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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.

The following alphabetical overview shows companies that are currently excluded or under observation. Latest update: 10 July 2018

Company name (click for press release)   Category Criterion Decision Publishing date
Aboitiz Power Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
AECOM   Product-based  Production of nuclear weapons Exclusion 16.01.2018
Aerojet Rocketdyne Holdings Inc  Former GenCorp Inc Product-based  Production of nuclear weapons Exclusion 11.01.2008
AES Corp/VA   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
AES Gener SA   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Africa Israel Investments Ltd   Conduct-based  Serious violations of individuals' rights in situations of war or conflict Exclusion 30.01.2014
Airbus Finance BV  Former EADS Finance BV Product-based  Production of nuclear weapons Exclusion 02.09.2005
Airbus SE  Former EADS NV Product-based  Production of nuclear weapons Exclusion 01.01.2006
ALLETE Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Alliant Energy Corp   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Altria Group Inc   Product-based  Production of tobacco Exclusion 19.01.2010
Ameren Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
American Electric Power Co Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Astra International Tbk PT   Conduct-based  Severe environmental damage Observation 13.10.2015
Atal SA/Poland   Conduct-based  Serious violations of human rights Exclusion 16.01.2018
BAE Systems Plc   Product-based  Production of nuclear weapons Exclusion 16.01.2018
Barrick Gold Corp   Conduct-based  Severe environmental damage Exclusion 30.01.2009
Berkshire Hathaway Energy Co    Product-based  Production of coal or coal-based energy Observation 10.07.2018
Bharat Heavy Electricals Ltd   Conduct-based  Severe environmental damage Exclusion 05.05.2017
Boeing Co/The   Product-based  Production of nuclear weapons Exclusion 05.01.2006
British American Tobacco Malaysia Bhd   Product-based  Production of tobacco Exclusion 19.01.2010
British American Tobacco Plc   Product-based  Production of tobacco Exclusion 19.01.2010
BWX Technologies Inc  Former Babcock & Wilcox Co Product-based  Production of nuclear weapons Exclusion 11.01.2013
Capital Power Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
CESC Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
CEZ AS   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
China Coal Energy Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
China Power International Development Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
China Resources Power Holdings Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
China Shenhua Energy Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Chugoku Electric Power Co Inc/The   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
CLP Holdings Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
CMS Energy Corp   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Coal India Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
CONSOL Energy Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Datang International Power Generation Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
DMCI Holdings Inc   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Drax Group PLC   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
DTE Energy Co   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Duke Energy Cor Including the wholly-owned subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC and Progress Energy Inc Conduct-based  Severe environmental damage Exclusion 07.09.2016
EDP - Energias de Portugal SA   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Elbit Systems Ltd   Conduct-based  Other particularly serious violations of fundamental ethical norms Exclusion 03.09.2009
Electric Power Development Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Electricity Generating PCL   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Emera Inc   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Empire District Electric Co/The   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Endesa SA   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Eneva SA   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Engie Energia Chile SA   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Evergreen Marine Corp Taiwan Ltd   Conduct-based  Severe environmental damage | Serious violations of human rights Exclusion 16.01.2018
Exxaro Resources Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
FirstEnergy Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Fluor Corp   Product-based  Production of nuclear weapons Exclusion 16.01.2018
Freeport-McMoRan Inc   Conduct-based  Severe environmental damage Exclusion 06.06.2006
General Dynamics Corp   Product-based  Production of cluster munitions Exclusion 02.09.2005
Genting Bhd   Conduct-based  Severe environmental damage Exclusion 17.08.2015
Glow Energy PCL   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Great River Energy   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Grupo Carso SAB de CV   Product-based  Production of tobacco Exclusion 24.08.2011
Guangdong Electric Power Development Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Gudang Garam tbk pt   Product-based  Production of tobacco Exclusion 19.01.2010
Gujarat Mineral Development Corp Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Hansae Co Ltd   Conduct-based  Serious violations of human rights Observation 29.06.2017
Hansae Yes24 Holdings Co Ltd   Conduct-based  Serious violations of human rights Observation 29.06.2017
Hanwha Corp   Product-based  Production of cluster munitions Exclusion 11.01.2008
HK Electric Investments & HK Electric Investments Ltd   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Hokkaido Electric Power Co Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Hokuriku Electric Power Co   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Honeywell International Inc   Product-based  Production of nuclear weapons Exclusion 05.01.2006
Huabao International Holdings Ltd   Product-based  Production of tobacco Exclusion 08.05.2013
Huadian Energy Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Huadian Power International Corp Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Huaneng Power International Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Huntington Ingalls Industries Inc   Product-based  Production of nuclear weapons Exclusion 16.01.2018
IDACORP Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
IJM Corp Bhd   Conduct-based  Severe environmental damage Exclusion 17.08.2015
Imperial Brands Plc   Product-based  Production of tobacco Exclusion 19.01.2010
Inner Mongolia Yitai Coal Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
ITC Ltd   Product-based  Production of tobacco Exclusion 19.01.2010
