Wikipedia provides some general information related to the exclusion of companies on ethical grounds:

(..) holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds.

This is confirmed by the Council of Ethics web page and the actual list is provided by Norges Bank Investment Management.

I am wondering if the criteria (at least in part) is public information and a company is aware of why it has been included in the list.

Question: What are the criteria used by the Government Pension Fund of Norway to add a company to its excluded company list?

1 Answer 1


This appears to all be available on the websites you've linked to in your question.

The Council's Activities page from the Council on Ethics website lists a number of criteria under which a company may be excluded:

  • serious or systematic human rights violations, such as murder, torture, deprivation of liberty, forced labour, the worst forms of child labour;
  • serious violations of the rights of individuals in situations of war or conflict;
  • severe environmental damage
  • acts or omissions that on an aggregate company level lead to unacceptable greenhouse gas emissions
  • gross corruption
  • other particularly serious violations of fundamental ethical norms.

The list of excluded companies you have linked to includes a column indicating the criterion for exclusion.


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