Observation and exclusion of companies
Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list.
Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance.
The decisions are based on recommendations from the Council on Ethics appointed by the Ministry of Finance. For the product-based coal criterion, decisions are based on recommendations from Norges Bank Investment Management.
Exclusions are regulated by the Guidelines for the observation and exclusion of companies from the Government Pension Fund Global, adopted by the Ministry of Finance on 18 December 2014.
The following alphabetical overview shows companies that are currently excluded or under observation. Latest update: 11 June 2025.
The decisions are based on recommendations from the Council on Ethics appointed by the Ministry of Finance.
Click the link in the company name to see the related press release
| Company | Category | Criterion | Decision | Publishing date | |
|---|---|---|---|---|---|
| Aboitiz Power Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Adani Ports and Special Economic Zone Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 15.05.2024 | |
| AES Corp/The | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| AES Andes SA | Former AES Gener | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 |
| AGL Energy Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 13.05.2020 | |
| Airbus SE | Former EADS NV | Product-based | Production of nuclear weapons | Exclusion | 01.01.2006 |
| ALLETE Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Alliant Energy Corp | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Altria Group Inc | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Ameren Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| American Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Ashtrom Group Ltd |
Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 02.09.2021 | |
| Astra International Tbk PT | Former PT Astra International Tbk | Conduct-based | Severe environmental damage | Exclusion | 29.02.2024 |
| Aurora Cannabis Inc | Product-based | Production of cannabis | Exclusion | 07.09.2022 | |
| AviChina Industry & Technology Co Ltd |
Conduct-based | Sales of weapons to states in armed conflicts, where the weapons are used in ways that constitute breaches of the international rules on the conduct of hostilities | Exclusion | 24.01.2023 | |
| BAE Systems Plc | Product-based | Production of nuclear weapons | Exclusion | 16.01.2018 | |
| Barrick Gold Corp | Conduct-based | Severe environmental damage | Exclusion | 30.01.2009 | |
| Beijing Tong Ren Tang Chinese Medicine Co Ltd | Conduct-based | Severe environmental damage | Exclusion | 29.09.2021 | |
| Berkshire Hathaway Energy Co | Product-based | Production of coal or coal-based energy | Observation | 10.07.2018 | |
| Bezeq The Israeli Telecommunication Corp Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 03.12.2024 | |
| Bharat Electronics Ltd |
Conduct-based | Sales of weapons to states in armed conflicts, where the weapons are used in ways that constitute breaches of the international rules on the conduct of hostilities |
Exclusion | 24.01.2023 | |
| Bharat Heavy Electricals Ltd | Conduct-based | Severe environmental damage | Exclusion | 05.05.2017 | |
| Boeing Co/The | Product-based | Production of nuclear weapons | Exclusion | 05.01.2006 | |
| Bombardier Inc | Conduct-based | Gross corruption | Observation | 07.03.2022 | |
| British American Tobacco Malaysia Bhd | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| British American Tobacco Plc | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| BWX Technologies Inc | Former Babcock & Wilcox Co | Product-based | Production of nuclear weapons | Exclusion | 11.01.2013 |
| Canadian Natural Resources Ltd |
Conduct-based | Unacceptable greenhouse gas emissions | Exclusion | 13.05.2020 | |
| Canopy Growth Corp |
Product-based | Production of cannabis | Exclusion | 07.09.2022 | |
| Cenovus Energy Inc |
Conduct-based | Unacceptable greenhouse gas emissions | Exclusion | 13.05.2020 | |
| Centrais Eletricas Brasileiras SA | Conduct-based | Violation of human rights | Exclusion | 13.05.2020 | |
| CESC Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| CEZ AS | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| China Coal Energy Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| China Power International Development Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| China Resources Power Holdings Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| China Shenhua Energy Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| China State Construction Engineering Corp Ltd | Conduct-based | Gross corruption | Exclusion | 05.09.2024 | |
| China Traditional Chinese Medicine Holdings Co Ltd |
