Observation and Exclusion

Responsible investments

The Ministry of Finance adopted ethical guidelines for the management of Petroleum Fund in 2004, following NOU 2003:22 “The Graver-report”. Since then, the guidelines have been developed further.

Companies shall be excluded from the Government Pension Fund if they produce certain products or sell weapons to specific states. Companies may also be excluded if there is unacceptable risk that they contribute to, or are responsible for, grossly unethical activities as defined in the guidelines. The criteria for product-based exclusion and conduct-based observation and exclusion, are available in the Guidelines for Observation and Exclusion from the Government Pension Fund Global, which came into effect 1 January 2015, replacing the former guidelines from 2010. The ethical criteria for which companies the Fund may not be invested in are unchanged, and these criteria will continue to be determined by political authorities.

From 1 January 2015, Norges Bank makes the decisions on observation and exclusion of companies from the GPFG, instead of the Ministry of Finance. Accordingly, The Council on Ethics gives its advices to Norges Bank.

Before making a decision to observe or exclude a company from the GPFG, Norges Bank shall consider whether other measures, including the exercise of ownership rights, may be more suited for reducing the risk of continued norm violations, or whether such alternative measures may be more appropriate for other reasons. 

Council on Ethics
Members of the Council on Ethics
Exclusion of companies