Government Pension Fund of Norway: Difference between revisions

Latest revision as of 07:55, 1 December 2025

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The Government Pension Fund of Norway (Template:Langx) is the sovereign wealth fund collectively owned by the government of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (Norges Bank Investment Management)^[1] and the Government Pension Fund Norway.

The Government Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. since June 2025,^[update]Template:Dated maintenance category (articles)Script error: No such module "Check for unknown parameters". it had over US$1.9 trillion in assets,^[2] equal to 1.5% of the value of the world's listed companies, making it the world's largest sovereign wealth fund in terms of total assets under management.^[3]^[4] This translates to over US$340,000 per Norwegian citizen.^[5] It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds.^[6]

The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Nordic investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.

Government Pension Fund Global

The Government Pension Fund Global (Template:Langx, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Script error: No such module "Lang".).

The purpose of the fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, mainly from taxes of companies but also payment for licenses to explore for oil as well as the State's Direct Financial Interest and dividends from the partly state-owned Equinor. Current revenue from the petroleum sector is estimated to be at its peak period and to decline in the future decades. The Petroleum Fund was established in 1990 after a decision by the country's legislature to counter the effects of the forthcoming decline in income and to smooth out the disruptive effects of highly fluctuating oil prices.

As its name suggests, the Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. The fund is invested in 8,763 companies in 71 countries (as of 2024). As of November 2024, the fund's value was over 19 trillion Kroner, according to its official website.^[5]

Background

Norway has experienced economic surpluses since the development of its hydrocarbon resources in the 70s. This reality, coupled with the desire to mitigate volatility stemming from fluctuating oil prices, motivated the creation of Norway's Oil Fund, now the Government Pension Fund-Global (GPF-G).^[7] The instability of oil prices has been of constant concern for oil-dependent countries since the start of the oil boom, but especially so in the decades following the first oil shocks in the 1970s.^[8] As the real GDP of oil-exporting states is linked with the price of oil, it has been a goal of these exporters to stabilize oil consumption patterns, and a host of these exporting states singled out sovereign wealth funds as an effective policy tool for achieving this outcome.^[8] The adoption of the GPF-G has been in line with the global economic trends, especially investment patterns. International investment has increased at a significantly higher pace than either global GDP or global trade of goods and services, increasing by 175% over a period at which the former two metrics increased by 53% and 93% respectively.^[9]

Management and size

File:Norway Oil Fund.png

Value of the Oil Fund in billions of kroner (June 2017 prices)

The domestic fund, the Government Pension Fund Norway, is managed by Folketrygdfondet. The global investment fund is managed by Norges Bank Investment Management (NBIM), part of the Norwegian Central Bank on the behalf of the Ministry of Finance.^[10]

since June 2011,^[update]Template:Dated maintenance category (articles)Script error: No such module "Check for unknown parameters". it was the largest pension fund in the world, but it is not a pension fund in the conventional sense, as it derives its financial backing from oil profits, not pension contributions.^[11] In September 2017, the fund exceeded US$1 trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.^[12] The first withdrawal in its history was made in 2016.^[13] In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1 trillion by the end of 2019.^[14] According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455 billion, and a best case scenario at $3.3 trillion.^[15] With 2.33 percent of European stocks,^[16] it is the largest stock owner in Europe.^[17]

In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international stock market. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.^[18] The Norwegian government planned that up to 5 percent of the fund should be invested in real estate, beginning in 2010.^[19] A specific policy for the real estate investments was suggested in a report the Swiss Partners Group wrote for the Norwegian Ministry of Finance.^[20]

Norway's sovereign wealth fund is taking steps to become more active in company governance. In the second quarter of 2013, the sovereign fund voted in 6,078 general meetings as well as 239 shareholder proposals on environmental and social issues. Norway's Government Pension Fund Global (GPFG) has the potential to influence the corporate governance market in Europe, and possibly China as well, greatly.^[21] It has also started to become active in pushing for lower executive pay.^[22]

In 2019, the Government Pension Fund received a perfect score of 100 in the Sovereign Wealth Fund Transparency and Accountability Scoreboard published by the Peterson Institute for International Economics, ranking it first among 64 sovereign wealth funds worldwide.^[23]

Relationship to sovereignty

The rise of globalization as the predominant political-economic system has had several key effects on states, especially in regard to interdependence and sovereignty. The erosion of fully independent socioeconomic structures has provoked new questions regarding the role of the state and its ability to project its sovereignty on a set of global economic systems that seem largely out of reach both legally and pragmatically for most states.^[24] Sovereign wealth funds are an inherently nationalist type of investment vehicle, and there exists potential for their use as a mitigating force to the supranational forces of globalization.^[24] The issue with this is that such practices may lead to a general increase in protectionism as nations attempt to wrestle back control of their economies from external forces, an outcome that most economic intergovernmental organizations, such as the International Monetary Fund, would like to see avoided.^[25] Some commentators, like Professor Gordon L. Clark of the University of Oxford, express concerns regarding non-profit considerations motivating the practices of the GPF-G, especially in regards to its ethical concerns and how these considerations may be used as a means of exerting Norwegian standards on foreign firms.^[24] On the other hand, the OECD has stated that sovereign wealth funds have had a stabilizing influence on international markets due to their ability to provide capital during times of domestic investor pessimism.^[26] The OECD has taken steps to minimize the possibilities of economic protectionism by instituting the Freedom of Investment project, where participating states agree upon guiding sets of principles that seek to boost transparency and transnational investment, while also advising states on how to best handle issues of foreign investment in the sphere of national security.^[26]

Debate

As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), the Oil Fund has become a hot political issue, dominated by three main issues Template:Among whom:

Whether the country should use more of the petroleum revenues for the state budget instead of saving the funds for the future. The main matter of debate is to what degree increased government spending would increase inflation.
Whether the high level of exposure (around 71 percent in 2025^[27]) to the highly volatile stock market is financially safe. OthersScript error: No such module "Unsubst". claim that the high diversification and extreme long-term nature of the investments will dilute the risk and that the state is losing considerable amounts of money because of the low investment percentage in the stock market.
Whether the investment policy of the Petroleum Fund is ethical.

Concerns and potential outcomes

There are diverse concerns and predicted effects of sovereign wealth funds on international financial markets and the global economy as a whole, with experts expressing strong fears regarding destabilization and protectionism stemming from sovereign wealth funds. The destabilization argument, often cited by Roland Beck of the European Central Bank, is that non-market investment motives may lead sovereign wealth funds managers to make decisions that go against market logic, in turn causing an unexpected and potentially disastrous ripple effect.^[28] The protectionist argument, mentioned above in relation to sovereignty and sovereign wealth funds, is essentially a fear that sovereign wealth funds could be used in a non-market, protectionist manner where competing states would perpetuate ever-increasing anti-global free trade movements.^[29] However, despite these fears, there is also strong evidence to suggest that sovereign wealth funds are unlikely to gain board of directors seats in their acquisitions.^[30] Additionally, Norway's GPF-G is especially unlikely to gain any board-of-directors seats in a company headquartered in an OECD country.^[30] Furthermore, some experts directly contradict fears regarding the destabilizing effect of sovereign wealth funds, arguing that these funds increase the stability of global finance due to the fact that they serve to increase the variety of owners of risky financial vehicles, minimizing exposure to shocks in any one particular industry, while also simultaneously limiting the absolute loss any actor can suffer in a particular global economic sector.^[28]

Ethical council

Part of the investment policy debate is related to the discovery of several cases of investment by The Petroleum Fund in very controversial companies, involved in businesses such as arms production, tobacco and fossil fuels.^[10] The Petroleum Fund's Advisory Council on Ethics was established 19 November 2004 by royal decree. Accordingly, the Ministry of Finance issued a new regulation on the management of the Government Petroleum Fund, which also includes ethical guidelines.

According to its ethical guidelines, the Norwegian pension fund cannot invest money in companies that directly or indirectly contribute to killing, torture, deprivation of freedom or other violations of human rights in conflict situations or wars. Contrary to popular belief, the fund is allowed to invest in a number of arms-producing companies, as only some kind of weapons, such as nuclear arms, are banned by the ethical guidelines as investment objects.

