Today, the King in Council appointed a public committee that will evaluate the ethical framework and other aspects relating to the responsible management of the GPFG.

"This review is necessary to safeguard the pension fund and key considerations. We must find a balance between the principles the fund is meant to uphold. The committee has important work ahead," said Minister of Finance Jens Stoltenberg.

The current ethical guidelines were last amended by the Ministry of Finance in 2021, following broad support by the Parliament. A unanimous Parliament affirmed that the fund has two equally important ethical objectives. One is to generate returns and safeguard values for current and future generations, and the second, to ensure the fund is not invested in companies that cause or contribute to serious violations of ethical norms.

The committee’s mandate underlines how Norway is currently facing its most serious security policy situation since World War II. Companies’ value chains are increasingly complex, often involving a wide network of subcontractors from multiple countries. Moreover, the distinction between military and civilian technology has become more blurred.

"It is increasingly difficult to draw a clear line and to determine what constitutes a contribution to serious violations of fundamental ethical norms. We all benefit from having a framework that reflects the reality we currently live in," said Stoltenberg.

The committee will assess and propose changes to the ethical framework and relevant aspects regarding the responsible management of the pension fund.

Committee Members:

  • Svein Gjedrem, economist (Chair)
  • Annie Bersagel, director
  • Alexander Wright Cappelen, professor
  • Marius Emberland, professor
  • Gunhild Hoogensen Gjørv, professor
  • Hanne Eggen Røislien, researcher
  • Arthur Sletteberg, CEO
  • Ulf Sverdrup, professor
  • Karen Helene Ulltveit-Moe, professor

The committee is to deliver its report by October 15, 2026.

In line with the Parliament’s decision, the Ministry of Finance has established   temporary ethical guidelines and made changes to the management mandate that will apply until a new ethical framework is in place. The Council on Ethics and Norges Bank have been informed of this via letter.

In the letter, the Ministry emphasises that, pending a new framework, enhanced due diligence should be exercised where the conditions for the fund’s investments in a country may change significantly over a short time period, for instance in the event of armed conflict.

The period during which the temporary guidelines apply, Norway will continue to uphold its obligations under international law, and the Council on Ethics will continue to monitor the fund’s investments to identify companies that contribute to or are responsible for production or behaviour that violates the guidelines. The Council will not make recommendations on observation or exclusion but will inform Norges Bank about companies it identifies for potential ownership engagement. Norges Bank will not make decisions on observation or exclusion but will follow up with companies through its regular ownership practices in accordance with the management mandate. This includes, among other things, dialogue with companies, voting, and potentially divestment within its mandate.

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