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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 (formerly 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 (formerly EADS Finance BV) Product-based  Production of nuclear weapons Exclusion 02.09.2005
Airbus SE (formerly 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 (formerly Babcock & Wilcox Co) Product-based  Production of nuclear weapons Exclusion 11.01.2013
Cairn Energy Plc Conduct-based  Other particularly serious violations of fundamental ethical norms Exclusion 28.06.2016
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 Corp (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
Dynegy Inc Product-based  Production of coal or coal-based energy Exclusion 14.04.2016
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 Plains Energy Inc Product-based  Production of coal or coal-based energy Exclusion 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
Kosmos Energy Ltd Conduct-based  Other particularly serious violations of fundamental ethical norms Exclusion 28.06.2016
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
LuthaiTextile 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
Orbital ATK Inc (after merger with Alliant Techsystems Inc) Product-based  Production of nuclear weapons Exclusion 21.08.2013
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 (formerly 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
Reynolds American Inc Product-based  Production of tobacco Exclusion 19.01.2010
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
Souza Cruz Ltda Product-based  Production of tobacco Exclusion 19.01.2010
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
Talen Energy Corp Product-based  Production of coal or coal-based energy Observation 21.12.2016
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 (previously called Sesa Sterlite, into which Madras Aluminium Company and Sterlite Industries Ltd, both excluded 31 October 2007, were merged) 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
Westar Energy Inc Product-based  Production of coal or coal-based energy Exclusion 21.12.2016
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
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