Responsible investment 2025
Government Pension Fund Global
Published: 26 February 2026
Long-term value
Our mandate is to generate financial returns for current and future generations of Norwegians. This requires that our investments achieve sustainable value over time. In 2025, we launched our updated Climate action plan towards 2030, improved our sustainability reporting and used AI to enhance our risk monitoring.
2025 at a glance
We voted on 108,325 resolutions at 10,873 to express our views as an , promote long-term value creation by companies and safeguard the fund's assets. We also published our third standalone voting review.
As a shareholder in 7,201 companies, we need to prioritise our company dialogues. We prioritise dialogues with our largest investments, or where risks
and opportunities appear heightened. In 2025, we held a total of 3,198 meetings with 1,341 companies.
Overall, we held 1,498 meetings with 815 companies in 2025 where governance and sustainability topics were discussed, covering 47 percent of our company meetings and 61 percent of the value of the equity portfolio.
Risk-based divestments are investment decisions. They are active
decisions within our tracking error limits that affect relative return. In 2025, we divested from 58 companies. Of these, 17 decisions involved companies that entered the fund's benchmark index during the year. Altogether, we have made 633 divestment decisions since 2012.
Our voting
Voting is a core shareholder right and an important tool to support the fund’s long-term interests. We voted at 10,873 shareholder meetings in 2025, casting votes on 108,325 proposals, to express our views as an investor, promote long-term value creation by companies and safeguard the fund’s assets.
10,873
105,985
94%
We voted in line with the board's recommendation in 94 percent of all resolutions
Our starting point is to support boards in their work. Our company engagements, together with our global voting guidelines and position papers, inform our voting decisions.
In some key areas, such as CEO pay, board independence and election of a combined chair/CEO, we voted against fewer proposals in 2025, reflecting evolving company practices, regulatory developments and changes to our portfolio.
Company dialogues
We meet the companies in the fund regularly to promote good corporate governance, sustainable business models and responsible business practices.
Invested in 7,201 companies and market participant in 68 countries
We engage with relevant international organisations, standard setters and regulators to contribute to the development and adoption of standards on corporate governance, corporate disclosures, responsible business conduct and climate and nature risks. We also participate in the development of best practices for responsible investment.
2030 Climate action plan
Our ambition is for portfolio companies to achieve net zero emissions by 2050.
Climate and nature disclosures
The fund is a long-term, diversified owner, investing in global markets. Climate and nature risks are interconnected and can affect the fund’s financial performance.
Explore the full report
Our mandate is to generate financial returns for current and future generations of Norwegians. This requires that our investments achieve sustainable value over time. In 2025, we launched our updated Climate action plan towards 2030, improved our sustainability reporting and used AI to enhance our risk monitoring.