Decision to place company in the portfolio of the Government Pension Fund Global under observation
28 January 2016
Norges Bank has decided to place Petroleo Brasileiro SA (Petrobras) under observation because of the risk of severe corruption.
The Executive Board’s decision is based on the recommendation submitted by the Council on Ethics for the Government Pension Fund Global. The Executive Board has not independently considered all the details of the recommendation, but finds that there is sufficient basis to conclude that the criteria for observation have been satisfied, cf. Section 3, subsection e) of the Guidelines for observation and exclusion from the Government Pension Fund Global. In accordance with the guidelines, companies may be placed under observation when there is doubt as to whether the conditions for exclusion have been met or as to future developments, or where observation is deemed appropriate for other reasons.
Norges Bank has asked the Council on Ethics to observe the development in the company.
For further information, please contact:
Mr. Runar Malkenes
Director of Communications and External Relations, Norges Bank
Tel. +47 95 21 42 83