To support the ethical screening process, the Council on Ethics works with RepRisk ESG Business Intelligence, a global research firm and provider of environmental, social and governance (ESG) risk data. RepRisk monitors the companies in the Norwegian Pension Fund's portfolio for issues such as severe human rights violations, particularly regarding child labor, forced labour, and violations of individual rights in conflict areas as well as gross environmental degradation and corruption. RepRisk has been working with the Council on Ethics since 2009 and in 2014, re-won the tender for ESG data provision for 2014–2017.^[31]

An investigation by the Norwegian business newspaper Script error: No such module "Lang". in February 2012 showed that Norway has invested more than $2 billion in 15 technology companies producing technology that can and has been used for filtering, wiretapping, or surveillance of communication in various countries, among them Iran, Syria, and Burma. Although surveillance tech is not the primary activity of all the 15 companies, they have all had or still have some kind of connection to such technology. The Ministry of Finance in Norway stated that it would not withdraw investing in these companies or discuss an eventual exclusion of surveillance industry companies from its investments.

On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.^[32] The total divestment from these companies was $2 billion (NOK 14.2 billion), making it the largest divestment caused by ethical recommendations in the history of the fund.^[33]

In March 2014, as the result of both domestic and international pressure, the parliament appointed a panel to investigate whether the fund should divest its coal assets in line with its ethical investment mandate. The panel released its recommendations in December 2014, recommending the fund follow a strategy of corporate engagement rather than divestment. The parliament was set to make its decision early in 2015. In the event, the fund will be required to divest from companies that derive at least 30% of their business from coal.^[10]

In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among them Peabody Energy, Arch Coal, and Alpha Natural Resources), 13 companies in India (including Coal India) and 3 companies in China.^[34] As a result, the total value of the fund's coal holdings fell by 5% to $9.7 billion. In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.^[35] In May 2015, Norwegian political members agreed on the divestment of $945 million of the fund from coal assets. By June 2015, over $8 billion in coal assets were agreed to be sold, the largest in the 122 affected companies was UK’s SSE, where the fund held $956 million in shares.^[36]

On 8 March 2019, the Ministry of Finance^[37] recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017 Lofoten Declaration which demanded leadership in a global fossil fuel phase-out from the countries that can most afford to act, such as Norway.^[38]

Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.Script error: No such module "Unsubst". As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.^[39] In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.^[40]

In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor from Xinjiang internment camps.^[41]

On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, told Reuters that companies in its portfolio will be asked to take more specific action on climate change.^[42]

On 11 August 2025, the fund reported it was terminating contracts with asset managers in Israel, as well as divesting portions of its portfolio relating to Israel, following a report that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces.^[43]

Norway's parliament has mandated a review of the ethical guidelines governing the nation's $2.1 trillion sovereign wealth fund, responding to pressure from the United States. In September 2025, the U.S. State Department raised concerns regarding the utilization of construction equipment manufactured by Caterpillar by Israeli authorities in Gaza and the occupied West Bank. Consequently, the fund divested its shares in Caterpillar on ethical grounds due to the company's backing of Israel.^[44]

Excluded companies

The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:^[45]

Company	HQ	Date of exclusion	Reason	Divestment (Millions USD)
Africa Israel Investments	Template:Flagu	24 August 2010	Violation of international humanitarian law in occupied Palestinian territory by being involved in developing settlements^[46]	1.2
Alliance One International, Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	0.9
Alliant Techsystems Inc	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}
Altria Group Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	131
Barrick Gold Corporation	Template:Flagu	30 January 2009	Extensive environmental degradation related to the Porgera Gold Mine in Papua New Guinea^[48]	245
Babcock & Wilcox	Template:Flagu	11 January 2013	Production of nuclear arms	N/A
Boeing Company	Template:Flagu	11 October 2005	Maintenance of ICBMs for the U.S. Air Force.^[49]	N/A^{[nb 2]}
British American Tobacco BHD	Template:Flagu	19 January 2010	Production of tobacco.^[32]	9.4
British American Tobacco Plc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	683
Caterpillar Inc.	Template:Flagu	26 August 2025	Due to risk of serious violations of the rights of individuals in situations of war and conflict.
Danya Cebus	Template:Flagu	24 August 2010	Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements^[46]	N/A
Dongfeng Motor Group Co Ltd.	Template:Flagu	28 February 2009	Sale of weapons and military material to Burma^[50]^[51]	N/A
Duke Energy +3 subsidiaries	Template:Flagu	7 September 2016	Risk of severe environmental damage^[52]	300 (or more)^[53]
Airbus	Template:Flagu Template:Flagu Template:Flagu Template:Flagu	30 June 2005	Production of nuclear missiles for the French Air Force through the company MBDA^[54]^{[nb 3]}	N/A^{[nb 1]}
Elbit Systems	Template:Flagu	3 September 2009	Supply of surveillance systems for the Israeli West Bank barrier^[55]^[56]^[57]	5.0
Freeport McMoRan Copper & Gold Inc.	Template:Flagu	28 March 2006	Serious environmental damage.^[58]	17.2
G4S	Template:Flagu	14 November 2019	Serious or systematic human rights violations^[59]	N/A
GenCorp, Inc. (now Aerojet Rocketdyne Holdings, Inc.)	Template:Flagu	15 November 2007	Production of nuclear weapons.^[60]	N/A
General Dynamics Corporation	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}
Grupo Carso SAB de CV	Template:Flagu	15 February 2011	Production of tobacco.^[61]	N/A
Gudang Garam tbk pt	Template:Flagu	19 January 2010	Production of tobacco.^[32]	0
Hanwha Corporation	Template:Flagu	15 May 2007	Production of cluster munitions.^[60]	1.2^[62]
Honeywell International Inc.	Template:Flagu	11 October 2005	Simulations of nuclear explosions.^[49]	N/A^{[nb 2]}
Huabao International Holdings Limited	Template:Flagu	8 May 2013	Production of tobacco	N/A
Imperial Brands Plc	Template:Flagu	19 January 2010	Production of tobacco.^[32]	347
ITC Ltd.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	48
Japan Tobacco Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	210
Jacobs Engineering Group	Template:Flagu	11 January 2013	Production of nuclear arms	N/A
KT&G Corp.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	16
Lingui Development Berhad Ltd.	Template:Flagu	16 February 2011	Severe environmental damages	N/A
Li-Ning	Template:Flagu	8 March 2022	Human rights abuse^[63]
Lockheed Martin Corp	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}
Lorillard Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	42
Madras Aluminium	Template:Flagu	31 October 2007	Severe environmental damages	N/A
Norilsk Nickel	Template:Flagu	31 October 2009	Severe environmental damages	N/A
Northrop Grumman Corp.	Template:Flagu	11 October 2005	Maintenance of ICBMs for the U.S. Air Force.^[49]	N/A^{[nb 2]}
Palantir Technologies		25 October 2024	Gaza war^[64]
Philip Morris International Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	476
Philip Morris ČR a.s. (a subsidiary of Philip Morris International)	Template:Flagu	19 January 2010	Production of tobacco.^[32]	2.7
Poongsan Corporation	Template:Flagu	30 September 2006	Production of cluster munition.^[65]	1.2
Potash Corporation of Saskatchewan	Template:Flagu	30 September 2011	Production of phosphate in the occupied territories of Western Sahara.^[66]	274
Raytheon Company	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}
Reynolds American Inc.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	36
Samling Global Ltd.	Template:Flagu	23 August 2010	Illegal logging and severe environmental damage^[46]	1.4
SAFRAN SA	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Navy.^[49]	N/A^{[nb 2]}
Serco Group plc	Template:Flagu	15 November 2007	Maintenance of British nuclear weapons through the Atomic Weapons Establishment.^[60]	N/A
Sesa Sterlite Limited	Template:Flagu	30 January 2014	Severe environmental damages	N/A
Schweitzer-Mauduit International Inc.	Template:Flagu	8 May 2013	Production of tobacco	N/A
Shanghai Industrial Holdings	Template:Flagu	15 March 2011	Production of tobacco	N/A
Shikun UVinui	Template:Flagu	17 June 2012	Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements^[67]	1.4
Souza Cruz SA	Template:Flagu	19 January 2010	Production of tobacco.^[32]	7.4
Sterlite Industries	Template:Flagu	31 October 2007	Severe environmental damages	N/A
Swedish Match AB	Template:Flagu	19 January 2010	Production of tobacco.^[32]	75
Ta Ann Holdings Berhad	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Textron Inc.	Template:Flagu	30 January 2009	Production of components for cluster munitions.^[68]	36
Universal Corp VA	Template:Flagu	19 January 2010	Production of tobacco.^[32]	3
WTK Holdings Berhad	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Vector Group Ltd.	Template:Flagu	19 January 2010	Production of tobacco.^[32]	2.1
Vedanta Resources Plc	Template:Flagu	28 August 2007	Environmental and human rights abuses.^[69]	12
Volcan (mining company)	Template:Flagu	14 October 2013	Severe environmental damages	7.5
Zijin Mining	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Zuari Agro Chemicals Ltd.	Template:Flagu	14 October 2013	Serious or systematic human rights violations	N/A

The fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.^[70]

In 2016, Norges Bank decided to exclude 52 coal companies from the fund.^[71]

Reinstated companies

Several previously excluded companies have later been reinstated to the fund because the companies were no longer involved in the activities that had led to their exclusion.

