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: 03 December 2019.

Click the link in the company name to see the related press release

 Company   Category Criterion Decision Publishing date
 CompanyAboitiz Power CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAECOMProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision16.01.2018
 CompanyAerojet Rocketdyne Holdings Inc Former GenCorp IncCategoryProduct-based CriterionProduction of nuclear weaponsDecisionExclusionPublishing date11.01.2008
 CompanyAES Corp/VAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAES Gener SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAfrica Israel Investments LtdConduct-based CategorySerious violations of individuals' rights in situations of war or conflictCriterionExclusionDecision30.01.2014
 CompanyAirbus Finance BV Former EADS Finance BVCategoryProduct-based CriterionProduction of nuclear weaponsDecisionExclusionPublishing date02.09.2005
 CompanyAirbus SE Former EADS NVCategoryProduct-based CriterionProduction of nuclear weaponsDecisionExclusionPublishing date01.01.2006
 CompanyALLETE IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAlliant Energy CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyAltria Group IncProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyAmeren CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAmerican Electric Power Co IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyAstra International Tbk PTConduct-based CategorySevere environmental damageCriterionObservationDecision13.10.2015
 CompanyAtal SA/PolandConduct-based CategorySerious violations of human rightsCriterionExclusionDecision16.01.2018
 CompanyBAE Systems PlcProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision16.01.2018
 CompanyBarrick Gold CorpConduct-based CategorySevere environmental damageCriterionExclusionDecision30.01.2009
 CompanyBerkshire Hathaway Energy Co Product-based CategoryProduction of coal or coal-based energyCriterionObservationDecision10.07.2018
 CompanyBharat Heavy Electricals LtdConduct-based CategorySevere environmental damageCriterionExclusionDecision05.05.2017
 CompanyBoeing Co/TheProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision05.01.2006
 CompanyBritish American Tobacco Malaysia BhdProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyBritish American Tobacco PlcProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyBWX Technologies Inc Former Babcock & Wilcox CoCategoryProduct-based CriterionProduction of nuclear weaponsDecisionExclusionPublishing date11.01.2013
 CompanyCapital Power CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyCESC LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyCEZ ASProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyChina Coal Energy Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyChina Power International Development LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyChina Resources Power Holdings Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyChina Shenhua Energy Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyChugoku Electric Power Co Inc/TheProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyCLP Holdings LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyCMS Energy CorpProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyCoal India LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyCONSOL Energy IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyDatang International Power Generation Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyDMCI Holdings IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyDrax Group PLCProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyDTE Energy CoProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyDuke Energy CorpIncl. subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC and Progress Energy IncCategoryConduct-based CriterionSevere environmental damageDecisionExclusionPublishing date07.09.2016
 CompanyEDP - Energias de Portugal SAProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyElbit Systems LtdConduct-based CategoryOther particularly serious violations of fundamental ethical normsCriterionExclusionDecision03.09.2009
 CompanyElectric Power Development Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyElectricity Generating PCLProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyEmera IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyEndesa SAProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyEneva SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyEngie Energia Chile SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyEvergreen Marine Corp Taiwan LtdConduct-based CategorySevere environmental damage | Serious violations of human rightsCriterionExclusionDecision16.01.2018
 CompanyEvergy IncProduct basedCategoryProduction of coal or coal-based energyCriterionExclusionDecision17.01.2019
 CompanyExxaro Resources LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyFirstEnergy CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyFluor CorpProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision16.01.2018
 CompanyFreeport-McMoRan IncConduct-based CategorySevere environmental damageCriterionExclusionDecision06.06.2006
 CompanyG4S PlcConduct-basedCategorySerious violations of human rightsCriterionExclusionDecision14.11.2019
 CompanyGenting BhdConduct-based CategorySevere environmental damageCriterionExclusionDecision17.08.2015
 CompanyGlow Energy PCLProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyGreat River EnergyProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyGuangdong Electric Power Development Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyGudang Garam tbk ptProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyGujarat Mineral Development Corp LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyHalcyon Agri Corp LtdConduct-basedCategorySevere environmental damageCriterionExclusionDecision18.03.2019
 CompanyHansae Co LtdConduct-based CategorySerious violations of human rightsCriterionObservationDecision29.06.2017
 CompanyHansae Yes24 Holdings Co LtdConduct-based CategorySerious violations of human rightsCriterionObservationDecision29.06.2017
 CompanyHanwha CorpProduct-based CategoryProduction of cluster munitionsCriterionExclusionDecision11.01.2008
 CompanyHK Electric Investments & HK Electric Investments LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyHokkaido Electric Power Co IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyHokuriku Electric Power CoProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyHoneywell International IncProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision05.01.2006
 CompanyHuabao International Holdings LtdProduct-based CategoryProduction of tobaccoCriterionExclusionDecision08.05.2013
 CompanyHuadian Energy Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyHuadian Power International Corp LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyHuaneng Power International IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyHuntington Ingalls Industries IncProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision16.01.2018
 CompanyIDACORP IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyIJM Corp BhdConduct-based CategorySevere environmental damageCriterionExclusionDecision17.08.2015
 CompanyImperial Brands PlcProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyInner Mongolia Yitai Coal Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyITC LtdProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyJacobs Engineering Group IncProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision11.01.2013
