Council on Ethics
The role of the Council on Ethics for the Government Pension Fund Global (GPFG) is to evaluate whether or not the Fund’s investment in specified companies is inconsistent with its Ethical Guidelines.
- The Council’s activities.
- GPFG’s Ethical Guidelines
- Norges Bank manages the Fund and makes decisions to exclude companies from the Fund’s portfolio based on advice from the Council.
- The Council’s recommendations will be made public on this website.
- Norges Bank provides a list of companies excluded from the Fund’s portfolio.
- The Council’s’ routines for assessing companies that have been excluded from investment by the GPFG or placed under observation.
- Council Members.
- The Council’s secretariat prepares the cases for the Council.
- Frequently Asked Questions
Latest recommendations
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PT Astra International Tbk, Jardine Matheson Holdings Ltd and Jardine Cycle & Carriage Ltd
The Council on Ethics recommends that PT Astra International Tbk (Astra) and the parent companies Jardine Cycle & Carriage Ltd ...
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KDDI Corp
On 29 June 2023, the Council on Ethics recommended to exclude the company KDDI from investment by the Norwegian Government Pension ...
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Delek Group Ltd
The Council on Ethics recommends that Delek Group Ltd be excluded from the Government Pension Fund Global because the company ...
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Sumitomo Corp
On 29 June 2023, the Council on Ethics recommended to exclude the company Sumitomo Corp from investment by the Norwegian Government ...
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Serco Group PLC – revocation of exclusion
Serco Group Plc was excluded from the Government Pension Fund Global in 2007 due to its involvement in the production ...
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Hyundai Glovis Co Ltd – termination of observation
The Council on Ethics recommends that observation of Hyundai Glovis Co Ltd (Hyundai Glovis) be terminated. Hyundai Glovis was placed ...
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Thoresen Thai Agencies PCL – revocation of exclusion
The Council on Ethics recommends that the exclusion of Thoresen Thai Agencies PCL (Thoresen Thai) from investment by the Norwegian ...
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Power Construction Corp China Ltd
The Council on Ethics recommends that Power Construction Corp of China Ltd (PowerChina) be excluded from investment by the Norwegian ...
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Petrofac Ltd
On 3 April 2023, the Council on Ethics recommended that the British company Petrofac Ltd (Petrofac) be placed under observation ...
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Semen Indonesia Persero Tbk PT
The Council on Ethics recommends that PT Semen Indonesia (Persero) Tbk (SIG) be placed under observation for a period of ...