Company	HQ	Date of exclusion	Reason	Divestment (Millions USD)	Date of reinstatement
ST Engineering	Template:Flagu	26 April 2002^[72]	Design, mass production and stockpile of land mines, dual-purpose improved conventional munition (DPICM) mortar shells containing 25 bomblets, artillery shells containing 64 DPICM bomblets, air-delivered cluster bombs with 650 bomblets^[73]^[74]	N/A	30 September 2016^[75]
BAE Systems	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Air Force through the company MBDA.^[49]	N/A^{[nb 2]}	11 January 2013^[76]
DRD Gold	Template:Flagu	29 January 2007	Serious environmental damage.^[77]	0.6	3 September 2009^[78]^[79]
Finmeccanica	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Air and Space Force through the company MBDA.^[49]	N/A^{[nb 2]}	11 January 2013^[76]
FMC Corporation	Template:Flagu	30 September 2011	Production of phosphate in the occupied territories of Western Sahara.^[66]	52	11 January 2013^[80]
Kerr-McGee	Template:Flagu	29 April 2005	Petroleum surveying in occupied Western Sahara^[81]	54	30 June 2006^[82]
L-3 Communications	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}	31 August 2005^[83]
Thales	Template:Flagu	30 June 2005	Production of components for cluster munitions.^[47]	N/A^{[nb 1]}	3 September 2009^[84]
United Technologies	Template:Flagu	11 October 2005	Production of engines for ICBMs in the U.S. Air Force.^[49]	N/A^{[nb 2]}	2 March 2013^[85]
Walmart	Template:Flagu	28 March 2006	Breach of human rights and labour rights.^[58]	372	26 June 2019^[86]
Rio Tinto	Template:Flagu Template:Flagu	28 April 2008	Severe environmental damage^[87]	882	26 June 2019^[88]
Dongfeng Group	Template:Flagu	March 2009	Sale of military vehicles to Myanmar^[89]	N/A	Dec 2014^[90]

Companies "under observation"

As an alternative to full exclusion from the fund, companies may be placed "under observation" to help put pressure on the company to improve.

Company	HQ	Date of warning	Reason	Shares
Alstom	Template:Flagu	6 December 2011	Risk of gross corruption^[91]	N/A

It was proposed that one more company, Goldcorp, should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.^[92]

Currency portfolio

In October 2010 the fund spent NOK 600 million ($136.4 million as of October 2010) daily buying foreign currencies. That figure would be increased to 800 million kroner daily in November.^[93] This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.^[94]

Government Pension Fund – Norway

The Government Pension Fund – Norway (Script error: No such module "Lang"., SPN) was established by the National Insurance Act (Script error: No such module "Lang".) in 1967 under the name National Insurance Scheme Fund (Script error: No such module "Lang".). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still named Script error: No such module "Lang".. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on the Oslo Stock Exchange. The Fund is not allowed to own more than a 15% interest in any single Norwegian company.^[95]

Notes

↑ ^a ^b ^c ^d ^e ^f ^g The total divestment from the seven companies Alliant Techsystems Inc, EADS Co (European Aeronautic Defence and Space Company), General Dynamics Corporation, L3 Communications Holdings Inc, Lockheed Martin Corp, Raytheon Co and Thales SA was approx. $340 million.^[47]
↑ ^a ^b ^c ^d ^e ^f ^g The total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx. 500 million USD.^[49]
↑ EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.

References

↑ About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. Norges Bank Investment Management. Retrieved 24 April 2025.
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↑ "Could Norway's Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.
↑ "[1]" BBC. 2 May 2016. Retrieved 2 May 2016.
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External links

Template:Country topics Template:Pension plans by country Template:Authority control

[Alliant-48] ↑ ^a ^b ^c ^d ^e ^f ^g The total divestment from the seven companies Alliant Techsystems Inc, EADS Co (European Aeronautic Defence and Space Company), General Dynamics Corporation, L3 Communications Holdings Inc, Lockheed Martin Corp, Raytheon Co and Thales SA was approx. $340 million.^[47]

[BAE-51] ↑ ^a ^b ^c ^d ^e ^f ^g The total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx. 500 million USD.^[49]

[57] EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.

[1] About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. Norges Bank Investment Management. Retrieved 24 April 2025.

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[gmalb-10] theglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart", 15 August 2015

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[21] "Could Norway's Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.

[22] "[1]" BBC. 2 May 2016. Retrieved 2 May 2016.

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[62] Decision to exclude company from the Government Pension Fund Global

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Government Pension Fund of Norway: Difference between revisions

Latest revision as of 07:55, 1 December 2025

Contents

Government Pension Fund Global

Background

Management and size

Relationship to sovereignty

Debate

Concerns and potential outcomes

Ethical council

Excluded companies

Reinstated companies

Companies "under observation"

