please find the letter here.
On Sept. 9, 2008, the Ministry of Finance issued a press release regarding this case.
Please find the press release here.