ICBL-CMC submission to the Gjedrem Committee on the ethical guidelines
\nfor the Government Pension Fund Global<\/p>\n
Dear Chair and members of the Committee,
\nThe International Campaign to Ban Landmines-Cluster Munition Coalition (ICBL-CMC) urges the Committee to preserve strong, comprehensive weapons criteria for the Government Pension Fund Global (GPFG) and ensure their effective implementation. <\/p>\n
Our research identifies concerns about investments in companies involved in cluster munition production that demonstrate why both are necessary.<\/p>\n
ICBL-CMC is a global civil society network working to eliminate antipersonnel mines and cluster munitions and uphold the rights of people affected by these weapons. Our work is grounded in the experiences of survivors and communities living with their consequences.<\/p>\n
These weapons kill and injure civilians, obstruct access to land and livelihoods, and impede recovery long after conflicts have ended.<\/p>\n
Norway has played a leading role in humanitarian disarmament, including in the
\ndevelopment of the Mine Ban Treaty and the Convention on Cluster Munitions. The Fund\u2019s investment policy should reinforce Norway\u2019s commitments under these treaties and its longstanding support for their universal acceptance.<\/p>\n
Address gaps in implementation ICBL-CMC\u2019s review of published holdings data from Norges Bank Investment Management (NBIM), the division of Norway\u2019s central bank responsible for managing the GPFG identifies investments by the Fund in Solar Industries India Ltd as at 30 June 2026, and in LIG Nex1 Co Ltd, now renamed LIG Defense & Aerospace, and Bharat Dynamics Ltd as at 31 December 2025. <\/p>\n
Cluster Munition Monitor 2026 documents these companies\u2019 involvement in cluster munition development or production. These concerns involve substantial and continuing activities. Solar Industries\u2019 subsidiary received a contract in 2025 for Pinaka cluster munition rockets, with a stated duration of eight to 15 years. LIG received a production contract for Haeryong missiles equipped with submunition warheads running from 2023 to December 2026. Bharat Dynamics is involved
\nin the development and production of the Pralay missile, for which a cluster warhead has been developed.<\/p>\n
Our review also identifies a holding in Poongsan Holdings as at 30 June 2026, while
\nPoongsan Corp is excluded for cluster munition production. This raises a further question about whether screening adequately addresses parent companies and corporate group relationships.<\/p>\n
These findings warrant prompt examination and action. They also demonstrate that retaining the weapons criteria on paper is insufficient. The framework needs systematic, ongoing research into producers, regular screening of holdings and prospective investments, and timely decisions when evidence of involvement emerges. Screening must also anticipate new producers of antipersonnel mines and cluster munitions.<\/p>\n
Preserve the humanitarian basis of the criteria
\nThe ethical framework should continue to address weapons whose normal use violates fundamental humanitarian principles. Restricting exclusions solely to weapons prohibited by treaties to which Norway is a party would weaken this approach. Norway\u2019s treaty obligations provide an essential foundation, but they should not set the ceiling for its ethical investment standards. A weapon\u2019s humanitarian consequences do not depend on Norway\u2019s treaty membership, the producer\u2019s nationality or its relationship with Norway\u2019s allies. Although antipersonnel mines and cluster munitions would remain covered by Norway\u2019s treaty commitments, this does not justify weakening the wider framework,
\nincluding the exclusion of nuclear weapons producers.<\/p>\n
Norway\u2019s security needs can be met while maintaining these ethical boundaries. <\/p>\n
Investment in defence companies that do not undertake the excluded activities remains possible.<\/p>\n
We therefore urge the Committee to recommend:
\n\u2022 Retaining comprehensive product-based exclusions covering antipersonnel mines,
\ncluster munitions and the other weapons covered by the established humanitarian
\ncriteria, including nuclear weapons.<\/p>\n
\u2022 Maintaining coverage of development and production of these weapons and their
\nkey components, including through controlled entities, and ensuring appropriate
\nscrutiny of parent companies and corporate groups.<\/p>\n
\u2022 Rejecting any narrowing based solely on Norway\u2019s treaty membership or exceptions based on nationality, security partnerships or procurement relationships.<\/p>\n
\u2022 Restoring effective exclusion procedures, supported by independent assessment by the Council on Ethics, systematic and adequately resourced research, and
\ntransparent, timely decisions.<\/p>\n
\u2022 Ensuring prompt assessment of the companies identified above and preventive
\nscreening for emerging producers. Engagement should support companies in ending activities that justify exclusion; it should not replace exclusion while those activities continue.<\/p>\n
At a time when humanitarian disarmament norms are under pressure, Norway\u2019s leadership remains vital. <\/p>\n
We urge the Committee to preserve strong weapons criteria and close implementation gaps so that the Fund does not benefit financially from the production of weapons that cause unacceptable humanitarian harm.<\/p>\n
Yours sincerely,
\nTamar Gabelinick, ICBL-CMC Director<\/p>\n","protected":false},"excerpt":{"rendered":"
ICBL-CMC submission to the Gjedrem Committee on the ethical guidelines for the Government Pension Fund Global Dear Chair and members of the Committee, The International Campaign to Ban Landmines-Cluster Munition Coalition (ICBL-CMC) urges the Committee to preserve strong, comprehensive weapons criteria for the Government Pension Fund Global (GPFG) and ensure their effective implementation. Our research\u2026<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"dss_simple_post_excerpt":"","dss_show_featured_image":true,"footnotes":""},"categories":[2,1],"tags":[],"class_list":["post-212","post","type-post","status-publish","format-standard","hentry","category-innspill","category-ukategorisert"],"language":"nb-NO","_links":{"self":[{"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/posts\/212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/comments?post=212"}],"version-history":[{"count":2,"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/posts\/212\/revisions"}],"predecessor-version":[{"id":215,"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/posts\/212\/revisions\/215"}],"wp:attachment":[{"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/media?parent=212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/categories?post=212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nettsteder.regjeringen.no\/uerspu\/wp-json\/wp\/v2\/tags?post=212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}