Currency portfolio

Government Pension Fund – Norway

Notes

See also

References

External links

Navigation menu

@@ Line 2: / Line 2: @@
 {{redirect|Oljefondet|the Norwegian television series|Oljefondet (TV series)}}
 {{more citations|date=December 2024}}
-{{Use dmy dates|date=September 2020}}
+{{Use dmy dates|date=August 2025}}
 {{Infobox company
 | name = Government Pension Fund of Norway
@@ Line 10: / Line 10: @@
 | foundation = 1967<br />1990
 | location = [[Oslo]], [[Norway]]
-| aum = {{profit}} US$ 1.738 trillion (March 2025)
+| aum = {{profit}} US$ 2.044 trillion (September 2025)
 | owner = [[Government of Norway]]<br>''Government Pension Fund Global managed by state-owned [[Norges Bank]]''
 }}
-The '''Government Pension Fund of Norway''' ({{langx|no|Statens pensjonsfond}}) is the [[sovereign wealth fund]] collective owned by the [[government of Norway]]. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (or Norges Bank Investment Management)<ref>[https://www.nbim.no/en/   About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global.] Norges Bank Investment Management. Retrieved April 24, 2025.</ref> and the Government Pension Fund Norway.
+The '''Government Pension Fund of Norway''' ({{langx|no|Statens pensjonsfond}}) is the [[sovereign wealth fund]] collectively owned by the [[government of Norway]]. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (Norges Bank Investment Management)<ref>[https://www.nbim.no/en/   About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global.] Norges Bank Investment Management. Retrieved 24 April 2025.</ref> and the Government Pension Fund Norway.
-The '''Government Pension Fund Global''' (''Statens pensjonsfond utland''), also known as the Oil Fund (''Oljefondet''), was established in 1990 to invest the surplus revenues of the Norwegian [[Petroleum industry|petroleum sector]]. {{asof|June 2025|post=,}} it had over US$1.9 trillion in assets,<ref>{{Cite web |title=Norway Government Pension Fund Global (Norway GPFG) – Sovereign Wealth Fund, Norway – SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af |access-date=2023-06-21 |website=swfinstitute.org}}</ref> and held on average 1.5% of all of the world's listed companies, making it the world's largest single [[sovereign wealth fund]] in terms of total [[assets under management]].<ref name="veconomist">{{Cite news |date=21 September 2017 |title=Norway's sovereign-wealth fund passes the $1trn mark |newspaper=[[The Economist]] |url=https://www.economist.com/news/finance-and-economics/21729458-5m-odd-norwegians-own-more-1-all-shares-world-norways}}</ref><ref name="e24">{{Cite news |last=Hanna Ghaderi, Martin Hagh Høgseth and Kjetil Malkenes Hovland |date=25 October 2019 |title=Milepæl: Oljefondet passerer 10.000 milliarder kroner |language=no-NB |work=e24.no |url=https://e24.no/boers-og-finans/i/BRnA6v/milepael-oljefondet-passerer-10000-milliarder-kroner |url-status=live |access-date=2019-10-26 |archive-url=https://web.archive.org/web/20191025092320/https://e24.no/boers-og-finans/i/BRnA6v/milepael-oljefondet-passerer-10000-milliarder-kroner |archive-date=2019-10-25}}</ref> This translates to over US$340,000 per Norwegian citizen.<ref name=":1" /> It also holds [[portfolio (finance)|portfolios]] of real estate and fixed-income investments. Many companies are excluded by the fund on [[socially responsible investing|ethical grounds]].<ref>{{cite web | url=https://www.nbim.no/en/the-fund/responsible-investment/exclusion-of-companies/ | title=Observation and exclusion of companies | date=18 March 2019 }}</ref>
+The '''Government Pension Fund Global''' (''Statens pensjonsfond utland''), also known as the Oil Fund (''Oljefondet''), was established in 1990 to invest the surplus revenues of the Norwegian [[Petroleum industry|petroleum sector]]. {{asof|June 2025|post=,}} it had over US$1.9 trillion in assets,<ref>{{Cite web |title=Norway Government Pension Fund Global (Norway GPFG) – Sovereign Wealth Fund, Norway – SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af |access-date=21 June 2023 |website=swfinstitute.org}}</ref> equal to 1.5% of the value of the world's listed companies, making it the world's largest [[sovereign wealth fund]] in terms of total [[assets under management]].<ref name="veconomist">{{Cite news |date=21 September 2017 |title=Norway's sovereign-wealth fund passes the $1trn mark |newspaper=[[The Economist]] |url=https://www.economist.com/news/finance-and-economics/21729458-5m-odd-norwegians-own-more-1-all-shares-world-norways}}</ref><ref name="e24">{{Cite news |author1=Hanna Ghaderi |author2=Martin Hagh Høgseth |author3=Kjetil Malkenes Hovland |date=25 October 2019 |title=Milepæl: Oljefondet passerer 10.000 milliarder kroner |language=no-NB |work=e24.no |url=https://e24.no/boers-og-finans/i/BRnA6v/milepael-oljefondet-passerer-10000-milliarder-kroner |url-status=live |access-date=26 October 2019 |archive-url=https://web.archive.org/web/20191025092320/https://e24.no/boers-og-finans/i/BRnA6v/milepael-oljefondet-passerer-10000-milliarder-kroner |archive-date=25 October 2019}}</ref> This translates to over US$340,000 per Norwegian citizen.<ref name=":1" /> It also holds [[portfolio (finance)|portfolios]] of real estate and fixed-income investments. Many companies are excluded by the fund on [[socially responsible investing|ethical grounds]].<ref>{{cite web | url=https://www.nbim.no/en/the-fund/responsible-investment/exclusion-of-companies/ | title=Observation and exclusion of companies | date=18 March 2019 }}</ref>
 The '''Government Pension Fund Norway''' is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and [[Nordic countries|Nordic]] investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the [[Oslo Stock Exchange]].
@@ Line 34: / Line 34: @@
 The domestic fund, the Government Pension Fund Norway, is managed by Folketrygdfondet. The global investment fund is managed by Norges Bank Investment Management (NBIM), part of the [[Norges Bank|Norwegian Central Bank]] on the behalf of the [[Ministry of Finance (Norway)|Ministry of Finance]].<ref name="gmalb">[https://www.theglobeandmail.com/report-on-business/international-business/european-business/norways-sovereign-wealth-fund/article25973060/ theglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart"], 15 August 2015</ref>
-{{asof|June 2011|post=,}} it was the largest pension fund in the world, but it is not a pension fund in the conventional sense, as it derives its financial backing from oil profits, not pension contributions.<ref>{{Cite web |title=Norges Bank Investment Management |url=https://www.nbim.no/en/the-fund/market-value/ |access-date=23 June 2017}}</ref> In September 2017, the fund exceeded US$1&nbsp;trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.<ref>{{Cite news |last=Richard Milne |date=19 September 2017 |title=Norway's oil fund tops $1tn in assets for first time |work=Financial Times |url=https://www.ft.com/content/3f3f75c4-9d0c-11e7-8cd4-932067fbf946 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/3f3f75c4-9d0c-11e7-8cd4-932067fbf946 |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=19 September 2017}}</ref> The first withdrawal in its history was made in 2016.<ref>{{Cite news |date=3 March 2016 |title=Norway says made first withdrawal from oil fund in January |publisher=Reuters |url=https://www.reuters.com/article/us-norway-swf/norway-says-made-first-withdrawal-from-oil-fund-in-january-idUSKCN0W52JR |access-date=27 February 2018}}</ref> In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1&nbsp;trillion by the end of 2019.<ref name="natbudg2011">{{Cite book |url=http://www.statsbudsjettet.no/upload/Statsbudsjett_2011/dokumenter/pdf/stm.pdf |title=Stortingsmelding 1 (2010–2011): Nasjonalbudsjettet 2011 |date=2010-10-01 |publisher=[[Ministry of Finance (Norway)|Royal Norwegian Ministry of Finance]] |location=Oslo |page=56 |language=no |trans-title=The National Budget 2011 |access-date=2011-04-05}}</ref> According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455&nbsp;billion, and a best case scenario at $3.3&nbsp;trillion.<ref name="stmeld15_2010-11">{{Cite book |url=http://www.regjeringen.no/pages/16251809/PDFS/STM201020110015000DDDPDFS.pdf |title=Meld. St. 15 (2010–2011): Forvaltningen av Statens pensjonsfond i 2010 117–119 |date=2011-04-08 |publisher=[[Ministry of Finance (Norway)|Royal Norwegian Ministry of Finance]] |location=Oslo |pages=117–119 |language=no |trans-title=The Management of the Government Pension Fund 2010 |access-date=2011-04-09}}</ref> With 2.33 percent of European stocks,<ref>{{Cite web |title=Market value |url=https://www.nbim.no/en/the-fund/market-value/ |access-date=2017-01-10 |website=www.nbim.no}}</ref> it is the largest stock owner in Europe.<ref>{{Cite web |last=Sindre Heyerdahl, E24 |title=OLJEFONDETS GIGANTTAP PÅ AKTIV FORVALTNING: Mener Gjedrem bløffer om investeringene |date=11 March 2009 |url=http://e24.no/makro-og-politikk/article2971889.ece |language=no}}</ref>
