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Decisions on exclusion and observation from the Government Pension Fund Global

Norges Bank has decided to exclude nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation.

16 January 2018

The companies Evergreen Marine Corp (Taiwan) Ltd, Korea Line Corp, Precious Shipping PCL and Thoresen Thai Agencies PCL are excluded based on an assessment of the risk of severe environmental damage and serious or systematic violations of human rights. Pan Ocean Co. Ltd has been placed under observation based on the same criteria. The company Atal SA has also been excluded due to unacceptable risk of serious or systematic violations of human rights.

The Executive Board has also decided to exclude AECOM, BAE Systems, Fluor Corp and Huntington Ingalls Industries Inc because of their involvement in the production of nuclear weapons. In addition, the Executive Board has decided to maintain the exclusion of Honeywell International Inc on this criterion.

The Executive Board’s decisions on exclusion were made on the basis of recommendations from the Council on Ethics. The Executive Board has not conducted an independent assessment of all aspects of the recommendations, but is satisfied that the exclusion criteria have been fulfilled (see § 3, subsection a and c, and § 2(1), subsection a, of the Guidelines for observation and exclusion from the Government Pension Fund Global). 

Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases.

The Council on Ethics’ recommendations:

List of all excluded companies


Press contact

Runar Malkenes, 
Director of Communications, Norges Bank
Phone: +47 952 14 283