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2015 annual report

We are to help remove ethical risk from the fund…In 2015, the Council helped to prepare two new criteria – the climate and coal criteria. In accordance with the Council’s proposed wording of the climate criterion, companies may, as from 2016, be excluded on the basis of unacceptable climate-gas emissions. We have now started to conduct studies of various industries in order to understand where the climate-gas emissions are greatest and to identify the companies with unacceptable emissions. Our ambition is to be able to conduct specific assessments of individual companies towards the end of the year. Regarding the coal criterion, Norges Bank will on an independent basis be able to exclude companies that base more than 30 per cent of their operations on thermal coal. Following this, the Council will assess any coal companies left in the fund. In 2015, the Council continued to map violations of workers’ rights in the textile industry. The preliminary findings indicate that companies sourcing from the textile producers we have investigated have a considerable self-interest in working with their suppliers, although we also have a role to play. During the year, the Council also systematically reviewed corruption allegations against companies in both the petroleum and defence industries...Since the last annual report, seven recommendations have been published, encompassing a total of eight companies...[Refers to Daewoo, Genting, IJM]