Companies Excluded from the Investment Universe

Production of weapons that through their normal use may violate fundamental humanitarian principles

Anti-personnel land mines
- Singapore Technologies Engineering (26 April 2002)


Production of cluster munitions
- Textron Inc. (31 December 2008)
- Hanwha Corporation (31 December 2007)
- Poongsan Corporation (30 November 2006)
- Raytheon Co. (31 August 2005)
- General Dynamics corporation (31 August 2005)


Production of nuclear arms
- Alliant Techsystems Inc (21 August 2013)
- Lockheed Martin Corp (21 August 2013)
- The Babcock & Wilcox Co. (11 January 2013)
- Jacobs Engineering Group Inc. (11 January 2013)
- Serco Group Plc. (31 December 2007)
- Gen Corp. Inc. (31 December 2007)
- Safran SA. (31 December 2005)
- Northrop Grumman Corp. (31 December 2005)
- Honeywell International Corp. (31 December 2005)
- EADS Finance BV (31 December 2005)
- EADS Co (31 December 2005)
- Boeing Co. (31 December 2005)


Sale of weapons and military material to Burma
- Dongfeng Motor Group Co Ltd. (28 February 2009)


Production of tobacco
- Schweitzer-Mauduit International Inc. (8 May 2013)
- Huabao International Holdings Limited(8 May 2013)
- Grupo Carso SAB de CV (24 August 2011)
- Shanghai Industrial Holdings Ltd. (15 March 2011)
- Alliance One International Inc. (31 December 2009)
- Altria Group Inc. (31 December 2009)
- British American Tobacco BHD (31 December 2009)
- British American Tobacco Plc. (31 December 2009)
- Gudang Garam tbk pt. (31 December 2009)
- Imperial Tobacco Group Plc. (31 December 2009)
- ITC Ltd. (31 December 2009)
- Japan Tobacco Inc. (31 December 2009)
- KT&G Corp (31 December 2009)
- Lorillard Inc. (31 December 2009)
- Philip Morris International Inc. (31 December 2009)
- Philip Morris Cr AS. (31 December 2009)
- Reynolds American Inc. (31 December 2009)
- Souza Cruz SA (31 December 2009)
- Swedish Match AB (31 December 2009)
- Universal Corp VA (31 December 2009)
- Vector Group Ltd. (31 December 2009)


Actions or omissions that constitute an unacceptable risk of the Fund contributing to:


Serious or systematic human rights violations
- Zuari Agro Chemicals Ltd. (14 October 2013)
- Wal-Mart Stores Inc. (31 May 2006)
- Wal-Mart de Mexico SA de CV (31 May 2006)

Severe environmental damages
- Sesa Sterlite (30 January 2014)
  (Madras Aluminium Company and Sterlite Industries Ltd. (both excluded 31 October 2007)
   are merged into Sesa Sterlite)
- WTK Holdings Berhad (14 October 2013)
- Ta Ann Holdings Berhad (14 October 2013)
- Zijin Mining Group (14 October 2013)
- Volcan Compaña Minera (14 October 2013)
- Lingui Development Berhad Ltd. (16 February 2011)
- Samling Global Ltd. (23 August 2010) 
- Norilsk Nickel (31 October 2009)
- Barrick Gold Corp (30 November 2008)
- Rio Tinto Plc. (30 June 2008)
- Rio Tinto Ltd. (30 June 2008)
- Vedanta Resources Plc. (31 October 2007)
- Freeport McMoRan Copper & Gold Inc. (31 May 2006)



Other particularly serious violations of fundamental ethical norms
- Potash Corporation of Saskatchewan (6 December 2011)
- Elbit Systems Ltd. (31 August 2009)

 

Serious violations of the rights of individuals in situations of war or conflict
- Africa Israel Investments (30 January 2014)
- Danya Cebus (30 January 2014)
- Shikun & Binui Ltd. (31 May 2012)
  

___________________________

Companies that have been excluded, but where the decision to exclude has later been revoked are listed separately.

All recommendations for exclusion and decisions to exclude or to revoke previous decisions to exclude, are listed here (latest first).

