Historical archive

Committee to review the ethical guidelines for the GPFG

Historical archive

Published under: Solberg's Government

Publisher Ministry of Finance

The Government has today appointed a Committee to review the ethically motivated guidelines for observation and exclusion from the Government Pension Fund Global (GPFG). The Committee will be chaired by Professor Ola Mestad.

The ethical guidelines for the management of the GPFG were introduced in 2004. The Fund has grown considerably since then. It is invested in a greater number of companies, ownership stakes are larger and the geographical diversification is expanded.

– ­These developments influence both expectations and the implementation of ethical guidelines and responsible investment. We are therefore now appointing a Committee to examine the guidelines. This is in line with what the Government announced in the Granavolden Platform, says Siv Jensen, Minister of Finance.

The Committee shall assess:

  • Whether there is a need for amending the guidelines for observation and exclusion, including whether some criteria should be omitted or new ones added.
  • The use of various measures and the effects of these.
  • Whether the current measures are suited for investments in countries whose legislation and regulatory frameworks are in conflict with recognised international conventions and ethical standards and in countries with limited access to information.

The Committee shall start out from the fundamental purposes and principles on which the current guidelines for ethical and responsible investment are premised. The review should be based on ethical norms that are broadly supported in Norwegian society and reflect international agreements and initiatives ratified and endorsed by Norway.

Exclusion is a forceful measure that should be reserved for the most severe violations of norms. It is also a fundamental principle that the Fund shall not be used as a foreign policy or climate policy instrument, says the Minister of Finance.

The Committee shall submit its report by 15 June 2020.

Composition of the Committee:  

  • Ola Mestad, Professor, Oslo (Chair)
  • Johan Henrik Andresen, Board Chair, Oslo
  • Svein Richard Brandtzæg, Chief Executive Officer, Oslo
  • Cecilie Hellestveit, Lawyer, Oslo
  • Egil Matsen, Deputy Governor, Trondheim
  • Gro Nystuen, Senior Advisor, Vestfold
  • Olaug Svarva, Board Chair, Oslo
  • Astrid Undheim, Vice President, Trondheim