Norway: Council on Ethics for govt. pension fund announces new guidelines & council

Several changes have been made to the Guidelines for observation and exclusion of Companies from the Government Pension Fund Global:

The Council will no longer submit its recommendations to the Ministry of Finance, but to the Fund’s manager, NBIM, who will decide whether or not to exclude companies or place them under observation.  Please find the new guidelines here.

A new Council has been established, chaired by Mr. Johan H. Andresen. Please find details here.

NBIM will from now on maintain the list of excluded companies.

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27 January 2015

Council on Ethics annual report recommends 6 companies for exclusion

Author: Council on Ethics, Norwegian Government Pension Fund

"Annual Report 2014: Council on Ethics for the Government Pension Fund Global", Dec 2014

The Council on Ethics’ task is to find companies that should be excluded from the fund or put under observation, irrespective of the company’s size, the fund’s ownership stake or the country where the company is registered...Since the last annual report, 13 recommendations have been published [including 6 new recommendations to exclude companies]....[Recommendations refer to Repsol, Reliance Industries, Randgold Resources, SOCO Intl., Noble Group, China Ocean Resources, Dongfeng Motorgroup, Tahoe Resources, Innophos, China Railway Group, NTPC]

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