The Executive Board’s decision to revoke the observation was made on the basis of a recommendation 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).

Petrobras was placed under observation in 2016 due to the risk of severe corruption. The Council on Ethics believes that the risk of corruption is now reduced. This assessment is based, among other things, on the legal settlement with the US authorities, which confirms that Petrobras has implemented comprehensive improvement measures since the investigation began in 2014. On the basis of this information, the Council on Ethics has recommended the bank to revoke the observation.

The Council on Ethics’ recommendation to revoke observation
List of all excluded companies

For more information, contact:

Runar Malkenes, 
Director of Communications, Norges Bank
Phone: +47 952 14 283