Decisions to exclude companies from the Government Pension Fund Global

Norges Bank has decided to exclude Texwinca Holdings Co due to unacceptable risk that the company is responsible for serious or systematic human rights violations. Evergy Inc and Washington H. Soul Pattinson & Co Ltd. was excluded based on an assessment of the product-based coal criterion.

17 January 2019

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. The Executive Board has decided to exclude Texwinca Holdings Co due to unacceptable risk that the company is responsible for serious or systematic violations of human rights (see § 3, subsection a, of the Guidelines for observation and exclusion from the Government Pension Fund Global). The Executive Board’s decision on exclusion were made based on a recommendation from the Council on Ethics.

The Executive Board has also decided to exclude Evergy Inc and Washington H. Soul Pattinson & Co Ltd. based on an assessment of the product-based coal criterion. (see § 2 (2), of the Guidelines). The Executive Board’s decision on exclusion were made based on a recommendation from Norges Bank Investment Management.
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’ recommendation

Norges Bank Investment Management's recommondation

List of all excluded companies

For more information, contact:

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