+{{asof|June 2011|post=,}} it was the largest pension fund in the world, but it is not a pension fund in the conventional sense, as it derives its financial backing from oil profits, not pension contributions.<ref>{{Cite web |title=Norges Bank Investment Management |url=https://www.nbim.no/en/the-fund/market-value/ |access-date=23 June 2017}}</ref> In September 2017, the fund exceeded US$1&nbsp;trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.<ref>{{Cite news |author=Richard Milne |date=19 September 2017 |title=Norway's oil fund tops $1tn in assets for first time |work=Financial Times |url=https://www.ft.com/content/3f3f75c4-9d0c-11e7-8cd4-932067fbf946 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/3f3f75c4-9d0c-11e7-8cd4-932067fbf946 |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=19 September 2017}}</ref> The first withdrawal in its history was made in 2016.<ref>{{Cite news |date=3 March 2016 |title=Norway says made first withdrawal from oil fund in January |publisher=Reuters |url=https://www.reuters.com/article/us-norway-swf/norway-says-made-first-withdrawal-from-oil-fund-in-january-idUSKCN0W52JR |access-date=27 February 2018}}</ref> In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1&nbsp;trillion by the end of 2019.<ref name="natbudg2011">{{Cite book |url=http://www.statsbudsjettet.no/upload/Statsbudsjett_2011/dokumenter/pdf/stm.pdf |title=Stortingsmelding 1 (2010–2011): Nasjonalbudsjettet 2011 |date=1 October 2010 |publisher=[[Ministry of Finance (Norway)|Royal Norwegian Ministry of Finance]] |location=Oslo |page=56 |language=no |trans-title=The National Budget 2011 |access-date=5 April 2011}}</ref> According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455&nbsp;billion, and a best case scenario at $3.3&nbsp;trillion.<ref name="stmeld15_2010-11">{{Cite book |url=http://www.regjeringen.no/pages/16251809/PDFS/STM201020110015000DDDPDFS.pdf |title=Meld. St. 15 (2010–2011): Forvaltningen av Statens pensjonsfond i 2010 117–119 |date=8 April 2011 |publisher=[[Ministry of Finance (Norway)|Royal Norwegian Ministry of Finance]] |location=Oslo |pages=117–119 |language=no |trans-title=The Management of the Government Pension Fund 2010 |access-date=9 April 2011}}</ref> With 2.33 percent of European stocks,<ref>{{Cite web |title=Market value |url=https://www.nbim.no/en/the-fund/market-value/ |access-date=10 January 2017 |website=www.nbim.no}}</ref> it is the largest stock owner in Europe.<ref>{{Cite web |author=Sindre Heyerdahl |work=E24 |title=OLJEFONDETS GIGANTTAP PÅ AKTIV FORVALTNING: Mener Gjedrem bløffer om investeringene |date=11 March 2009 |url=http://e24.no/makro-og-politikk/article2971889.ece |language=no}}</ref>
-In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international [[stock market]]. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.<ref>{{Cite news |last=Mohsin |first=Saleha |date=7 May 2014 |title=Norway Wealth Fund Wins Labor Backing to Buy New Asset Classes |work=Bloomberg |url=https://www.bloomberg.com/news/2014-05-07/norway-wealth-fund-wins-labor-backing-to-buy-new-asset-classes.html}}</ref> The Norwegian government planned that up to 5 percent of the fund should be invested in [[real estate]], beginning in 2010.<ref name="stmeld1-2009-145">{{Cite web |date=2009-10-09 |title=Stortingsmelding nr. 1 (2009–2010) – Nasjonalbudsjettet 2010 |url=http://www.regjeringen.no/pages/2249931/PDFS/STM200920100001000DDDPDFS.pdf |publisher=[[Norwegian Ministry of Finance]] |location=[[Oslo]] |page=145 |language=no}}</ref> A specific policy for the real estate investments was suggested in a report the Swiss [[Partners Group]] wrote for the Norwegian Ministry of Finance.<ref name="spf-realestatepolicy">{{Cite web |date=2009-09-15 |title=Investment Policy for Real Estate |url=http://www.regjeringen.no/Upload/FIN/Statens%20pensjonsfond/rapporter/parteners_group_investment_policy_real_estate.pdf |publisher=[[Partners Group]] |location=[[Baar, Switzerland]]}}</ref>
+In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international [[stock market]]. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.<ref>{{Cite news |last=Mohsin |first=Saleha |date=7 May 2014 |title=Norway Wealth Fund Wins Labor Backing to Buy New Asset Classes |work=Bloomberg |url=https://www.bloomberg.com/news/2014-05-07/norway-wealth-fund-wins-labor-backing-to-buy-new-asset-classes.html}}</ref> The Norwegian government planned that up to 5 percent of the fund should be invested in [[real estate]], beginning in 2010.<ref name="stmeld1-2009-145">{{Cite web |date=9 October 2009 |title=Stortingsmelding nr. 1 (2009–2010) – Nasjonalbudsjettet 2010 |url=http://www.regjeringen.no/pages/2249931/PDFS/STM200920100001000DDDPDFS.pdf |publisher=[[Norwegian Ministry of Finance]] |location=[[Oslo]] |page=145 |language=no}}</ref> A specific policy for the real estate investments was suggested in a report the Swiss [[Partners Group]] wrote for the Norwegian Ministry of Finance.<ref name="spf-realestatepolicy">{{Cite web |date=15 September 2009 |title=Investment Policy for Real Estate |url=http://www.regjeringen.no/Upload/FIN/Statens%20pensjonsfond/rapporter/parteners_group_investment_policy_real_estate.pdf |publisher=[[Partners Group]] |location=[[Baar, Switzerland]]}}</ref>
 Norway's sovereign wealth fund is taking steps to become more active in company governance.  In the second quarter of 2013, the sovereign fund voted in 6,078 general meetings as well as 239 shareholder proposals on environmental and social issues. Norway's Government Pension Fund Global (GPFG) has the potential to influence the corporate governance market in Europe, and possibly China as well, greatly.<ref>"[http://www.swfinstitute.org/swf-news/could-norways-sovereign-fund-be-a-vanguard-for-corporate-governance-55619/ Could Norway's Sovereign Fund be a Vanguard for Corporate Governance]." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.</ref> It has also started to become active in pushing for lower executive pay.<ref>"[https://www.bbc.com/news/business-36185925]" BBC. 2 May 2016. Retrieved 2 May 2016.</ref>
+In 2019, the Government Pension Fund received a perfect score of 100 in the ''Sovereign Wealth Fund Transparency and Accountability Scoreboard'' published by the [[Peterson Institute for International Economics]], ranking it first among 64 sovereign wealth funds worldwide.<ref>{{cite journal |last1=Maire |first1=Julien |last2=Mazarei |first2=Adnan |last3=Truman |first3=Edwin M. |author-link3=Edwin M. Truman |title=Sovereign wealth funds are growing more slowly, and governance issues remain |journal=Peterson Institute for International Economics Policy Brief |volume=21-3 |date=February 2021 |publisher=[[Peterson Institute for International Economics]] |location=[[Washington, D.C.]] |url=https://www.piie.com/sites/default/files/documents/pb21-3.pdf
+ |access-date=11 November 2025}}</ref>
 ==Relationship to sovereignty==
@@ Line 44: / Line 47: @@
 ===Debate===
-As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), the ''Oil Fund'' has become a hot political issue, dominated by three main issues:
+As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), the ''Oil Fund'' has become a hot political issue, dominated by three main issues {{Among whom|talk=Remove Debate subsection|date=October 2025}}:
 * Whether the country should use more of the petroleum revenues for the [[state budget of Norway|state budget]] instead of saving the funds for the future. The main matter of debate is to what degree increased government spending would increase [[inflation]].
 * Whether the high level of exposure (around 71 percent in 2025<ref>{{cite web | url=https://www.nbim.no/en/investments/all-investments/#/ | title=All investments | date=25 February 2018 }}</ref>) to the highly [[volatility (finance)|volatile]] stock market is financially safe. Others{{Who|date=February 2023}} claim that the high diversification and extreme long-term nature of the investments will dilute the risk and that the state is losing considerable amounts of money because of the low investment percentage in the stock market.
@@ Line 61: / Line 64: @@
 An investigation by the Norwegian business newspaper {{lang|no|Dagens Næringsliv}} in February 2012 showed that Norway has invested more than $2&nbsp;billion in 15 technology companies producing technology that can and has been used for filtering, [[wiretapping]], or surveillance of communication in various countries, among them [[Iran]], [[Syria]], and [[Burma]]. Although surveillance tech is not the primary activity of all the 15 companies, they have all had or still have some kind of connection to such technology. The Ministry of Finance in Norway stated that it would not withdraw investing in these companies or discuss an eventual exclusion of surveillance industry companies from its investments.
