The Council on Ethics for the Government Pension Fund Global is an independent body which, under the interim ethical guidelines adopted on 7 November 2025, shall inform Norges Bank about companies whose activities fall within specified criteria. The temporary ethical guidelines for the Fund’s investments include both product-based criteria—covering the production of tobacco, cannabis, coal, and certain types of weapons—and conduct-based criteria, which encompass economic crime, the sale of weapons to certain states, human rights violations, and environmental damage. The guidelines are forward-looking and address the risk of ongoing or future unacceptable practices. Their purpose is to identify companies for potential exercise of ownership. Interim ethical guidelines for the Government Pension Fund Global The Council’s recommendations are made public here. Norges Bank’s list of excluded companies. The Council on Ethics’ routines for assessing companies that have been excluded from investment by the GPFG or placed under observation Council Members Council’s Secretariat Annual Report 2025 Alternative formats Latest recommendations Eramet SA The Council on Ethics recommends that Eramet SA be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) ... Mizrahi Tefahot Bank Ltd The Council on Ethics recommends excluding the company Mizrahi Tefahot Bank Ltd (Mizrahi) from the Government Pension Fund Global due ... Bank Hapoalim BM The Council on Ethics recommends excluding the company Bank Hapoalim BM (Hapoalim) from the Government Pension Fund Global due to ... First International Bank Of Israel/ FIBI Holdnings Ltd The Council on Ethics recommends excluding the companies First International Bank of Israel Ltd (First) and FIBI Holdings Ltd (FIBI) ... Caterpillar Inc The Council on Ethics recommends the exclusion of Caterpillar Inc. from the Government Pension Fund Global due to an unacceptable ... Bank Leumi Le-Israel BM The Council on Ethics recommends excluding the company Bank Leumi Le-Israel BM (Leumi) from the Government Pension Fund Global due ... Toronto-Dominion Bank The Council on Ethics recommends that Toronto-Dominion Bank (TD) be placed under observation due to an unacceptable risk that the ... Paz Retail and Energy Ltd The Council on Ethics recommends that Paz Retail and Energy Ltd (Paz) be excluded from investment by the Norwegian Government ... Rio Tinto PLC and Rio Tinto Ltd The Council on Ethics recommends the exclusion of Rio Tinto PLC and Rio Tinto Ltd (Rio Tinto Group) from investment ... Petroleos Mexicanos The Council on Ethics recommends that the Mexican company Petroleos Mexicanos (Pemex) be excluded from the Norwegian Government Pension Fund ... View all recommendations
