Decisions on exclusion

Norges Bank has decided to exclude four companies from the Government Pension Fund Global.

2 September 2021

The Executive Board has decided to exclude the companies Elco Ltd, Ashtrom Group Ltd and Electra Ltd due to unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations of war or conflict, ref. section 3 (1) (b) of the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global. The decision is based on recommendations from the Council on Ethics of 15 March 2021. The Council on Ethics has recommended Norges Bank to exclude the companies based on the companies’ activities associated with Israeli settlements on the West Bank.

The Executive Board has also decided to exclude the company Oil & Natural Gas Corp Ltd due to unacceptable risk that the company contributes to systematic violations of individuals’ rights in situations or war or conflict, ref. section 3 (1) (b) of the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global. The Council on Ethics has recommended Norges Bank to exclude the company based on the company’s ties to groups that seriously violate human rights in South Sudan. The decision is based on a recommendation from the Council on Ethics of 8 January 2021.

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. 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:
Elco Ltd
Ashtrom Group Ltd
Electra Ltd
Oil & Natural Gas Corp Ltd

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Line Aaltvedt
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