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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: 7 March 2017

Product-based exclusions

Production of coal or coal-based energy

The implementation comprises all companies’ unlisted subsidiaries that issue bonds. The exception is green bonds, or subsidiaries that are deemed to have significant renewable energy activity.

Third tranche of exclusions, 7 March 2017

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

  • CEZ AS
  • Eneva SA
  • Great River Energy
  • HK Electric Investments & HK Electric Investments
  • Huadian Energy Co Ltd
  • Korea Electric Power Corp
  • Malakoff Corp Bhd
  • Otter Tail Corp
  • PGE Polska Grupa Energetyczna SA
  • SDIC Power Holdings Co Ltd

Second tranche of exclusions, 21 December 2016

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

  • Alliant Energy Corp
  • Chugoku Electric Power Co Inc/The
  • DMCI Holdings Inc
  • Electric Power Development Co Ltd
  • Electricity Generating PCL
  • Emera Inc
  • Empire District Electric Co
  • Great Plains Energy Inc
  • Guangdong Electric Power Development Co Ltd
  • Hokuriku Electric Power Co
  • Inner Mongolia Yitai Coal Co Ltd
  • Jastrzebska Spolka Weglowa SA
  • NRG Energy Inc
  • Tenaga Nasional Bhd
  • Westar Energy Inc

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
  • American Electric Power Co Inc
  • 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
  • IDACORP 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 Power Corp SA
  • Reliance Infrastructure Ltd
  • Reliance Power Ltd
  • Shikoku Electric Power Co Inc
  • Tata Power Co Ltd
  • TransAlta Corp
  • WEC Energy Group Inc
  • Whitehaven Coal Ltd
  • Xcel Energy Inc
  • 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

The following companies are placed under observation because of the product-related coal criterion. Read more in news articles from 21 December 2016 and 7 March 2017

  • CMS Energy Corp (21 December 2016)
  • EDP Energias de Portugal SA (21 December 2016)
  • Endesa SA (21 December 2016)
  • Glow Energy PCL (21 December 2016)
  • Kyushu Electric Power Co Inc (21 December 2016)
  • NorthWestern Corp (7 March 2017)
  • OGE Energy Corp (21 December 2016)
  • Pinnacle West Capital Corp (21 December 2016)
  • Portland General Electric Company (7 March 2017)
  • SCANA CORP (21 December 2016)
  • Southern Co/The (21 December 2016)
  • Talen Energy Corp (21 December 2016)
  • Tohoku Electric Power Co Inc (21 December 2016)

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