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2 Jul 2024

Norway/Cameroon : Norges Bank decided to engage with Compagnies de l'Odet SE and Bolloré SE to follow up their management of human rights risks through active ownership

The Council on Ethics recommended that the companies Compagnie de l’Odet SE and Bolloré SE be excluded from investment by the Norwegian Government Pension Fund Global due to the risk that the companies are contributing to serious and systematic human rights abuses. The recommendation relates primarily to working conditions at oil palm plantations in Cameroon and their consequences for local communities.

However, these companies have not been excluded from investments by the Fund. The Executive Board of Norges Bank has asked Norges Bank Investment Management to follow up the management of human rights risks, working conditions and sexual harassment with Compagnie de l'Odet SE and Bolloré SE over a period of up to two years. Through its active ownership, Norges Bank will work to reduce the risk of future norm violations through improved systems and adequate value chain measures on the part of companies.