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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 of DRD Gold Limited

The Council has reached the conclusion that the Ethical Guidelines, point 4.4, second clause, third bullet point, provide a basis for recommending the exclusion of DRD Gold Limited owing to an unacceptable risk of contributing to severe

Recommendation - Vedanta Resources Plc.

At a meeting on 2 October 2006 the Council on Ethics for the Government Pension Fund - Global decided to assess whether the investments in the company Vedanta Resources Plc. may imply a risk of the Fund contributing to unethical acts under the

Meld. St. 22 (2024–2025) - The Government Pension Fund 2025

Executive summary

Recommendation of 15 November 2005

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

Chapter 1: Executive summary

Recommendation of 15 February 2006

NOU 2020: 7 - Values and Responsibility

The Ethical Framework for the Norwegian Government Pension Fund Global

Recommendation of 6 September 2006

Poongsan Corporation

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 on exclusion of the company GenCorp Inc.

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

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 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.

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.

Recommendation on Exclusion of Cluster Weapons from the Government Petroleum Fund

Recommendation of 18 April 2006

The Council on Ethics for the Government Pension Fund - Global To the Ministry of Finance Recommendation of 18 April 2006 (Unofficial English translation) Introduction The exclusion of EADS from the investment universe of the Government Pension Fund