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: 18 March 2019.
| Company name (click for press release) | Category | Criterion | Decision | Publishing date | |
|---|---|---|---|---|---|
| Aboitiz Power Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| AECOM | Product-based | Production of nuclear weapons | Exclusion | 16.01.2018 | |
| Aerojet Rocketdyne Holdings Inc | Former GenCorp Inc | Product-based | Production of nuclear weapons | Exclusion | 11.01.2008 |
| AES Corp/VA | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| AES Gener SA | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Africa Israel Investments Ltd | Conduct-based | Serious violations of individuals' rights in situations of war or conflict | Exclusion | 30.01.2014 | |
| Airbus Finance BV | Former EADS Finance BV | Product-based | Production of nuclear weapons | Exclusion | 02.09.2005 |
| 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 | |
| Astra International Tbk PT | Conduct-based | Severe environmental damage | Observation | 13.10.2015 | |
| Atal SA/Poland | Conduct-based | Serious violations of human rights | Exclusion | 16.01.2018 | |
| 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 | |
| Berkshire Hathaway Energy Co | Product-based | Production of coal or coal-based energy | Observation | 10.07.2018 | |
| 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 | |
| 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 |
| Capital Power Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| 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 | |
| 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 | |
| CONSOL Energy Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Datang International Power Generation Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| DMCI Holdings Inc | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Drax Group PLC | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| DTE Energy Co | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Duke Energy Cor | Including the wholly-owned subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC and Progress Energy Inc | Conduct-based | Severe environmental damage | Exclusion | 07.09.2016 |
| EDP - Energias de Portugal SA | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Elbit Systems Ltd | Conduct-based | Other particularly serious violations of fundamental ethical norms | Exclusion | 03.09.2009 | |
| 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 | |
| Emera Inc | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| Endesa SA | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Eneva SA | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| 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 | Serious violations of human rights | Exclusion | 16.01.2018 | |
| Evergy Inc | Product based | Production of coal or coal-based energy | Exclusion | 17.01.2019 | |
| Exxaro Resources Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| FirstEnergy Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Fluor Corp | Product-based | Production of nuclear weapons | Exclusion | 16.01.2018 | |
| Freeport-McMoRan Inc | Conduct-based | Severe environmental damage | Exclusion | 06.06.2006 | |
| General Dynamics Corp | Product-based | Production of cluster munitions | Exclusion | 02.09.2005 | |
| Genting Bhd | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| Glow Energy PCL | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Great River Energy | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Grupo Carso SAB de CV | Product-based | Production of tobacco | Exclusion | 24.08.2011 | |
| 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 | |
| Hansae Co Ltd | Conduct-based | Serious violations of human rights | Observation | 29.06.2017 | |
| Hansae Yes24 Holdings Co Ltd | Conduct-based | Serious violations of human rights | Observation | 29.06.2017 | |
| Hanwha Corp | Product-based | Production of cluster munitions | Exclusion | 11.01.2008 | |
| 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 | |
| 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 | |
| IJM Corp Bhd | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| 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 | |
| ITC Ltd | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| 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 | |
| Jastrzebska Spolka Weglowa SA | Product-based | Production of coal or coal-based energy | Exclusion | 21.12.2016 | |
| JBS SA | Conduct-based | Gross corruption | Exclusion | 10.07.2018 | |
| Korea Electric Power Corp | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Korea Line Corp | Conduct-based | Severe environmental damage | Serious violations 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 | |
| Leonardo SpA | Conduct-based | Gross corruption | Observation | 05.05.2017 | |
| 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 | |
| Luthai Textile Co Ltd | Conduct-based | Serious violations of human rights | Exclusion | 10.07.2018 | |
| Malakoff Corp Bhd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| 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 | |
| MMC Norilsk Nickel PJSC | Conduct-based | Severe environmental damage | Exclusion | 19.11.2009 | |
| New Hope Corp Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Nien Hsing Textile Co Ltd | Conduct-based | Serious violations of human rights | Observation | 10.07.2018 | |
| 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 | |
| Nutrien Ltd | Conduct-based | Other particularly serious violations of fundamental ethical norms | Exclusion | 06.12.2011 | |
| OGE Energy Corp | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| 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 | |
| Pan Ocean Co Ltd | Conduct-based | Severe environmental damage | Serious violations of human rights | Observation | 16.01.2018 | |
| Peabody Energy Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| PetroChina Co Ltd | Conduct-based | Gross corruption | Observation | 05.05.2017 | |
| Petroleo Brasileiro SA | Conduct-based | Gross corruption | Observation | 28.01.2016 | |
| 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 | |
| PNM Resources Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Poongsan Corp | Product-based | Production of cluster munitions | Exclusion | 06.12.2006 | |
| Portland General Electric Co | Product-based | Production of coal or coal-based energy | Observation | 07.03.2017 | |
| POSCO | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| Posco Daewoo Corp | Conduct-based | Severe environmental damage | Exclusion | 17.08.2015 | |
| Precious Shipping PCL | Conduct-based | Severe environmental damage | Serious violations of human rights | Exclusion | 16.01.2018 | |
| Public Power Corp SA | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Pyxus International Inc | Former Alliance One International Inc | Product-based | Production of tobacco | Exclusion | 19.01.2010 |
| 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 | |
| Rio Tinto Ltd | Conduct-based | Severe environmental damage | Exclusion | 09.09.2008 | |
| Rio Tinto Plc | Conduct-based | Severe environmental damage | Exclusion | 09.09.2008 | |
| Safran SA | Product-based | Production of nuclear weapons | Exclusion | 05.01.2006 | |
| San Leon Energy Plc | Conduct-based | Other particularly serious violations of fundamental ethical norms | Exclusion | 04.03.2016 | |
| SCANA CORP | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Schweitzer-Mauduit International Inc | Product-based | Production of tobacco | Exclusion | 08.05.2013 | |
| SDIC Power Holdings Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 07.03.2017 | |
| Serco Group Plc | Product-based | Production of nuclear weapons | Exclusion | 11.01.2008 | |
| Shanghai Industrial Holdings Ltd | Product-based | Production of tobacco | Exclusion | 15.03.2011 | |
| 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 | |
| Southern Co/The | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| Swedish Match AB | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| 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 | |
| Texwinca Holdings Co | Conduct based | Serious violations of human rights | Exclusion | 17.01.2019 | |
| Thoresen Thai Agencies PCL | Conduct-based | Severe environmental damage | Serious violations of human rights | Exclusion | 16.01.2018 | |
| Tohoku Electric Power Co Inc | Product-based | Production of coal or coal-based energy | Observation | 21.12.2016 | |
| TransAlta Corp | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Tri-State Generation and Transmission Association Inc | Product-based | Production of coal or coal-based energy | Exclusion | 10.07.2018 | |
| Universal Corp/VA | Product-based | Production of tobacco | Exclusion | 19.01.2010 | |
| 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 |
| Vedanta Resources Plc | Conduct-based | Severe environmental damage | Exclusion | 06.11.2007 | |
| Volcan Cia Minera SAA | Conduct-based | Severe environmental damage | Exclusion | 14.10.2013 | |
| Wal-Mart de Mexico SAB de CV | Conduct-based | Serious violations of human rights | Exclusion | 06.06.2006 | |
| Walmart Inc | Conduct-based | Serious violations of human rights | Exclusion | 06.06.2006 | |
| WEC Energy Group Inc | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| Washington H. Soul Pattinson & Co Ltd | Product based | Production of coal or coal-based energy | Exclusion | 17.01.2019 | |
| 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 | |
| Yanzhou Coal Mining Co Ltd | Product-based | Production of coal or coal-based energy | Exclusion | 14.04.2016 | |
| 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 | Serious violations of human rights | Exclusion | 14.10.2013 |
