Decision on exclusion
Norges Bank has decided to exclude one company.
12 September 2025
The Norges Bank Executive Board has decided to exclude the company Eramet SA due to an unacceptable risk that the company contributes to or is responsible for severe environmental damage and serious human rights violations, ref. the conduct-based criterion § 4 a and e in the Guidelines for Observation and Exclusion from the Government Pension Fund Global.
The decision is based on a recommendation from the Council on Ethics of 18 March 2025.
The Board has not independently assessed all aspects of the recommendation but finds it sufficiently substantiated that the exclusion criteria have been fulfilled. Before deciding to exclude a company, Norges Bank shall consider whether other measures, including active ownership, may be better suited. The Board’s assessment is that it is not appropriate to use other measures in this case.
The Council on Ethics’ recommendations:
Eramet SA
Press contacts:
Line Aaltvedt
Head of Communications
Tel: +47 948 54 656
Une Solheim
Communications Advisor
Tel: +47 918 58 627
Email: press@nbim.no