-On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.<ref name="fin100119">{{Cite web |date=2010-01-19 |title=Tobacco producers excluded from Government Pension Fund Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2010/Tobacco-producers-excluded-from-Government-Pension-Fund-Global.html |url-status=dead |archive-url=https://web.archive.org/web/20121024091355/http://www.regjeringen.no/en/dep/fin/press-center/press-releases/2010/Tobacco-producers-excluded-from-Government-Pension-Fund-Global.html?id=591449 |archive-date=2012-10-24 |publisher=The Norwegian Ministry of Finance}}</ref> The total divestment from these companies was $2&nbsp;billion (NOK 14.2&nbsp;billion), making it the largest divestment caused by ethical recommendations in the history of the fund.<ref>{{Cite web |last=The Ethical Council of The Government Pension Fund of Norway |date=2009-10-22 |title=Recommendation October 22nd, 2009 |url=http://www.regjeringen.no/Upload/FIN/etikk/rec_tobacco_english.pdf}}</ref>
+On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.<ref name="fin100119">{{Cite web |date=19 January 2010 |title=Tobacco producers excluded from Government Pension Fund Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2010/Tobacco-producers-excluded-from-Government-Pension-Fund-Global.html |url-status=dead |archive-url=https://web.archive.org/web/20121024091355/http://www.regjeringen.no/en/dep/fin/press-center/press-releases/2010/Tobacco-producers-excluded-from-Government-Pension-Fund-Global.html?id=591449 |archive-date=24 October 2012 |publisher=The Norwegian Ministry of Finance}}</ref> The total divestment from these companies was $2&nbsp;billion (NOK 14.2&nbsp;billion), making it the largest divestment caused by ethical recommendations in the history of the fund.<ref>{{Cite web |work=The Ethical Council of The Government Pension Fund of Norway |date=22 October 2009 |title=Recommendation October 22nd, 2009 |url=http://www.regjeringen.no/Upload/FIN/etikk/rec_tobacco_english.pdf}}</ref>
 In March 2014, as the result of both domestic and international pressure, the parliament appointed a panel to investigate whether the fund should divest its coal assets in line with its ethical investment mandate. The panel released its recommendations in December 2014, recommending the fund follow a strategy of corporate engagement rather than divestment. The parliament was set to make its decision early in 2015. In the event, the fund will be required to divest from companies that derive at least 30% of their business from coal.<ref name=gmalb/>
-In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among them [[Peabody Energy]], [[Arch Coal]], and [[Alpha Natural Resources]]), 13 companies in India (including [[Coal India]]) and 3 companies in China.<ref>{{Cite news |last=Damian Carrington, the Guardian |date=2015-03-16 |title=Norway's sovereign wealth fund drops over 50 coal companies |work=The Guardian |url=https://www.theguardian.com/environment/2015/mar/16/norways-sovereign-wealth-fund-drops-over-50-coal-companies}}</ref> As a result, the total value of the fund's coal holdings fell by 5% to $9.7&nbsp;billion.<ref name="Damian Carrington, the Guardian">{{Cite news |last=Damian Carrington, the Guardian |date=2015-03-13 |title=Norway's giant fund increases stake in oil and gas companies to £20bn |work=The Guardian |url=https://www.theguardian.com/environment/2015/mar/13/norways-giant-fund-increases-stake-in-oil-and-gas-companies-to-20bn}}</ref> In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30&nbsp;billion.<ref name="Damian Carrington, the Guardian" /> In May 2015, Norwegian political members agreed on the divestment of $945 million of the fund from coal assets. By June 2015, a total of $900 billion in coal assets were agreed to be sold, the largest in the 122 affected companies was UK’s [[SSE plc|SSE]], where the fund held $956 million in shares.<ref>{{Cite news |last=Carrington |first=Damian |date=2015-06-05 |title=Norway confirms $900bn sovereign wealth fund's major coal divestment |url=https://www.theguardian.com/environment/2015/jun/05/norways-pension-fund-to-divest-8bn-from-coal-a-new-analysis-shows |access-date=2024-12-17 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>
+In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among them [[Peabody Energy]], [[Arch Coal]], and [[Alpha Natural Resources]]), 13 companies in India (including [[Coal India]]) and 3 companies in China.<ref>{{Cite news |author=Damian Carrington |date=16 March 2015 |title=Norway's sovereign wealth fund drops over 50 coal companies |work=The Guardian |url=https://www.theguardian.com/environment/2015/mar/16/norways-sovereign-wealth-fund-drops-over-50-coal-companies}}</ref> As a result, the total value of the fund's coal holdings fell by 5% to $9.7&nbsp;billion. In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30&nbsp;billion.<ref name="Damian Carrington, the Guardian">{{Cite news |author=Damian Carrington  |date=13 March 2015 |title=Norway's giant fund increases stake in oil and gas companies to £20bn |work=The Guardian |url=https://www.theguardian.com/environment/2015/mar/13/norways-giant-fund-increases-stake-in-oil-and-gas-companies-to-20bn}}</ref> In May 2015, Norwegian political members agreed on the divestment of $945 million of the fund from coal assets. By June 2015, over $8 billion in coal assets were agreed to be sold, the largest in the 122 affected companies was UK’s [[SSE plc|SSE]], where the fund held $956 million in shares.<ref>{{Cite news |last=Carrington |first=Damian |date=5 June 2015 |title=Norway confirms $900bn sovereign wealth fund's major coal divestment |url=https://www.theguardian.com/environment/2015/jun/05/norways-pension-fund-to-divest-8bn-from-coal-a-new-analysis-shows |access-date=17 December 2024 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>
+On 8 March 2019, the Ministry of Finance<ref>{{Cite web |date=8 March 2019 |title=Energy Stocks in the Government Pension Fund Global |url=https://www.regjeringen.no/contentassets/c8cd5eea5a2b499388462ffcc70e4339/en-gb/pdfs/stm201820190014000engpdfs.pdf |access-date=19 October 2019 |quote=The Government is proposing, based on an overall assessment, to omit companies classified as exploration and production companies from the GPFG's benchmark index and investment universe.}}</ref> recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017 [[Lofoten Declaration]] which demanded leadership in a global [[fossil fuel phase-out]] from the countries that can most afford to act, such as Norway.<ref>{{Cite web |author=Andy Rowell |date=8 March 2019 |title=Norway Set to Divest $1 Trillion Wealth Fund From Oil and Gas Exploration Companies |url=http://priceofoil.org/2019/03/08/shockwaves-as-norways-1trill-wealth-fund-plans-to-disinvest-from-upstream-oil/ |access-date=19 October 2019 |website=Oil Change International}}</ref>
+Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.{{Citation needed|date=December 2023}} As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.<ref>{{Cite web|last=Nikel|first=David|title=Norway Wealth Fund To Dump Fossil Fuel Stocks Worth Billions In Environmental Move|url=https://www.forbes.com/sites/davidnikel/2019/06/12/norway-wealth-fund-to-dump-fossil-fuel-stocks-worth-billions-in-environmental-move/|access-date=12 March 2021|website=Forbes|language=en}}</ref> In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.<ref>{{Cite news|last=Davies|first=Rob|date=8 March 2019|title=Norway's $1tn wealth fund to divest from oil and gas exploration|language=en-GB|work=The Guardian|url=https://www.theguardian.com/world/2019/mar/08/norways-1tn-wealth-fund-to-divest-from-oil-and-gas-exploration|access-date=12 March 2021|issn=0261-3077}}</ref>
-On 8 March 2019, the Ministry of Finance<ref>{{Cite web |date=8 March 2019 |title=Energy Stocks in the Government Pension Fund Global |url=https://www.regjeringen.no/contentassets/c8cd5eea5a2b499388462ffcc70e4339/en-gb/pdfs/stm201820190014000engpdfs.pdf |access-date=19 October 2019 |quote=The Government is proposing, based on an overall assessment, to omit companies classified as exploration and production companies from the GPFG's benchmark index and investment universe.}}</ref> recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017 [[Lofoten Declaration]] which demanded leadership in a global [[fossil fuel phase-out]] from the countries that can most afford to act, such as Norway.<ref>{{Cite web |last=Andy Rowell |date=8 March 2019 |title=Norway Set to Divest $1 Trillion Wealth Fund From Oil and Gas Exploration Companies |url=http://priceofoil.org/2019/03/08/shockwaves-as-norways-1trill-wealth-fund-plans-to-disinvest-from-upstream-oil/ |access-date=19 October 2019 |website=Oil Change International}}</ref>
