On 3 December 2014 the Council on Ethics recommended the exclusion of the company NTPC Ltd. because of an unacceptable risk that the construction and operation of a coal fired power plant In Bangladesh will damage the unique natural values in the protected areas of the Sundarbans mangroves.

On 1 January 2015 new Guidelines for Observation and exclusion from the Government Pension Fund Global came into force. The new Guidelines apply to companies in the Fund’s portfolio. As of 1 January 2015 NTPC Ltd. was not included in the Fund’s portfolio.

As set out in paragraph 12 litra b) of the new Guidelines, all recommendations from the Council on Ethics which the Ministry of Finance had received, but not finally processed by 1 January 2015, should be taken note of by the Ministry and made public. The recommendation is thus published on the Council on Ethics’ website.

Please find the recommendation here.