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Decisions on exclusion

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

27 April 2023

The Executive Board has decided to exclude the companies GAIL India Ltd and Korea Gas Corporation 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 background is the companies' business collaboration with an organization affiliated with the military in Myanmar. The decision is based on a recommendation from the Council on Ethics of 29 November 2022.  

The Executive Board has not conducted an independent assessment of all aspects of the recommendations but is satisfied that the observation and 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: 

Korea Gas Corporation (KOGAS)
GAIL India Ltd

Press contact:

Line Aaltvedt
Head of Media and Internal Communications
Tel: +47 948 54 656

See the total list of excluded companies