EADS still excluded from the Government Pension Fund – Global

The Ministry of Finance received a recommendation from the Council on Ethics for the Government Pension Fund – Global on 18 April 2006 concerning EADS (European Aeronautic Defence and Space Company). EADS was excluded from the Fund autumn 2005 because of the company’s involvement in the production of cluster munitions. In a letter to Norges Bank dated 21 March 2006 EADS states that it no longer invests in the production of cluster munitions. In the same letter, EADS states that it is involved in the production of nuclear weapons. In light of this new information, the Council on Ethics has reconsidered the basis for exclusion. The Council recommends that EADS remains excluded as a consequence of its involvement in the production of key components to nuclear weapons.

An excerpt from the recommendation reads: “The Council on Ethics for the Government Pension Fund – Global finds that the basis for excluding EADS from investments related to production of cluster munitions is no longer valid. At the same time, it is clear that the company is involved in the production of nuclear weapons in a way that render recommendation of exclusion from the fund. The recommendation to exclude EADS from the Government Pension Fund – Global is therefore upheld. The basis for the exclusion is that the company contributes to the production of key components to nuclear weapons.”

The Ministry of Finance has decided to follow the recommendation from the Council to continue exclusion of EADS from the investment universe of the Government Pensions Fund – Global based on the company’s participation in the production of key components to nuclear weapons.