Jacobs Engineering Group Inc   Product-based  Production of nuclear weapons Exclusion 11.01.2013
Japan Tobacco Inc   Product-based  Production of tobacco Exclusion 19.01.2010
Jastrzebska Spolka Weglowa SA   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
JBS SA   Conduct-based  Gross corruption Exclusion 10.07.2018
Korea Electric Power Corp   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Korea Line Corp   Conduct-based  Severe environmental damage | Serious violations of human rights Exclusion 16.01.2018
KT&G Corp   Product-based  Production of tobacco Exclusion 19.01.2010
Kyushu Electric Power Co Inc   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Leonardo SpA   Conduct-based  Gross corruption Observation 05.05.2017
Lockheed Martin Corp   Product-based  Production of nuclear weapons Exclusion 21.08.2013
Lubelski Wegiel Bogdanka SA   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Luthai Textile Co Ltd   Conduct-based  Serious violations of human rights Exclusion 10.07.2018
Malakoff Corp Bhd   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
MGE Energy Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
MidAmerican Energy Co    Product-based  Production of coal or coal-based energy Observation 10.07.2018
MMC Norilsk Nickel PJSC   Conduct-based  Severe environmental damage Exclusion 19.11.2009
New Hope Corp Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Nien Hsing Textile Co Ltd   Conduct-based  Serious violations of human rights Observation 10.07.2018
Northrop Grumman Corp   Product-based  Production of nuclear weapons Exclusion 05.01.2006
NorthWestern Corp   Product-based  Production of coal or coal-based energy Observation 07.03.2017
NRG Energy Inc   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
NTPC Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Nutrien Ltd   Conduct-based  Other particularly serious violations of fundamental ethical norms Exclusion 06.12.2011
OGE Energy Corp   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Okinawa Electric Power Co Inc/The   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Otter Tail Corp   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
PacifiCorp   Product-based  Production of coal or coal-based energy Exclusion 10.07.2018
Pan Ocean Co Ltd   Conduct-based  Severe environmental damage | Serious violations of human rights Observation 16.01.2018
Peabody Energy Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
PetroChina Co Ltd   Conduct-based  Gross corruption Observation 05.05.2017
Petroleo Brasileiro SA   Conduct-based  Gross corruption Observation 28.01.2016
PGE Polska Grupa Energetyczna SA   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Philip Morris Cr AS   Product-based  Production of tobacco Exclusion 19.01.2010
Philip Morris International Inc   Product-based  Production of tobacco Exclusion 19.01.2010
Pinnacle West Capital Corp   Product-based  Production of coal or coal-based energy Observation 21.12.2016
PNM Resources Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Poongsan Corp   Product-based  Production of cluster munitions Exclusion 06.12.2006
Portland General Electric Co   Product-based  Production of coal or coal-based energy Observation 07.03.2017
POSCO   Conduct-based  Severe environmental damage Exclusion 17.08.2015
Posco Daewoo Corp   Conduct-based  Severe environmental damage Exclusion 17.08.2015
Precious Shipping PCL   Conduct-based  Severe environmental damage | Serious violations of human rights Exclusion 16.01.2018
Public Power Corp SA   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Pyxus International Inc  Former Alliance One International Inc Product-based  Production of tobacco Exclusion 19.01.2010
Reliance Infrastructure Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Reliance Power Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Rio Tinto Ltd   Conduct-based  Severe environmental damage Exclusion 09.09.2008
Rio Tinto Plc   Conduct-based  Severe environmental damage Exclusion 09.09.2008
Safran SA   Product-based  Production of nuclear weapons Exclusion 05.01.2006
San Leon Energy Plc   Conduct-based  Other particularly serious violations of fundamental ethical norms Exclusion 04.03.2016
SCANA CORP   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Schweitzer-Mauduit International Inc   Product-based  Production of tobacco Exclusion 08.05.2013
SDIC Power Holdings Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 07.03.2017
Serco Group Plc   Product-based  Production of nuclear weapons Exclusion 11.01.2008
Shanghai Industrial Holdings Ltd   Product-based  Production of tobacco Exclusion 15.03.2011
Shikoku Electric Power Co Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Shikun & Binui Ltd   Conduct-based  Serious violations of individuals' rights in situations of war or conflict Exclusion 15.06.2012
Southern Co/The   Product-based  Production of coal or coal-based energy Observation 21.12.2016
Swedish Match AB   Product-based  Production of tobacco Exclusion 19.01.2010
Ta Ann Holdings Bhd   Conduct-based  Severe environmental damage Exclusion 14.10.2013
Tata Power Co Ltd/The   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Tenaga Nasional Bhd   Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
Textron Inc   Product-based  Production of cluster munitions Exclusion 30.01.2009
Thoresen Thai Agencies PCL   Conduct-based  Severe environmental damage | Serious violations of human rights Exclusion 16.01.2018
Tohoku Electric Power Co Inc   Product-based  Production of coal or coal-based energy Observation 21.12.2016
TransAlta Corp   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Tri-State Generation and Transmission Association Inc   Product-based  Production of coal or coal-based energy Exclusion 10.07.2018
Universal Corp/VA   Product-based  Production of tobacco Exclusion 19.01.2010
Vector Group Ltd   Product-based  Production of tobacco Exclusion 19.01.2010
Vedanta Ltd  Former Sesa Sterlite  Conduct-based  Severe environmental damage Exclusion 30.01.2014
Vedanta Resources Plc   Conduct-based  Severe environmental damage Exclusion 06.11.2007
Volcan Cia Minera SAA   Conduct-based  Severe environmental damage Exclusion 14.10.2013
Wal-Mart de Mexico SAB de CV   Conduct-based  Serious violations of human rights Exclusion 06.06.2006
Walmart Inc   Conduct-based  Serious violations of human rights Exclusion 06.06.2006
WEC Energy Group Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Whitehaven Coal Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
WTK Holdings Bhd   Conduct-based  Severe environmental damage Exclusion 14.10.2013
Xcel Energy Inc   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Yanzhou Coal Mining Co Ltd   Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
Zijin Mining Group Co Ltd   Conduct-based  Severe environmental damage Exclusion 14.10.2013
ZTE Corp   Conduct-based  Gross corruption Exclusion 07.01.2016
Zuari Agro Chemicals Ltd   Conduct-based  Serious violations of human rights Exclusion 14.10.2013