The Executive Board’s decisions to revoke the exclusions were made on the basis of recommendations from the Council on Ethics, which regularly shall assess whether the basis for observation or exclusion still exists (see § 5, subsection 5, of the Guidelines for observation and exclusion from the Government Pension Fund Global).

Grupo Carso SAB de CV was excluded from the fund in 2011 due to tobacco production. The company has made it clear for the Council on Ethics that it is no longer involved in tobacco production.

General Dynamics Corp was excluded in 2005 due to the production of cluster munitions. The company has made it clear for the Council on Ethics that such production has been terminated.

Nutrien Ltd (previous Potash Corporation of Saskatchewan) was excluded in 2011 after an assessment of the risk of violations of fundamental ethical norms related to the company’s operations in Western Sahara. The Council on Ethics have found that these purchases now have ceased.

Rio Tinto Ltd and Rio Tinto Plc were excluded in 2008 based on an assessment of the risk of severe environmental damage related to the Grasberg mine in Indonesia. The company has made it clear for the Council on Ethics that it has signed an agreement to sell its interest in the mine.

Walmart Inc and Wal-Mart de Mexico SAB de CV were excluded in 2006 based on an assessment of serious or systematic violations of human rights. The Council on Ethics has found that the grounds for exclusion are no longer present.

A decision to revoke company exclusions implies that the Government Pension Fund Global is again allowed to invest in the companies. In line with the management mandate § 3-1 (3), the Ministry of Finance decides when the securities will be re-introduced in the fund’s benchmark index. Re-introduction into the benchmark index will take place within an appropriately long timeframe. If and when share purchases will take place is left to Norges Bank to decide.

Council on Ethics’ recommendations

• Grupo Carso SAB de CV
• General Dynamics Corp
• Nutrien Ltd
• Rio Tinto Ltd and Rio Tinto Plc
• Walmart Inc and Wal-Mart de Mexico SAB de CV

Overview of observation and exclusion

For more information, contact:
Runar Malkenes,
Director of Communications, Norges Bank
Phone: +47 952 14 283