The Council on Ethics recommends that the exclusion of Texwinca Holdings Ltd from investment by the Government Pension Fund Global (GPFG) be revoked.
Texwinca is a Chinese company that produces textiles and garments. On 5 June 2018, the Council on Ethics recommended to exclude the company on the grounds of systematic labour rights abuses at two garment factories wholly owned by the company Megawell, in which Texwinca held 50 per cent of the shares. Megawell was wound up in 2019, and its two garment factories closed down. Therefore, there are no longer grounds for maintaining its exclusion of Texwinca.
The Council on Ethics submitted its recommendation 19 february 2020. Norges Bank published its decision to revoke the exclusion of the company on 20 May 2020.