The Council on Ethics was established by Royal Decree 19th November, 2004.
The members of the Council are (from left):
The role of the Council on Ethics for the Government Pension Fund Global is to provide evaluation on whether or not investment in specified companies is inconsistent with the established ethical guidelines. The Ministry of Finance makes decisions on the exclusion of companies from the Fund's investment universe based on the Council's recommendations. Both the Ministry's decisions and the Council's recommendations will be made publicly available on this website.
The Council has it's own secretariat which provides research for the Council.
The Ethical Guidelines
List of Excluded Companies