Conduct-based | Severe environmental damage | Exclusion | 29.09.2021 | |
| Chugoku Electric Power Co Inc/The | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| CLP Holdings Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| CMS Energy Corp | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Coal India Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Cognyte Software Ltd |
Conduct-based | Violation of human rights | Exclusion | 15.12.2022 | |
| CONSOL Energy Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Cronos Group Inc |
Product-based | Production of cannabis | Exclusion | 07.09.2022 | |
| Danya Cebus Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 23.08.2010 | |
| Datang International Power Generation Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Delek Group Ltd | Conduct-based | Other particularly serious violations of fundamental ethical norm | Exclusion | 18.12.2023 | |
| DMCI Holdings Inc | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| DTE Energy Co | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Duke Energy Corp | Incl. subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC and Progress Energy Inc | Conduct-based | Severe environmental damage | Exclusion | 07.09.2016 |
| Eastern Co SAE |
Product-based | Production of tobacco | Exclusion | 07.09.2022 | |
| Elbit Systems Ltd | Conduct-based | Other particularly serious violations of fundamental ethical norms | Exclusion | 03.09.2009 | |
| Elco Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 02.09.2021 | |
| Electra Ltd/Israel |
Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 02.09.2021 | |
| Electric Power Development Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Electricity Generating PCL | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| ElSewedy Electric Co |
Conduct-based | Severe environmental damage | Exclusion | 13.05.2020 | |
| Emera Inc | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Engie Energia Chile SA | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Evergreen Marine Corp Taiwan Ltd | Conduct-based | Severe environmental damage | Violation of human rights | Exclusion | 16.01.2018 | |
| Evergy Inc | Product based | Production of coal or coal-based energy | Exclusion | 17.01.2019 | |
| Evraz PLC | Conduct-based | Other particularly serious violations of fundamental ethical norms | Exclusion | 03.12.2024 | |
| Exxaro Resources Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Fincantieri SpA | Conduct-based | Violation of human rights | Observation | 06.02.2025 | |
| FirstEnergy Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Formosa Chemicals & Fibre Corp | Conduct-based | Violation of human rights | Exclusion | 31.08.2020 | |
| Formosa Taffeta Co Ltd | Conduct-based | Violation of human rights | Exclusion | 31.08.2020 | |
| Fluor Corp | Product-based | Production of nuclear weapons | Exclusion | 16.01.2018 | |
| Freeport-McMoRan Inc | Conduct-based | Severe environmental damage | Exclusion | 06.06.2006 | |
| GAIL India Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 27.04.2023 | |
| General Dynamics Corp | Product-based | Production of nuclear weapons | Exclusion | 05.09.2024 | |
| Genting Bhd | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| Glencore PLC | Product-based | Production of coal or coal-based energy | Exclusion | 13.05.2020 | |
| GMK Norilskiy Nickel PAO | Former MMC Norilsk Nickel PJSC | Conduct-based | Severe environmental damage | Exclusion | 19.11.2009 |
| Grand Pharmaceutical Group Ltd |
Former China Grand Pharmaceutical and Healthcare Holdings Ltd | Conduct-based | Severe environmental damage | Exclusion | 29.09.2021 |
| Great River Energy | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Guangdong Electric Power Development Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Gudang Garam tbk pt | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Gujarat Mineral Development Corp Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Halcyon Agri Corp Ltd | Conduct-based | Severe environmental damage | Exclusion | 18.03.2019 | |
| Hanjaya Mandala Sampoerna Tbk PT |
Product-based | Production of tobacco | Exclusion | 07.09.2022 | |
| HK Electric Investments & HK Electric Investments Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Hokkaido Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Hokuriku Electric Power Co | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Honeys Holdings Co Ltd |
Conduct-based | Violation of human rights | Exclusion | 19.05.2021 | |
| Honeywell International Inc | Product-based | Production of nuclear weapons | Exclusion | 05.01.2006 | |
| Huabao International Holdings Ltd | Product-based | Production of tobacco | Exclusion | 08.05.2013 | |
| Huadian Energy Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Huadian Power International Corp Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Huaneng Power International Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Huntington Ingalls Industries Inc | Product-based | Production of nuclear weapons | Exclusion | 16.01.2018 | |
| IDACORP Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Imperial Brands Plc | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Inner Mongolia Yitai Coal Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Imperial Oil Ltd |
Conduct-based | Unacceptable greenhouse gas emissions | Exclusion | 13.05.2020 | |
| ITC Ltd | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Jacobs Solutions Inc | Former Jacobs Engineering Group Inc | Product-based | Production of nuclear weapons | Exclusion | 11.01.2013 |
| Japan Tobacco Inc | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Jardine Cycle & Carriage Ltd | Conduct-based | Severe environmental damage | Exclusion | 29.02.2024 | |
| Jardine Matheson Holdings Ltd | Conduct-based | Severe environmental damage | Exclusion | 29.02.2024 | |
| JBS S/A | Conduct-based | Gross corruption | Exclusion | 10.07.2018 | |
| KDDI Corp | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Observation | 18.12.2023 | |
| Korea Electric Power Corp | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Korea Gas Corp | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 27.04.2023 | |
| Korea Line Corp | Conduct-based | Severe environmental damage | Violation of human rights | Exclusion | 16.01.2018 | |
| KT&G Corp | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Kyushu Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| L3Harris Technologies Inc | Product-based | Production of nuclear weapons | Exclusion | 15.05.2024 | |
| Larsen & Toubro Ltd | Product-based | Production of nuclear weapons | Exclusion | 05.09.2024 | |
| Li Ning Co Ltd | Conduct-based | Violation of human rights | Exclusion | 07.03.2022 | |
| Lockheed Martin Corp | Product-based | Production of nuclear weapons | Exclusion | 21.08.2013 | |
| Lubelski Wegiel Bogdanka SA | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Lu Thai Textile Co Ltd | Conduct-based | Violation of human rights | Exclusion | 10.07.2018 | |
| Malakoff Corp Bhd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Marfrig Global Foods SA |
Conduct-based | Severe environmental damage | Observation | 21.12.2021 | |
| MGE Energy Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| MidAmerican Energy Co | Product-based | Production of coal or coal-based energy | Observation | 10.07.2018 | |
| Mivne Real Estate KD Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 19.05.2021 | |
| New Hope Corp Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| NHPC Ltd |
Conduct-based | Severe environmental damage | Exclusion | 07.09.2022 | |
| Northrop Grumman Corp | Product-based | Production of nuclear weapons | Exclusion | 05.01.2006 | |
| NorthWestern Corp | Product-based | Production of coal or coal-based energy | Observation | 07.03.2017 | |
| NRG Energy Inc | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| NTPC Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| OGE Energy Corp | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Oil & Natural Gas Corp Ltd |
Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 02.09.2021 | |
| Okinawa Electric Power Co Inc/The | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Otter Tail Corp | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| PacifiCorp | Product-based | Production of coal or coal-based energy | Exclusion | 10.07.2018 | |
| Page Industries Ltd | Conduct-based | Violation of human rights | Exclusion | 31.08.2020 | |
| Pan Ocean Co Ltd | Conduct-based | Severe environmental damage | Violation of human rights | Observation | 22.03.2023 | |
| Paz Retail And Energy Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 11.05.2025 | |
| Peabody Energy Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Petrofac Ltd | Conduct-based | Gross corruption | Observation | 06.07.2023 | |
| Petroleos Mexicanos | Conduct-based | Gross corruption | Exclusion | 11.05.2025 | |
| PGE Polska Grupa Energetyczna SA | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Philip Morris Cr AS | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Philip Morris International Inc | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Pinnacle West Capital Corp | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Poongsan Corp | Product-based | Production of cluster munitions | Exclusion | 06.12.2006 | |
| POSCO Holdings Inc | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| Posco International Corp | Former Posco Daewoo Corp | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 |
