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: 06 February 2020.
Click the link in the company name to see the related press release
| Company | Category | Criterion | Decision | Publishing date | |
|---|---|---|---|---|---|
| CompanyAboitiz Power Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAECOM | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision16.01.2018 | |
| CompanyAerojet Rocketdyne Holdings Inc | Former GenCorp Inc | CategoryProduct-based | CriterionProduction of nuclear weapons | DecisionExclusion | Publishing date11.01.2008 |
| CompanyAES Corp/VA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAES Gener SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAfrica Israel Investments Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision30.01.2014 | |
| CompanyAirbus Finance BV | Former EADS Finance BV | CategoryProduct-based | CriterionProduction of nuclear weapons | DecisionExclusion | Publishing date02.09.2005 |
| CompanyAirbus SE | Former EADS NV | CategoryProduct-based | CriterionProduction of nuclear weapons | DecisionExclusion | Publishing date01.01.2006 |
| CompanyALLETE Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAlliant Energy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyAltria Group Inc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyAmeren Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAmerican Electric Power Co Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyAstra International Tbk PT | Conduct-based | CategorySevere environmental damage | CriterionObservation | Decision13.10.2015 | |
| CompanyAtal SA/Poland | Conduct-based | CategorySerious violations of human rights | CriterionExclusion | Decision16.01.2018 | |
| CompanyBAE Systems Plc | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision16.01.2018 | |
| CompanyBarrick Gold Corp | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision30.01.2009 | |
| CompanyBerkshire Hathaway Energy Co | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision10.07.2018 | |
| CompanyBharat Heavy Electricals Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision05.05.2017 | |
| CompanyBoeing Co/The | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision05.01.2006 | |
| CompanyBritish American Tobacco Malaysia Bhd | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyBritish American Tobacco Plc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyBWX Technologies Inc | Former Babcock & Wilcox Co | CategoryProduct-based | CriterionProduction of nuclear weapons | DecisionExclusion | Publishing date11.01.2013 |
| CompanyCapital Power Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyCESC Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyCEZ AS | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyChina Coal Energy Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyChina Power International Development Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyChina Resources Power Holdings Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyChina Shenhua Energy Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyChugoku Electric Power Co Inc/The | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyCLP Holdings Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyCMS Energy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyCoal India Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyCONSOL Energy Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyDatang International Power Generation Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyDMCI Holdings Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyDTE Energy Co | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyDuke Energy Corp | Incl. subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC and Progress Energy Inc | CategoryConduct-based | CriterionSevere environmental damage | DecisionExclusion | Publishing date07.09.2016 |
| CompanyEDP - Energias de Portugal SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyElbit Systems Ltd | Conduct-based | CategoryOther particularly serious violations of fundamental ethical norms | CriterionExclusion | Decision03.09.2009 | |
| CompanyElectric Power Development Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyElectricity Generating PCL | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyEmera Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyEndesa SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyEneva SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyEngie Energia Chile SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyEvergreen Marine Corp Taiwan Ltd | Conduct-based | CategorySevere environmental damage | Serious violations of human rights | CriterionExclusion | Decision16.01.2018 | |
| CompanyEvergy Inc | Product based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision17.01.2019 | |
| CompanyExxaro Resources Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyFirstEnergy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyFluor Corp | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision16.01.2018 | |
| CompanyFreeport-McMoRan Inc | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision06.06.2006 | |
| CompanyG4S Plc | Conduct-based | CategorySerious violations of human rights | CriterionExclusion | Decision14.11.2019 | |
| CompanyGenting Bhd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision17.08.2015 | |
| CompanyGlow Energy PCL | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyGreat River Energy | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyGuangdong Electric Power Development Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyGudang Garam tbk pt | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyGujarat Mineral Development Corp Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyHalcyon Agri Corp Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision18.03.2019 | |
| CompanyHansae Co Ltd | Conduct-based | CategorySerious violations of human rights | CriterionObservation | Decision29.06.2017 | |
| CompanyHansae Yes24 Holdings Co Ltd | Conduct-based | CategorySerious violations of human rights | CriterionObservation | Decision29.06.2017 | |
| CompanyHanwha Corp | Product-based | CategoryProduction of cluster munitions | CriterionExclusion | Decision11.01.2008 | |
| CompanyHK Electric Investments & HK Electric Investments Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyHokkaido Electric Power Co Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyHokuriku Electric Power Co | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyHoneywell International Inc | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision05.01.2006 | |
| CompanyHuabao International Holdings Ltd | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision08.05.2013 | |
| CompanyHuadian Energy Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyHuadian Power International Corp Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyHuaneng Power International Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyHuntington Ingalls Industries Inc | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision16.01.2018 | |
| CompanyIDACORP Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyIJM Corp Bhd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision17.08.2015 | |
| CompanyImperial Brands Plc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyInner Mongolia Yitai Coal Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyITC Ltd | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyJacobs Engineering Group Inc | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision11.01.2013 | |
