The report issued today by the Strategy Council to the Norwegian government on the future of responsible investment at the Norwegian Government Pension Fund – Global (GPFG), could, RI believes, be hugely important. It behoves everyone involved in responsible investment to read it. If adopted, it could herald the end of ethical investment at the core of the fund’s strategy (incarnated by the fund’s Council on Ethics) and a significant shift towards investment materiality tests for ESG issues followed by highly focused engagement and exclusion as a weapon of last resort. [refers to Lockheed Martin]