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Decisions on exclusion

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

29 February 2024

The Norges Bank Executive Board has decided to exclude the companies Jardine Matheson Holdings Ltd., Jardine Cycle & Carriage Ltd and PT Astra International Tbk due to unacceptable risk of the company contributing to or being responsible for severe environmental damage, ref. the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global § 4 e. PT Astra International Tbk has been under observation since October 2015, but that observation now ends given the exclusion decision.

The decisions are based on a recommendation from the Council on Ethics of 12 May 2023.

The Executive Board has not conducted an independent assessment of all aspects of the recommendation 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 this case.

The Council on Ethics’ recommendations:

Jardine Matheson Holdings Ltd
Jardine Cycle & Carriage Ltd
PT Astra International Tbk

Press contact:
Line Aaltvedt
Head of Communications
Tel: +47 948 54 656

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