The Council on Ethics recommends that the exclusion of the company Precious Shipping PCL from the Government Pension Fund Global be revoked.

The Council on Ethics recommended the exclusion of the company in 2017 due to the company’s practice of disposing of decommissioned ships that were sold to be broken up for scrap on beaches in Bangladesh and Pakistan (so-called beaching).

Since then, the company has not disposed of any further ships for scrapping. The Council on Ethics therefore finds that the grounds for exclusion no longer exist.

Norges Bank published its decision to revoke the exclusion of the company on 1 July 2021.

Please find the Council’s recommendation here.