The Council on Ethics recommends that Prosegur Cia de Seguridad SA (Prosegur) be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company is contributing to serious human rights abuses.
Prosegur is a Spanish company which, among other things, provides security services in several Latin American countries. The company’s subsidiary in Brazil has been involved in severe acts of violence and abuse of tribal people’s rights, providing security services for two clients.
Since the company continues to perform the assignments where the abuse took place, and also operates in numerous countries in which there are land disputes and serious antagonism between commercial companies and local populations, the Council presumes that new situations may arise involving a considerable risk of human rights abuses. The Council on Ethics finds that Prosegur has not substantiated that its systems for identifying and managing such risks are adequate, and deems the risk that Prosegur will contribute to serious human rights abuses in future to be unacceptable.
The Council on Ethics issued its recommendation on exclusion on 25 April 2024. Norge Bank announced its decision to exclude the company on 5 September 2024.