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Decision on exclusion of companies from the Government Pension Fund Global

17 August 2015

Norges Bank has decided to exclude the companies IJM Corp Bhd, Genting Bhd, POSCO and Daewoo International Corp from the investment universe of the GPFG. The companies are excluded based on an assessment of the risk of severe environmental damage.

The Executive Board’s decision on exclusion was made on the basis of the recommendations of the Council on Ethics. The Executive Board has not conducted an independent assessment of all aspects of the recommendations, but is satisfied that the exclusion criteria have been fulfilled (see § 3, subsection c, of the Guidelines for observation and exclusion from the Government Pension Fund Global). 

Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases.

The Council on Ethics' recommendations
List of all excluded companies

Contact person 

Hilde Singsaas
Director of Communications and External Relations, Norges Bank
Telephone: + 47 99 54 19 63