| Power Construction Corp of China Ltd | Former Power Construction Group of China Ltd | Conduct-based | Severe environmental damage | Exclusion | 06.07.2023 |
| Prosegur Cia de Seguridad SA | Conduct-based | Violation of human rights | Exclusion | 05.09.2024 | |
| PTT Oil & Retail Business PCL | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 15.12.2022 | |
| PTT PCL |
Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 15.12.2022 | |
| Reliance Infrastructure Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Reliance Power Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| RLX Technology Inc | Product-based | Production of tobacco | Exclusion | 15.01.2025 | |
| RWE AG | Product-based | Production of coal or coal-based energy | Observation | 11.05.2025 | |
| Safran SA | Product-based | Production of nuclear weapons | Exclusion | 05.01.2006 | |
| Sasol Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 13.05.2020 | |
| Scandinavian Tobacco Group A/S |
Product-based | Production of tobacco | Exclusion | 07.09.2022 | |
| SDIC Power Holdings Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Semen Indonesia Persero Tbk PT | Conduct-based | Other particularly serious violations of fundamental ethical norms | Observation | 25.05.2023 | |
| Shanghai Industrial Holdings Ltd | Product-based | Production of tobacco | Exclusion | 15.03.2011 | |
| Shapir Engineering and Industry Ltd |
Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 19.05.2021 | |
| Shikoku Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Shikun & Binui Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 15.06.2012 | |
| Sumitomo Corp | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Observation | 18.12.2023 | |
| Suncor Energy Inc |
Conduct-based | Unacceptable greenhouse gas emissions | Exclusion | 13.05.2020 | |
| Ta Ann Holdings Bhd | Conduct-based | Severe environmental damage | Exclusion | 14.10.2013 | |
| Tata Power Co Ltd/The | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Tenaga Nasional Bhd | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Textron Inc | Product-based | Production of cluster munitions | Exclusion | 30.01.2009 | |
| Tianjin Pharmaceutical Da Re Tang Group Corp Ltd | Conduct-based | Severe environmental damage | Exclusion | 05.09.2024 | |
| Tilray Brands Inc | Product-based | Production of cannabis | Exclusion | 07.09.2022 | |
| Tohoku Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Tong Ren Tang Technologies Co Ltd |
Conduct-based | Severe environmental damage | Exclusion | 29.09.2021 | |
| Toronto-Dominion Bank/The | Conduct-based | Gross corruption or other serious financial crime | Observation | 11.06.2025 | |
| Tri-State Generation and Transmission Association Inc | Product-based | Production of coal or coal-based energy | Exclusion | 10.07.2018 | |
| Turning Point Brands Inc | Product-based | Production of tobacco | Exclusion | 05.09.2024 | |
| Uniper SE | Product-based | Production of coal or coal-based energy | Observation | 13.05.2020 | |
| Universal Corp/VA | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Vale SA |
Conduct-based | Severe environmental damage | Exclusion | 13.05.2020 | |
| Vector Group Ltd | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| Vedanta Ltd | Former Sesa Sterlite | Conduct-based | Severe environmental damage | Exclusion | 30.01.2014 |
| Vistra Corp | Product-based | Production of coal or coal-based energy | Observation | 13.05.2020 | |
| Volcan Cia Minera SAA | Conduct-based | Severe environmental damage | Exclusion | 14.10.2013 | |
| Washington H Soul Pattinson & Co Ltd | Product based | Production of coal or coal-based energy | Exclusion | 17.01.2019 | |
| WEC Energy Group Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Weichai Power Co Ltd | Conduct-based | Sales of weapons to states in armed conflicts, where the weapons are used in ways that constitute breaches of the international rules on the conduct of hostilities | Exclusion | 15.05.2024 | |
| Whitehaven Coal Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| WTK Holdings Bhd | Conduct-based | Severe environmental damage | Exclusion | 14.10.2013 | |
| Xcel Energy Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Yankuang Energy Group Co Ltd | Former Yanzhou Coal Mining Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 |
| Young Poong Corp | Conduct-based | Severe environmental damage | Exclusion | 07.09.2022 | |
| Yunnan Baiyao Group Co Ltd |
Conduct-based | Severe environmental damage | Exclusion | 21.12.2021 | |
| Zijin Mining Group Co Ltd | Conduct-based | Severe environmental damage | Exclusion | 14.10.2013 | |
| ZTE Corp | Conduct-based | Gross corruption | Exclusion | 07.01.2016 | |
| Zuari Agro Chemicals Ltd | Conduct-based | Violation of human rights | Exclusion | 14.10.2013 |