Ethical guidelines

The ethical guidelines for the Government Pension Fund Global are promoted through the following three measures:

• Exercise of ownership rights
• Exclusion of companies
• Observation of companies

The exercise of ownership rights is Norges Bank’s responsibility. The bank’s Executive Board has adopted a set of principles governing this work.

The Ministry of Finance decides on placing a company on the observation list and exclusions of companies. The government has appointed a Council on Ethics which makes recommendations to the Ministry. The Ministry then issues instructions regarding exclusions to Norges Bank, so that divestments can happen before any announcements are made.