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 overview shows companies that are currently excluded or under observation. Latest update: 16 January 2018
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 Ltd
- 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/The
- 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
- Engie Energia Chile 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/The
- TransAlta Corp
- WEC Energy Group Inc
- Whitehaven Coal Ltd
- Xcel Energy Inc
- Yanzhou Coal Mining Co Ltd
Production of cluster munitions
- Textron Inc (30 January 2009)
- Hanwha Corp (11 January 2008)
- Poongsan Corp (6 December 2006)
- General Dynamics Corp (2 September 2005)
Production of nuclear weapons
- AECOM (16 January 2018)
- BAE Systems Plc (16 January 2018)
- Fluor Corp (16 January 2018)
- Huntington Ingalls Industries Inc (16 January 2018)
- Orbital ATK Inc (after merger with Alliant Techsystems Inc) (21 August 2013)
- Lockheed Martin Corp (21 August 2013)
- BWX Technologies Inc (formerly Babcock & Wilcox Co) (11 January 2013)
- Jacobs Engineering Group Inc (11 January 2013)
- Serco Group Plc (11 January 2008)
- Aerojet Rocketdyne Holdings Inc (formerly GenCorp Inc) (11 January 2008)
- Safran SA (5 January 2006)
- Northrop Grumman Corp (5 January 2006)
- Honeywell International Inc (5 January 2006)
- Airbus Finance BV (formerly EADS Finance BV) (2 September 2005)
- Airbus SE (formerly EADS NV) (2 September 2005)
- Boeing Co/The (5 January 2006)
Production of tobacco
- Schweitzer-Mauduit International Inc (8 May 2013)
- Huabao International Holdings Ltd (8 May 2013)
- Grupo Carso SAB de CV (24 August 2011)
- Shanghai Industrial Holdings Ltd (15 March 2011)
- Alliance One International Inc (19 January 2010)
- Altria Group Inc (19 January 2010)
- British American Tobacco Malaysia Bhd (19 January 2010)
- British American Tobacco Plc (19 January 2010)
- Gudang Garam tbk pt (19 January 2010)
- Imperial Brands Plc (19 January 2010)
- ITC Ltd (19 January 2010)
- Japan Tobacco Inc (19 January 2010)
- KT&G Corp (19 January 2010)
- Philip Morris International Inc (19 January 2010)
- Philip Morris Cr AS (19 January 2010)
- Reynolds American Inc (19 January 2010)
- Souza Cruz Ltda (19 January 2010)
- Swedish Match AB (19 January 2010)
- Universal Corp/VA (19 January 2010)
- Vector Group Ltd (19 January 2010)
Conduct-based exclusions
SEVERE ENVIRONMENTAL DAMAGE | SERIOUS VIOLATIONS OF HUMAN RIGHTS
- Evergreen Marine Corp Taiwan Ltd (16 January 2018)
- Korea Line Corp (16 January 2018)
- Precious Shipping PCL (16 January 2018)
- Thoresen Thai Agencies PCL (16 January 2018)
Serious violations of human rights
- Atal SA/Poland (16 January 2018)
- Zuari Agro Chemicals Ltd (14 October 2013)
- Walmart Inc (6 June 2006)
- Wal-Mart de Mexico SAB de CV (6 June 2006)
Severe environmental damage
- Bharat Heavy Electricals Ltd (5 May 2017)
- Duke Energy Corp, including the below wholly-owned subsidiaries (7 September 2016)
- Duke Energy Carolinas LLC
- Duke Energy Progress LLC
- Progress Energy Inc
- IJM Corp Bhd (17 August 2015)
- Genting Bhd (17 August 2015)
- POSCO (17 August 2015)
- Posco Daewoo Corp (17 August 2015)
- Vedanta Ltd (30 January 2014) (previously called Sesa Sterlite, into which Madras Aluminium Company and Sterlite Industries Ltd. - both excluded 31 October 2007- were merged)
- WTK Holdings Bhd (14 October 2013)
- Ta Ann Holdings Bhd (14 October 2013)
- Zijin Mining Group Co Ltd (14 October 2013)
- Volcan Cia Minera SAA (14 October 2013)
- MMC Norilsk Nickel PJSC (19 November 2009)
- Barrick Gold Corp (30 January 2009)
- Rio Tinto Plc (9 September 2008)
- Rio Tinto Ltd (9 September 2008)
- Vedanta Resources Plc (6 November 2007)
- Freeport-McMoRan Inc (6 June 2006)
Gross corruption
Serious violations of individuals’ rights in situations of war or conflict
Other particularly serious violations of fundamental ethical norms
- Kosmos Energy Ltd (28 June 2016)
- Cairn Energy Plc (28 June 2016)
- San Leon Energy Plc (4 March 2016)
- Nutrien Ltd (6 December 2011)
- Elbit Systems Ltd (3 September 2009)
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 Co (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)
Pan Ocean Co Ltd has been placed under observation because of the risk of severe environmental damage and serious or systematic violations of human rights. Read more in news article from 16 January 2018
Hansae Yes24 Holdings Co Ltd is placed under observation because of the risk of systematic violations of human rights. Read more in news article from 29 June 2017
Hansae Co Ltd is placed under observation because of the risk of systematic violations of human rights. Read more in news article from 29 June 2017
PetroChina Co Ltd is placed under observation because of the risk of severe corruption. Read more in news article from 5 May 2017
Leonardo SpA is placed under observation because of the risk of severe corruption. Read more in news article from 5 May 2017
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
