Decisions on observation and exclusion

Norges Bank has decided to exclude a company from the Government Pension Fund Global, as well as to place one company under observation.

21 December 2021

The Executive Board has decided to exclude the company Yunnan Baiyao Group Co Ltd due to unacceptable risk that the company contributes to serious environmental damage, ref. the conduct-based criteria in section 4 e) of the Guidelines for Observation and Exclusion from the Government Pension Fund Global. The decision is based on a recommendation from the Council on Ethics of 27 May 2021.  

The Executive Board has also decided to place the company Marfrig Global Foods SA under observation due to risk that the company contributes to serious environmental damage, ref. the conduct-based criteria in section 4 e) of the Guidelines for Observation and Exclusion from the Government Pension Fund Global. The decision is based on a recommendation from the Council on Ethics of 30 September 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:

Yunnan Baiyao Group Co Ltd
Marfrig Global Foods SA

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