 CompanyJapan Tobacco IncProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyJastrzebska Spolka Weglowa SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyJBS SAConduct-based CategoryGross corruptionCriterionExclusionDecision10.07.2018
 CompanyKorea Electric Power CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyKorea Line CorpConduct-based CategorySevere environmental damage | Serious violations of human rightsCriterionExclusionDecision16.01.2018
 CompanyKT&G CorpProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyKyushu Electric Power Co IncProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyLeonardo SpAConduct-based CategoryGross corruptionCriterionObservationDecision05.05.2017
 CompanyLockheed Martin CorpProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision21.08.2013
 CompanyLubelski Wegiel Bogdanka SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyLuthai Textile Co LtdConduct-based CategorySerious violations of human rightsCriterionExclusionDecision10.07.2018
 CompanyMalakoff Corp BhdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyMGE Energy IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyMidAmerican Energy Co Product-based CategoryProduction of coal or coal-based energyCriterionObservationDecision10.07.2018
 CompanyMMC Norilsk Nickel PJSCConduct-based CategorySevere environmental damageCriterionExclusionDecision19.11.2009
 CompanyNew Hope Corp LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyNien Hsing Textile Co LtdConduct-based CategorySerious violations of human rightsCriterionObservationDecision10.07.2018
 CompanyNorthrop Grumman CorpProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision05.01.2006
 CompanyNorthWestern CorpProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision07.03.2017
 CompanyNRG Energy IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyNTPC LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyOGE Energy CorpProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyOkinawa Electric Power Co Inc/TheProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyOtter Tail CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyPacifiCorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision10.07.2018
 CompanyPan Ocean Co LtdConduct-based CategorySevere environmental damage | Serious violations of human rightsCriterionObservationDecision16.01.2018
 CompanyPeabody Energy CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyPetroChina Co LtdConduct-based CategoryGross corruptionCriterionObservationDecision05.05.2017
 CompanyPGE Polska Grupa Energetyczna SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanyPhilip Morris Cr ASProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyPhilip Morris International IncProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyPinnacle West Capital CorpProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyPNM Resources IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyPoongsan CorpProduct-based CategoryProduction of cluster munitionsCriterionExclusionDecision06.12.2006
 CompanyPortland General Electric CoProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision07.03.2017
 CompanyPOSCOConduct-based CategorySevere environmental damageCriterionExclusionDecision17.08.2015
 CompanyPosco International CorpFormer Posco Daewoo CorpCategoryConduct-based CriterionSevere environmental damageDecisionExclusionPublishing date17.08.2015
 CompanyPrecious Shipping PCLConduct-based CategorySevere environmental damage | Serious violations of human rightsCriterionExclusionDecision16.01.2018
 CompanyPublic Power Corp SAProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyPyxus International Inc Former Alliance One International IncCategoryProduct-based CriterionProduction of tobaccoDecisionExclusionPublishing date19.01.2010
 CompanyReliance Infrastructure LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyReliance Power LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanySafran SAProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision05.01.2006
 CompanySan Leon Energy PlcConduct-based CategoryOther particularly serious violations of fundamental ethical normsCriterionExclusionDecision04.03.2016
 CompanySCANA CORPProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanySchweitzer-Mauduit International IncProduct-based CategoryProduction of tobaccoCriterionExclusionDecision08.05.2013
 CompanySDIC Power Holdings Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision07.03.2017
 CompanySerco Group PlcProduct-based CategoryProduction of nuclear weaponsCriterionExclusionDecision11.01.2008
 CompanyShanghai Industrial Holdings LtdProduct-based CategoryProduction of tobaccoCriterionExclusionDecision15.03.2011
 CompanyShikoku Electric Power Co IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyShikun & Binui LtdConduct-based CategorySerious violations of individuals' rights in situations of war or conflictCriterionExclusionDecision15.06.2012
 CompanySouthern Co/TheProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanySwedish Match ABProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyTa Ann Holdings BhdConduct-based CategorySevere environmental damageCriterionExclusionDecision14.10.2013
 CompanyTata Power Co Ltd/TheProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyTenaga Nasional BhdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision21.12.2016
 CompanyTextron IncProduct-based CategoryProduction of cluster munitionsCriterionExclusionDecision30.01.2009
 CompanyTexwinca Holdings LtdConduct basedCategorySerious violations of human rightsCriterionExclusionDecision17.01.2019
 CompanyThoresen Thai Agencies PCLConduct-based CategorySevere environmental damage | Serious violations of human rightsCriterionExclusionDecision16.01.2018
 CompanyTohoku Electric Power Co IncProduct-based CategoryProduction of coal or coal-based energyCriterionObservationDecision21.12.2016
 CompanyTransAlta CorpProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyTri-State Generation and Transmission Association IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision10.07.2018
 CompanyUniversal Corp/VAProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyVector Group LtdProduct-based CategoryProduction of tobaccoCriterionExclusionDecision19.01.2010
 CompanyVedanta Ltd Former Sesa Sterlite CategoryConduct-based CriterionSevere environmental damageDecisionExclusionPublishing date30.01.2014
 CompanyVolcan Cia Minera SAAConduct-based CategorySevere environmental damageCriterionExclusionDecision14.10.2013
 CompanyWEC Energy Group IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyWashington H Soul Pattinson & Co LtdProduct basedCategoryProduction of coal or coal-based energyCriterionExclusionDecision17.01.2019
 CompanyWhitehaven Coal LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyWTK Holdings BhdConduct-based CategorySevere environmental damageCriterionExclusionDecision14.10.2013
 CompanyXcel Energy IncProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyYanzhou Coal Mining Co LtdProduct-based CategoryProduction of coal or coal-based energyCriterionExclusionDecision14.04.2016
 CompanyZijin Mining Group Co LtdConduct-based CategorySevere environmental damageCriterionExclusionDecision14.10.2013
 CompanyZTE CorpConduct-based CategoryGross corruptionCriterionExclusionDecision07.01.2016
 CompanyZuari Agro Chemicals LtdConduct-based CategorySerious violations of human rightsCriterionExclusionDecision14.10.2013

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