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Decision on exclusion of companies from the Government Pension Fund Global

28 June 2016

Norges Bank has decided to exclude the companies Cairn Energy Plc and Kosmos Energy Ltd from the investment universe of the Government Pension Fund Global. The companies are excluded based on an assessment of the risk of particularly serious violations of fundamental ethical norms.

The Executive Board’s decision on exclusion was made on the basis of the recommendation of the Council on Ethics. The Executive Board has not conducted an independent assessment of all aspects of the recommendation, but is satisfied that the exclusion criteria have been fulfilled (see § 3, subsection f, 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 Ethic’s recommendation
List of all excluded companies

For more information, contact:

Runar Malkenes, 
Director of Communications, Norges Bank
Tlf: +47 952 14 283