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Observation and exclusion of companies

Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list.

Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance.

The decisions are based on recommendations from the Council on Ethics appointed by the Ministry of Finance. For the product-based coal criterion, decisions are based on recommendations from Norges Bank Investment Management.

Exclusions are regulated by the Guidelines for the observation and exclusion of companies from the Government Pension Fund Global, adopted by the Ministry of Finance on 18 December 2014.

Latest update of the list: 30 September 2016

Product-based exclusions

Production of coal or coal-based energy

First tranche of exclusions, 14 April 2016

Download grounds for decision (PDF)
Press release on the exclusions

  • Aboitiz Power Corp
  • AES Corp/VA
  • AES Gener SA
  • ALLETE Inc
  • Ameren Corp, including bonds issued by
    • Union Electric Co (d/b/a Ameren Missouri)
  • American Electric Power Co Inc, including bonds issued by
    • Appalachian Power Co
    • Indiana Michigan Power Co
  • Capital Power Corp
  • CESC Ltd
  • China Coal Energy Co Ltd
  • China Power International Development Ltd
  • China Resources Power Holdings Co Ltd
  • China Shenhua Energy Co Ltd
  • CLP Holdings Ltd
  • Coal India Ltd
  • CONSOL Energy Inc
  • Datang International Power Generation Co Ltd
  • Drax Group PLC
  • DTE Energy Co
  • Dynegy Inc
  • E.CL SA
  • Exxaro Resources Ltd
  • FirstEnergy Corp
  • Gujarat Mineral Development Corp Ltd
  • Hokkaido Electric Power Co Inc
  • Huadian Power International Corp Ltd
  • Huaneng Power International Inc
  • Lubelski Wegiel Bogdanka SA
  • MGE Energy Inc
  • New Hope Corp Ltd
  • NTPC Ltd
  • Okinawa Electric Power Co Inc/The
  • Peabody Energy Corp
  • PNM Resources Inc
    • Public Service Co of New Mexico
  • Public Power Corp SA
  • Reliance Infrastructure Ltd
  • Reliance Power Ltd
  • Shikoku Electric Power Co Inc
  • Tata Power Co Ltd
  • TransAlta Corp
  • WEC Energy Group Inc, including bonds issued by
    • Wisconsin Electric Power Co
  • Whitehaven Coal Ltd
  • Xcel Energy Inc, including bonds issued by
    • Northern States Power Co MN
    • Public Service Co of Colorado
    • Southwestern Public Service Co
  • Yanzhou Coal Mining Co Ltd

Production of cluster munitions

Production of nuclear weapons

Production of tobacco

Conduct-based exclusions

Serious violations of human rights

Severe environmental damage

Gross corruption

Serious violations of individuals’ rights in situations of war or conflict

Other particularly serious violations of fundamental ethical norms


Companies placed under observation

Petroleo Brasileiro SA is placed under observation because of the risk of severe corruption. Read more in news article from 28 January 2015

Astra International Tbk PT is placed under observation because of the risk of severe environmental damage. Read more in news article from 13 October 2015