Decisions on observation and exclusion

Norges Bank has decided to exclude three companies from the Government Pension Fund Global, and end observation of one company.

15 December 2022

The Executive Board has decided to exclude the companies PTT PCL (PTT) and subsidiary PTT Oil and Retail Business PCL (PTTOR) due to unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war or conflict, ref. the conduct-based criteria in section 4 (b) of the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global. The decision is based on a recommendation from the Council on Ethics of 10 May 2022.

The Executive Board has also decided to exclude the company Cognyte Software Ltd due to unacceptable risk that the company contributes to serious human rights violations, ref. the conduct-based criteria in section 4 (a) of the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global. The decision is based on a recommendation from the Council on Ethics of 17 June 2022.

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.

Furthermore, the Executive Board has decided to revoke the observation of the company Leonardo SpA. In 2017, Norges Bank decided to place Leonardo SpA under observation, based on a recommendation from the Council on Ethics to exclude the company due to unacceptable risk that the company contributes to or is responsible for gross corruption, ref. the conduct-based criteria in section 4 (g). Based on the Council on Ethics’ investigations, there are no longer grounds for observation. The decision is based on a recommendation from the Council on Ethics of 23 August 2022.

The Council on Ethics’ recommendations:

Cognyte Software Ltd  
PTT PCL, PTT Oil and Retail Business PCL
Leonardo SpA

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