| CompanyJapan Tobacco Inc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyJastrzebska Spolka Weglowa SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyJBS SA | Conduct-based | CategoryGross corruption | CriterionExclusion | Decision10.07.2018 | |
| CompanyKorea Electric Power Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyKorea Line Corp | Conduct-based | CategorySevere environmental damage | Serious violations of human rights | CriterionExclusion | Decision16.01.2018 | |
| CompanyKT&G Corp | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyKyushu Electric Power Co Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyLeonardo SpA | Conduct-based | CategoryGross corruption | CriterionObservation | Decision05.05.2017 | |
| CompanyLockheed Martin Corp | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision21.08.2013 | |
| CompanyLubelski Wegiel Bogdanka SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyLuthai Textile Co Ltd | Conduct-based | CategorySerious violations of human rights | CriterionExclusion | Decision10.07.2018 | |
| CompanyMalakoff Corp Bhd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyMGE Energy Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyMidAmerican Energy Co | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision10.07.2018 | |
| CompanyMMC Norilsk Nickel PJSC | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision19.11.2009 | |
| CompanyNew Hope Corp Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyNien Hsing Textile Co Ltd | Conduct-based | CategorySerious violations of human rights | CriterionObservation | Decision10.07.2018 | |
| CompanyNorthrop Grumman Corp | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision05.01.2006 | |
| CompanyNorthWestern Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision07.03.2017 | |
| CompanyNRG Energy Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyNTPC Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyOGE Energy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyOkinawa Electric Power Co Inc/The | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyOtter Tail Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyPacifiCorp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision10.07.2018 | |
| CompanyPan Ocean Co Ltd | Conduct-based | CategorySevere environmental damage | Serious violations of human rights | CriterionObservation | Decision16.01.2018 | |
| CompanyPeabody Energy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyPetroChina Co Ltd | Conduct-based | CategoryGross corruption | CriterionObservation | Decision05.05.2017 | |
| CompanyPGE Polska Grupa Energetyczna SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanyPhilip Morris Cr AS | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyPhilip Morris International Inc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyPinnacle West Capital Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyPNM Resources Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyPoongsan Corp | Product-based | CategoryProduction of cluster munitions | CriterionExclusion | Decision06.12.2006 | |
| CompanyPortland General Electric Co | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision07.03.2017 | |
| CompanyPOSCO | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision17.08.2015 | |
| CompanyPosco International Corp | Former Posco Daewoo Corp | CategoryConduct-based | CriterionSevere environmental damage | DecisionExclusion | Publishing date17.08.2015 |
| CompanyPrecious Shipping PCL | Conduct-based | CategorySevere environmental damage | Serious violations of human rights | CriterionExclusion | Decision16.01.2018 | |
| CompanyPublic Power Corp SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyPyxus International Inc | Former Alliance One International Inc | CategoryProduct-based | CriterionProduction of tobacco | DecisionExclusion | Publishing date19.01.2010 |
| CompanyReliance Infrastructure Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyReliance Power Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanySafran SA | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision05.01.2006 | |
| CompanySan Leon Energy Plc | Conduct-based | CategoryOther particularly serious violations of fundamental ethical norms | CriterionExclusion | Decision04.03.2016 | |
| CompanySCANA CORP | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanySchweitzer-Mauduit International Inc | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision08.05.2013 | |
| CompanySDIC Power Holdings Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision07.03.2017 | |
| CompanySerco Group Plc | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision11.01.2008 | |
| CompanyShanghai Industrial Holdings Ltd | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision15.03.2011 | |
| CompanyShikoku Electric Power Co Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyShikun & Binui Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision15.06.2012 | |
| CompanySouthern Co/The | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanySwedish Match AB | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyTa Ann Holdings Bhd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision14.10.2013 | |
| CompanyTata Power Co Ltd/The | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyTenaga Nasional Bhd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision21.12.2016 | |
| CompanyTextron Inc | Product-based | CategoryProduction of cluster munitions | CriterionExclusion | Decision30.01.2009 | |
| CompanyTexwinca Holdings Ltd | Conduct based | CategorySerious violations of human rights | CriterionExclusion | Decision17.01.2019 | |
| CompanyThoresen Thai Agencies PCL | Conduct-based | CategorySevere environmental damage | Serious violations of human rights | CriterionExclusion | Decision16.01.2018 | |
| CompanyTohoku Electric Power Co Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision21.12.2016 | |
| CompanyTransAlta Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyTri-State Generation and Transmission Association Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision10.07.2018 | |
| CompanyUniversal Corp/VA | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyVector Group Ltd | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyVedanta Ltd | Former Sesa Sterlite | CategoryConduct-based | CriterionSevere environmental damage | DecisionExclusion | Publishing date30.01.2014 |
| CompanyVolcan Cia Minera SAA | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision14.10.2013 | |
| CompanyWEC Energy Group Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyWashington H Soul Pattinson & Co Ltd | Product based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision17.01.2019 | |
| CompanyWhitehaven Coal Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyWTK Holdings Bhd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision14.10.2013 | |
| CompanyXcel Energy Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyYanzhou Coal Mining Co Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyZijin Mining Group Co Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision14.10.2013 | |
| CompanyZTE Corp | Conduct-based | CategoryGross corruption | CriterionExclusion | Decision07.01.2016 | |
| CompanyZuari Agro Chemicals Ltd | Conduct-based | CategorySerious violations of human rights | CriterionExclusion | Decision14.10.2013 |
