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Meld. St. 22 (2023–2024) - The Government Pension Fund 2024

Executive summary

Annual Report to the Storting

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. The Ministry gives an account of the management of the Fund in an annual report to the Storting, as well as in the National Budget.

Meld. St. 17 (2022–2023) - The Government Pension Fund 2023

Norges Bank's work on responsible investing

The aim of Norges Bank's responsible investing activities is to promote long-term value creation and to contribute to good corporate governance and responsible business conduct. In its management of the GPFG, Norges Bank shall emphasise the fund's

Ethical guidelines

The Government Pension Fund Global (GPFG) has been subject to guidelines for observation and exclusion since 2004. The guidelines have since been further developed, most recently in 2021 on the basis of recommendations in NOU 2020: 7 Values and

Meld. St. 24 (2020–2021) - The Government Pension Fund 2021

Chapter 1: Executive summary

Meld. St. 32 (2019–2020) - The Government Pension Fund 2020

Meld. St. 32 (2019–2020) Report to the Storting (white paper)

NOU 2020: 7 - Values and Responsibility

The Ethical Framework for the Norwegian Government Pension Fund Global

Meld. St. 35 (2014–2015) - Working together: Private sector development in Norwegian development cooperation

Meld. St. 35 (2014 – 2015) Report to the Storting (white paper) Summary

In the white paper Working together: Private sector development in Norwegian development cooperation (Meld. St. 35 (2014-2015)), the Government sets out how it will intensify its efforts to create an enabling environment for private sector

The Council on Ethics

The Council on Ethics was established by Royal Decree 19 November 2004. The Council on Ethics provides an evaluation of whether investments in specified companies are inconsistent with the ethical guidelines.

Recommendation on the exclusion of the company Elbit Systems Ltd

Elbit supplies a surveillance system that is part of the separation barrier being built by the Israeli government in the West Bank. The construction of parts of the barrier may be considered to constitute violations of international law, and Elbit,

Recommendation to reverse the exclusion of Thales SA

The Council recommends that Thales SA no longer be excluded from the investment universe of the Government Pension Fund - Global.

Recommendation to reverse the exclusion of DRD Gold

According to point 4.6 of the Ethical Guidelines, the Council ”shall review on a regular basis whether the reasons for exclusion still apply and may against the background of new information recommend that the Ministry of Finance reverse a decision

Recommendation on the exclusion of the company Barrick Gold

In accordance with the Ethical Guidelines, point 4.4, the Council has reached the conclusion that there are grounds for recommending that Barrick Gold be excluded from the Government Pension Fund - Global’s investment possibilities, due to an

Recommendation on the exclusion of the company Textron Inc.

The company Textron Inc. produces weapons which, according to the definition of the convention, must be considered cluster munitions. The Council on Ethics therefore recommends that Textron Inc. is excluded from the investment universe of the

Council on Ethics’ assessment on investments in Israel Electric Corporation

We hereby refer to the letter from the Ministry of Finance, dated March 3, 2008, requesting an assessment of whether investments made by the Government Pension Fund - Global in Israel Electric Corporation (“IEC”) may constitute a breach of the fund’

Recommendation on the exclusion of the company Serco Group Plc.

The company is recommended for exclusion because of its involvement in the production of nuclear weapons.

Recommendation - New assessment of the company Rheinmetall AG

New information which has been brought to the attention of the Coucil has lead to the conclusion that the grounds for excluding Rheinmetall AG are no longer valid, and a new recommendation was issued with regard to this.

Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp.

The companies were recommended for exclusion because of their involvement in production of cluster munitions.

Recommendation on exclusion of the company GenCorp Inc.

The company is excluded because of its production of key components for nuclear weapons.