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Decision on exclusion of companies from the Government Pension Fund Global

7 September 2016

Norges Bank has decided to exclude the companies Duke Energy Corp, and the wholly-owned subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC, and Progress Energy Inc from the Government Pension Fund Global. 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 a recommendation from 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 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 this case.

The Council on Ethics’ recommendation
List of all excluded companies

For more information, contact:

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