 

30.01.2014

Africa Israel Investments
Danya Cebus
Sesa Sterlite
The press release from the Ministry of Finance
The recommendation from the Council on Ethics:
- Africa Israel Investments and Danya Cebus
- Sesa Sterlite

 

14.10.2013

 WTK Holdings Berhad
Ta Ann Holdings Berhad
Zijin Mining Group
Volcan Compañia Minera
Zuari Agro Chemicals Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics:
WTK Holdings Berhad
Ta Ann Holdings Berhad
Zijin Mining Group
Volcan Compañia Minera
Zuari Agro Chemicals Ltd.

 

21.08.2013

Alliant Techsystems Inc.
Lockheed Martin Corporation
The press release from the Ministry of Finance
The recommendation from the Council on Ethics:
- Alliant Techsystems Inc.
- Lockheed Martin Corporation

21.08.2013

Africa Israel Investments Ltd.
Danya Cebus Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

08.05.2013

Schweitzer-Mauduit International Inc.
Huabao International Holdings Limited

The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

11.01.2013

Observation of Siemens AG concluded
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

11.01.2013

Exclusion of following companies reversed:
- Finmeccanica Sp. A. 
- BAE Systems Plc
- FMC Corporation

The press release from the Ministry of Finance
TThe recommendation from the Council on Ethics on BAE Systems Plc and Finmeccanica Sp. A.
The recommendation from the Council on Ethics on FMC Corporation

 

11.01.2013

The Babcock & Wilcox Co.
Jacobs Engineering Group Inc.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

15.06.2012

Shikun & Binui Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

06.12.2011

FMC Corporation
Potash Corporation of Saskatchewan
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

24.08.2011

Grupo Carso SAB de CV
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

15.03.2011

Shanghai Industrial Holdings Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

16.02.2011

Lingui Development Berhad Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

23.08.2010

Africa Israel Investments Ltd. 
Danya Cebus Ltd.
Samling Global Ltd.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics (Africa Israel Investments Ltd. and Danya Cebus Ltd.)
The recommendation from the Council on Ethics (Samling Global Ltd.)


 

02.03.2010

Exclusion of United Technologies Corp. reversed
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

20.01.2010 17 tobacco producers excluded
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

19.11.2009

Norilsk Nickel
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

03.09.2009 Elbit Systems Ltd
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

13.03.2009 Dongfeng Motor Group Co. Ltd 
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

30.01.2009

Textron Inc.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

30.01.2009

Barrick Gold Corporation
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

09.09.2008

Rio Tinto Ltd.
Rio Tinto Plc.
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

 
11.01.2008

Hanwha Corporation
Serco Group Plc
GenCorp Inc 

The press release from the Ministry of Finance
The recommendation from the Council on Ethics (Hanwha Corporation)
The recommendation from the Council on Ethics(Serco Group Plc)
The recommendation from the Council on Ethics(GenCorp Inc)

 

09.11.2007

Vedanta Resources Plc.
Sterlite Industries Ltd.
Madras Aluminium Company Ltd.

The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

03.09.2009 Exclusion of DRD Gold Limited reversed
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

11.04.2007

DRD Gold Limited
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

06.12.2006

Poongsan Corporation
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

06.06.2006

Wal-Mart Stores Inc
Wal-Mart de Mexico SA de CV
Freeport McMoRan Copper & Gold Inc

The press release from the Ministry of Finance
The recommendation from the Council on Ethics (Wal-Mart)
The recommendation from the Council on Ethics (Freeport)

 

05.01.2006

BAE Systems Plc.
Boeing Co.
Finmeccanica Sp.A.
Honeywell International Inc.
Northrop Grumman Corp.
United Technologies Corp.
Safran SA

The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

03.09.2009 Exclusion of Thales SA reversed
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

31.08.2005

Alliant Techsystems Inc.
EADS Co (European Aeronautic Defence and Space Company)
EADS Finance BV
General Dynamics Corporation
Lockheed Martin Corp.
Raytheon Co. 
Thales SA

The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

01.09.2006 Exclusion of Kerr-McGee reversed
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

06.06.2005

Kerr-McGee Corporation
The press release from the Ministry of Finance
The recommendation from the Council on Ethics

 

22.03.2002

Singapore Technologies Engineering
The recommendation from the Advisory Commission on International Law

 

 



Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway

Last updated: 27.11.2014
Old Government Building: Stairway

Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway