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: 29 September 2021.
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 | |
| CompanyAerojet Rocketdyne Holdings Inc | Former GenCorp Inc | CategoryProduct-based | CriterionProduction of nuclear weapons | DecisionExclusion | Publishing date11.01.2008 |
| CompanyAES Corp | 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 | |
| CompanyAGL Energy Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision13.05.2020 | |
| 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 | |
| CompanyAshtrom Group Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision02.09.2021 | |
| CompanyAstra International Tbk PT | Conduct-based | CategorySevere environmental damage | CriterionObservation | Decision13.10.2015 | |
| 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 | |
| CompanyBeijing Tong Ren Tang Chinese Medicine Co Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision29.09.2021 | |
| 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 | |
| CompanyBHP Group Ltd/BHP Group Plc | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision13.05.2020 | |
| 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 |
| CompanyCanadian Natural Resources Limited | Conduct-based | CategoryUnacceptable greenhouse gas emissions | CriterionExclusion | Decision13.05.2020 | |
| CompanyCapital Power Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyCenovus Energy Inc | Conduct-based | CategoryUnacceptable greenhouse gas emissions | CriterionExclusion | Decision13.05.2020 | |
| CompanyCentrais Eletricas Brasileiras SA (Eletrobras) | Conduct-based | CategoryViolation of human rights | CriterionExclusion | Decision13.05.2020 | |
| 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 Grand Pharmaceutical and Healthcare Holdings Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision29.09.2021 | |
| 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 | |
| CompanyChina Traditional Chinese Medicine Holdings Co Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision29.09.2021 | |
| 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 | |
| CompanyDanya Cebus Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision23.08.2010 | |
| 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 |
| CompanyElbit Systems Ltd | Conduct-based | CategoryOther particularly serious violations of fundamental ethical norms | CriterionExclusion | Decision03.09.2009 | |
| CompanyElco Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision02.09.2021 | |
| CompanyElectra Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision02.09.2021 | |
| 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 | |
| CompanyElSewedy Electric Co | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision13.05.2020 | |
| CompanyEmera Inc | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | 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 | Violation 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 | |
| CompanyFormosa Chemicals & Fibre Corp | Conduct-based | CategoryViolation of human rights | CriterionExclusion | Decision31.08.2020 | |
| CompanyFormosa Taffeta Co Ltd | Conduct-based | CategoryViolation of human rights | CriterionExclusion | Decision31.08.2020 | |
| CompanyFluor Corp | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision16.01.2018 | |
| CompanyFreeport-McMoRan Inc | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision06.06.2006 | |
| CompanyGenting Bhd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision17.08.2015 | |
| CompanyGlencore PLC | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision13.05.2020 | |
| 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 | CategoryViolation of human rights | CriterionObservation | Decision29.06.2017 | |
| CompanyHansae Yes24 Holdings Co Ltd | Conduct-based | CategoryViolation of human rights | CriterionObservation | Decision29.06.2017 | |
| 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 | |
| CompanyHoneys Holdings Co Ltd | Conduct-based | CategoryViolation of human rights | CriterionExclusion | Decision19.05.2021 | |
| 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 | |
| CompanyHyundai Engineering & Construction Co Ltd | Conduct-based | CategoryGross corruption | CriterionObservation | Decision01.07.2021 | |
| 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 | |
| CompanyImperial Oil Limited | Conduct-based | CategoryUnacceptable greenhouse gas emissions | CriterionExclusion | Decision13.05.2020 | |
| 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 | |
| CompanyKirin Holdings Ltd Co | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionObservation | Decision03.03.2021 | |
| 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 | Violation 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 | CategoryViolation 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 | |
| CompanyMivne Real Estate KD Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision19.05.2021 | |
| 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 | CategoryViolation 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 | |
| CompanyOil & Natural Gas Corp Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision02.09.2021 | |
| 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 | Violation of human rights | CriterionObservation | Decision16.01.2018 | |
| CompanyPeabody Energy Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| CompanyPage Industries Ltd | Conduct-based | CategoryViolation of human rights | CriterionExclusion | Decision31.08.2020 | |
| 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 | |
| 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 |
| CompanyPublic Power Corp SA | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision14.04.2016 | |
| 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 | |
| CompanyRWE AG | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision13.05.2020 | |
| CompanySafran SA | Product-based | CategoryProduction of nuclear weapons | CriterionExclusion | Decision05.01.2006 | |
| CompanySasol Ltd | Product-based | CategoryProduction of coal or coal-based energy | CriterionExclusion | Decision13.05.2020 | |
| 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 | |
| CompanyShapir Engineering and Industry Ltd | Conduct-based | CategorySerious violations of individuals' rights in situations of war or conflict | CriterionExclusion | Decision19.05.2021 | |
| 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 | |
| CompanySuncor Energy Inc | Conduct-based | CategoryUnacceptable greenhouse gas emissions | CriterionExclusion | Decision13.05.2020 | |
| 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 | |
| CompanyThoresen Thai Agencies PCL | Conduct-based | CategorySevere environmental damage | Violation 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 | |
| CompanyTong Ren Tang Technologies Co Ltd | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision29.09.2021 | |
| 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 | |
| CompanyUniper SE | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision13.05.2020 | |
| CompanyUniversal Corp/VA | Product-based | CategoryProduction of tobacco | CriterionExclusion | Decision19.01.2010 | |
| CompanyVale SA | Conduct-based | CategorySevere environmental damage | CriterionExclusion | Decision13.05.2020 | |
| 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 |
| CompanyVistra Corp | Product-based | CategoryProduction of coal or coal-based energy | CriterionObservation | Decision13.05.2020 | |
| 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 | CategoryViolation of human rights | CriterionExclusion | Decision14.10.2013 |
