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Recommendation of December 21st, 2011, on the exclusion of the company Shikun & Binui Ltd.

The company Shikun & Binui Ltd. was recommended for exclusion from the Government Pension Fund Global because of its activities in the building of Israeli settlements in East Jerusalem. Please find the recommendation here (pdf)

Recommendation of May 26, 2010, on the exclusion of the company PetroChina Co Ltd.

On 26 May 2010, the Council on Ethics recommended the exclusion of PetroChina due to the risk of complicity in human rights violations associated with the construction of two oil and gas pipelines in Burma by its parent company, China National

Recommendation of February 15, 2008, on exclusion of companies Rio Tinto Plc and Rio Tinto Ltd.

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Recommendation of November 20, 2006, on exclusion of the company Monsanto Co

In November 2006, the Council on Ethics recommended that the Ministry of Finance should exclude Monsanto Co. from the investment universe of the GPFG. The Council then held the view that continued investment in the company would entail an

Recommendation of November 15th, 2010, on the exclusion of the company Shanghai Industrial Holdings Ltd.

The exclusion of the company is recommended because of its involvement in the production of tobacco. Please find the recommendation here (pdf)

Recommendation of October 22nd, 2009, on the exclusion of tobacco companies

The Council has recommended that the following companies be excluded from the Government Pension Fund Global: Alliance One International Inc., Altria Group Inc., British American Tobacco BHD, British American Tobacco Plc., Gudang Garam tbk pt.,

Recommendation of February 15th, 2011, on the exclusion of the company Grupo Carso SAB de CV

The exclusion of the company is recommended because of its involvement in the production of tobacco. Please find the recommendation here (pdf)

Recommendation of November 16, 2009, on suspension of exclusion of United Technologies Corp.

The company is no longer excluded from the Fund. Please find the recommendation to suspend the exclusion here.

Recommendation of Sept. 6, 2006 on exclusion of Poongsan Corp.

Recommendation of Sept. 6, 2006 on exclusion of Poongsan Corp. Recommendation Sept. 6, 2006 on exclusion of Poongsan Corp. (pdf)

Recommendation of November 15th, 2010, on the inclusion of the company L-3 Communications Holdings Inc

The grounds for the exclusion of L-3 Communications Holdings Inc. are no longer valid. Please find the recommendation to reverse the exclusion of the company here (pdf)

Letter dated October 11, 2007, on the Council's assessment of companies with operations in Burma

The Council on Ethics received a letter from the Ministry of Finance dated September 28, 2007, in which the Ministry requests that the Council accounts for its work on cases pertaining to investments in companies with operations in Burma, including

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