Government Pension Fund Global, Oslo, has guidelines for company exclusions that need updating in relation to arms and weapons, a government-appointed committee says.

The committee was appointed in April 2019, to review the 10.2 trillion Norwegian kroner ($1.1 trillion) sovereign wealth fund's ethical investment guidelines. A report outlining the committee's proposals was published Monday by the Norwegian Ministry of Finance.

The committee proposed a number of adjustments to "reflect the evolution of ethical norms over the past 15 years and to catch up with certain new issues that have emerged," said Ola Mested, chair of the fund's ethics committee, in a statement accompanying the report.

Guidelines relating to arms production and corruption, the sale of arms, indigenous peoples' rights and the use of surveillance technology were the main areas for development...