+In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor from [[Xinjiang internment camps]].<ref>{{Cite news|last=Fouche|first=Gwladys|date=11 March 2021|title=Norway wealth fund to probe whether firms could be using forced labour from China's Xinjiang|language=en|work=Reuters|url=https://www.reuters.com/article/us-norway-swf-ethics-idUSKBN2B21EA|access-date=11 March 2021}}</ref>
-Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.{{Citation needed|date=December 2023}} As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.<ref>{{Cite web|last=Nikel|first=David|title=Norway Wealth Fund To Dump Fossil Fuel Stocks Worth Billions In Environmental Move|url=https://www.forbes.com/sites/davidnikel/2019/06/12/norway-wealth-fund-to-dump-fossil-fuel-stocks-worth-billions-in-environmental-move/|access-date=2021-03-12|website=Forbes|language=en}}</ref> In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.<ref>{{Cite news|last=Davies|first=Rob|date=2019-03-08|title=Norway's $1tn wealth fund to divest from oil and gas exploration|language=en-GB|work=The Guardian|url=https://www.theguardian.com/world/2019/mar/08/norways-1tn-wealth-fund-to-divest-from-oil-and-gas-exploration|access-date=2021-03-12|issn=0261-3077}}</ref>
+On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, told [[Reuters]] that companies in its portfolio will be asked to take more specific action on climate change.<ref>{{Cite news|last=Fouche|first=Gwladys|date=1 December 2021|title=Norway wealth fund calls on companies to act on climate|language=en|work=Reuters|url=https://www.reuters.com/business/sustainable-business/companies-should-take-more-action-climate-norways-sovereign-fund-says-2021-12-01/|access-date=1 December 2021}}</ref>
-In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor from [[Xinjiang internment camps]].<ref>{{Cite news|last=Fouche|first=Gwladys|date=2021-03-11|title=Norway wealth fund to probe whether firms could be using forced labour from China's Xinjiang|language=en|work=Reuters|url=https://www.reuters.com/article/us-norway-swf-ethics-idUSKBN2B21EA|access-date=2021-03-11}}</ref>
+On 11 August 2025, the fund reported it was terminating contracts with asset managers in Israel, as well as divesting portions of its portfolio relating to Israel, following a report that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces.<ref>{{cite web | title=Norway wealth fund terminates Israel asset management contracts | work=Reuters | date=11 August 2025 | url=https://www.reuters.com/sustainability/society-equity/norway-wealth-fund-terminates-israel-asset-management-contracts-2025-08-11/ }}</ref>
-On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, told [[Reuters]] that companies in its portfolio will be asked to take more specific action on climate change.<ref>{{Cite news|last=Fouche|first=Gwladys|date=2021-12-01|title=Norway wealth fund calls on companies to act on climate|language=en|work=Reuters|url=https://www.reuters.com/business/sustainable-business/companies-should-take-more-action-climate-norways-sovereign-fund-says-2021-12-01/|access-date=2021-12-01}}</ref>
+Norway's parliament has mandated a review of the ethical guidelines governing the nation's $2.1 trillion sovereign wealth fund, responding to pressure from the United States. In September 2025, the U.S. State Department raised concerns regarding the utilization of construction equipment manufactured by Caterpillar by Israeli authorities in Gaza and the occupied West Bank. Consequently, the fund divested its shares in Caterpillar on ethical grounds due to the company's backing of Israel.<ref>{{cite web |title=norway pauses ethical divestment after us panned targeting of israel linked firm |url=www.timesofisrael.com/norway-pauses-ethical-divestment-after-us-panned-targeting-of-israel-linked-firm/ |website=Times Of Israel}}</ref>
 ===Excluded companies===
-The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:<ref>{{Cite web |last=Norges Bank |author-link=Norges Bank |title=NBIM Annual Report 2007 |date=15 January 2010 |url=http://www.nbim.no/en/press-and-publications/Reports/}}</ref>
+The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:<ref>{{Cite web |work=Norges Bank |title=NBIM Annual Report 2007 |date=15 January 2010 |url=http://www.nbim.no/en/press-and-publications/Reports/}}</ref>
 {| class="wikitable sortable" style="font-size: 85%; border: gray solid 1px; border-collapse: collapse; text-align: center; "
 ! Company
@@ Line 92: / Line 99: @@
 | [[Alliance One International, Inc.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 0.9
@@ Line 98: / Line 105: @@
 | [[Alliant Techsystems|Alliant Techsystems Inc]]
 | {{Flagu|USA}}
-| 30 Jun 2005
+| 30 June 2005
-| Production of components for cluster munitions.<ref name="eight">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2005-09-02 |title=Åtte nye selskaper utelukket fra Petroleumsfondet |url=http://www.regjeringen.no/nb/dokumentarkiv/Regjeringen-Bondevik-II/Finansdepartementet/234231/234458/atte_nye_selskaper_utelukket_fra.html?id=256666&epslanguage=NO |language=no}}</ref>
+| Production of components for cluster munitions.<ref name="eight">{{Cite web |work=Norwegian Ministry of Finance |date=2 September 2005 |title=Åtte nye selskaper utelukket fra Petroleumsfondet |url=http://www.regjeringen.no/nb/dokumentarkiv/Regjeringen-Bondevik-II/Finansdepartementet/234231/234458/atte_nye_selskaper_utelukket_fra.html?id=256666&epslanguage=NO |language=no}}</ref>
 |N/A{{#tag:ref|The total divestment from the seven companies [[Alliant Techsystems]] Inc, EADS Co ([[European Aeronautic Defence and Space Company]]), [[General Dynamics Corporation]], [[L3 Communications]] Holdings Inc, [[Lockheed Martin Corp]], [[Raytheon]] Co and [[Thales SA]] was approx. $340&nbsp;million.<ref name="eight" /> | group="nb" | name="Alliant" }}
 |-
 | [[Altria Group Inc.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 131
@@ Line 110: / Line 117: @@
 | [[Barrick Gold|Barrick Gold Corporation]]
 | {{Flagu|Canada}}
-| 30 Jan 2009
+| 30 January 2009
-| Extensive environmental degradation related to the [[Porgera Gold Mine]] in [[Papua New Guinea]]<ref name="Barrick">{{Cite web |last=Finance |first=Ministry of |date=30 January 2009 |title=Recommendation on the exclusion of the company Barrick Gold |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-3.html?id=544365 |access-date=2 December 2016}}</ref>
+| Extensive environmental degradation related to the [[Porgera Gold Mine]] in [[Papua New Guinea]]<ref name="Barrick">{{Cite web |work=Ministry of Finance |date=30 January 2009 |title=Recommendation on the exclusion of the company Barrick Gold |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-3.html?id=544365 |access-date=2 December 2016}}</ref>
 | 245
 |-
@@ Line 122: / Line 129: @@
 | [[Boeing|Boeing Company]]
 | {{Flagu|USA}}
-| 11 Oct 2005
+| 11 October 2005
 | Maintenance of [[ICBMs]] for the U.S. Air Force.<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
@@ Line 128: / Line 135: @@
 | [[British American Tobacco|British American Tobacco BHD]]
 | {{Flagu|Malaysia}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 9.4
@@ Line 134: / Line 141: @@
 | [[British American Tobacco|British American Tobacco Plc.]]
 | {{Flagu|United Kingdom}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 683
+|-
+| [[Caterpillar Inc.]]
+| {{Flagu|USA}}
+| 26 August 2025
+| Due to risk of serious violations of the rights of individuals in situations of war and conflict.
+| N/A|
 |-
 | Danya Cebus
@@ Line 147: / Line 160: @@
 | {{Flagu|China}}
 | 28 February 2009
-| Sale of weapons and military material to Burma<ref>{{Cite news |last=Criscione |first=Valeria |date=2009-03-16 |title=Pension fund treads a thorny path |work=Financial Times |url=http://www.ft.com/cms/s/0/5fe99214-11c9-11de-87b1-0000779fd2ac.html?ft_site=falcon&desktop=true#axzz4ZlY9BB27 |access-date=2017-02-26 |issn=0307-1766}}</ref><ref>{{Cite web |title=Norway bars its pension fund from investing in Dongfeng Motor, due to sale of military trucks to Burma {{!}} Business & Human Rights Resource Centre |url=https://business-humanrights.org/en/norway-bars-its-pension-fund-from-investing-in-dongfeng-motor-due-to-sale-of-military-trucks-to-burma |access-date=2017-02-26 |website=business-humanrights.org |language=en}}</ref>
+| Sale of weapons and military material to Burma<ref>{{Cite news |last=Criscione |first=Valeria |date=16 March 2009 |title=Pension fund treads a thorny path |work=Financial Times |url=https://www.ft.com/content/5fe99214-11c9-11de-87b1-0000779fd2ac |access-date=26 February 2017 |issn=0307-1766}}</ref><ref>{{Cite web |title=Norway bars its pension fund from investing in Dongfeng Motor, due to sale of military trucks to Burma {{!}} Business & Human Rights Resource Centre |url=https://business-humanrights.org/en/norway-bars-its-pension-fund-from-investing-in-dongfeng-motor-due-to-sale-of-military-trucks-to-burma |access-date=26 February 2017 |website=business-humanrights.org |language=en}}</ref>
 | N/A
 |-
@@ Line 158: / Line 171: @@
 | [[Airbus]]
 | {{Flagu|France}}<br />{{Flagu|Germany}}<br />{{Flagu|Netherlands}}<br />{{Flagu|Spain}}
-| 30 Jun 2005
+| 30 June 2005
-| Production of nuclear missiles for the French Air Force through the company [[MBDA]]<ref>{{Cite web |last=The Ethical Council of the Government Pension Fund of Norway |date=2006-04-18 |title=Tilrådning 18. april 2006 |url=http://www.regjeringen.no/en/dep/fin/tema/statens_pensjonsfond/etiske-retningslinjer/tilradninger-og-brev-fra-etikkradet/tilradning-18-april-2006.html?id=91821 |language=no}}</ref><ref group="nb">EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.</ref>
+| Production of nuclear missiles for the French Air Force through the company [[MBDA]]<ref>{{Cite web |work=The Ethical Council of the Government Pension Fund of Norway |date=18 April 2006 |title=Tilrådning 18. april 2006 |url=http://www.regjeringen.no/en/dep/fin/tema/statens_pensjonsfond/etiske-retningslinjer/tilradninger-og-brev-fra-etikkradet/tilradning-18-april-2006.html?id=91821 |language=no}}</ref><ref group="nb">EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.</ref>
 | N/A<ref group="nb" name="Alliant" />
 |-
 | [[Elbit Systems]]
 | {{Flagu|Israel}}
-| 3 Sep 2009
+| 3 September 2009
-| Supply of surveillance systems for the [[Israeli West Bank barrier]]<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2009-09-04 |title=Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2009/supplier-of-surveillance-equipment-for-t.html?id=575444}}</ref><ref>{{Cite web |last=Ethical Council of the Government Pension Fund of Norway |date=2009-09-04 |title=Recommendation on the exclusion of the company Elbit Systems Ltd |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/the-council-on-ethics-recommends-that-th.html?id=575451}}</ref><ref name="ShowFull&cid=1251804480041">{{Cite web |last=Herb Keinon and Yaakov Katz |date=2009-09-03 |title=Norway envoy summoned on divestment |url=http://fr.jpost.com/servlet/Satellite?pagename=JPost/JPArticle/ShowFull&cid=1251804480041 |website=The Jerusalem Post}}</ref>
+| Supply of surveillance systems for the [[Israeli West Bank barrier]]<ref>{{Cite web |work=Norwegian Ministry of Finance |date=4 September 2009 |title=Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2009/supplier-of-surveillance-equipment-for-t.html?id=575444}}</ref><ref>{{Cite web |work=Ethical Council of the Government Pension Fund of Norway |date=4 September 2009 |title=Recommendation on the exclusion of the company Elbit Systems Ltd |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/the-council-on-ethics-recommends-that-th.html?id=575451}}</ref><ref name="ShowFull&cid=1251804480041">{{Cite web |author1=Herb Keinon |author2=Yaakov Katz |date=3 September 2009 |title=Norway envoy summoned on divestment |url=https://fr.jpost.com/servlet/Satellite?pagename=JPost/JPArticle/ShowFull&cid=1251804480041 |website=The Jerusalem Post}}</ref>
 | 5.0
 |-
 | [[Freeport-McMoRan|Freeport McMoRan Copper & Gold Inc.]]
 | {{Flagu|USA}}
-| 28 Mar 2006
+| 28 March 2006
-| Serious environmental damage.<ref name="Norwegian Ministry of Finance">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2006-06-06 |title=To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/To-selskaper---Wal-Mart-og-Freeport---trekkes-ut-av-Statens-pensjonsfond---Utland.html?id=104384&epslanguage=NO |language=no}}</ref>
+| Serious environmental damage.<ref name="Norwegian Ministry of Finance">{{Cite web |work=Norwegian Ministry of Finance |date=6 June 2006 |title=To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/To-selskaper---Wal-Mart-og-Freeport---trekkes-ut-av-Statens-pensjonsfond---Utland.html?id=104384&epslanguage=NO |language=no}}</ref>
 | 17.2
 |-
@@ Line 182: / Line 195: @@
 | GenCorp, Inc.<br /><small>(now [[Aerojet Rocketdyne Holdings|Aerojet Rocketdyne Holdings, Inc.]])</small>
 | {{Flagu|USA}}
-| 15 Nov 2007
+| 15 November 2007
-| Production of nuclear weapons.<ref name="vapen">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2008-01-11 |title=One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/One-producer-of-cluster-munitions-and-tw.html?id=496485}}</ref>
+| Production of nuclear weapons.<ref name="vapen">{{Cite web |work=Norwegian Ministry of Finance |date=11 January 2008 |title=One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/One-producer-of-cluster-munitions-and-tw.html?id=496485}}</ref>
 | N/A
 |-
 | [[General Dynamics|General Dynamics Corporation]]
 | {{Flagu|USA}}
-| 30 Jun 2005
+| 30 June 2005
 | Production of components for cluster munitions.<ref name=eight/>
 | N/A<ref group="nb" name="Alliant" />
@@ Line 194: / Line 207: @@
 |[[Grupo Carso]] SAB de CV
 | {{Flagu|Mexico}}
-| 15 Feb 2011
+| 15 February 2011
-| Production of tobacco.<ref>{{Cite web |last=The Council on Ethics |date=15 February 2011 |title=Til Finansdepartementet |url=http://www.regjeringen.no/Upload/FIN/Statens%20pensjonsfond/2011/spu/carso2011.pdf |access-date=19 August 2012 |publisher=[[Norwegian Ministry of Finance]] |language=no}}</ref>
+| Production of tobacco.<ref>{{Cite web |author=The Council on Ethics |date=15 February 2011 |title=Til Finansdepartementet |url=http://www.regjeringen.no/Upload/FIN/Statens%20pensjonsfond/2011/spu/carso2011.pdf |access-date=19 August 2012 |publisher=[[Norwegian Ministry of Finance]] |language=no}}</ref>
 | N/A
 |-
 | [[Gudang Garam|Gudang Garam tbk pt]]
 | {{Flagu|Indonesia}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 0
@@ Line 208: / Line 221: @@
 | 15 May 2007
 | Production of cluster munitions.<ref name=vapen/>
-| 1.2<ref name="hanwha">{{Cite web |last=The Council on Ethics |date=2008-01-11 |title=Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/Recommendation-on-exclusion-of-the-compa-2.html?id=496492}}</ref>
+| 1.2<ref name="hanwha">{{Cite web |work=The Council on Ethics |date=11 January 2008 |title=Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/Recommendation-on-exclusion-of-the-compa-2.html?id=496492}}</ref>
 |-
 | [[Honeywell|Honeywell International Inc.]]
 | {{Flagu|USA}}
-| 11 Oct 2005
+| 11 October 2005
 | Simulations of nuclear explosions.<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
@@ Line 222: / Line 235: @@
 | N/A
 |-
-| [[Imperial Tobacco|Imperial Tobacco Group Plc]]
+| [[Imperial Brands|Imperial Brands Plc]]
 | {{Flagu|United Kingdom}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 347
@@ Line 230: / Line 243: @@
 | [[ITC Limited|ITC Ltd.]]
 | {{Flagu|India}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 48
@@ Line 236: / Line 249: @@
 | [[Japan Tobacco|Japan Tobacco Inc.]]
 | {{Flagu|Japan}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 210
@@ Line 248: / Line 261: @@
 | [[KT&G|KT&G Corp.]]
 | {{Flagu|South Korea}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 16
@@ Line 261: / Line 274: @@
 |{{Flagu|China}}
 |8 March 2022
-|Human rights abuse<ref>{{Cite web |title=Decisions on observation and exclusion |url=https://www.nbim.no/en/the-fund/news-list/2022/decisions-on-observation-and-exclusion/ |access-date=2022-04-18 |website=Norges Bank Investment Management |date=7 March 2022 |language=en-GB}}</ref>
+|Human rights abuse<ref>{{Cite web |title=Decisions on observation and exclusion |url=https://www.nbim.no/en/the-fund/news-list/2022/decisions-on-observation-and-exclusion/ |access-date=18 April 2022 |website=Norges Bank Investment Management |date=7 March 2022 |language=en-GB}}</ref>
 |
 |-
 | [[Lockheed Martin|Lockheed Martin Corp]]
 | {{Flagu|USA}}
-| 30 Jun 2005
+| 30 June 2005
 | Production of components for cluster munitions.<ref name=eight/>
 | N/A<ref group="nb" name="Alliant" />
@@ Line 272: / Line 285: @@
 | [[Lorillard Tobacco Company|Lorillard Inc.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 42
@@ Line 290: / Line 303: @@
 | [[Northrop Grumman|Northrop Grumman Corp.]]
 | {{Flagu|USA}}
-| 11 Oct 2005
+| 11 October 2005
 | Maintenance of ICBMs for the U.S. Air Force.<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
+|-
+|[[Palantir Technologies]]
+|
+|25 October 2024
+|[[Gaza war]]<ref>{{Cite web |title= Thiel's Palantir dumped by Norwegian investor over work for Israel|work=Reuters |url=https://www.reuters.com/technology/thiels-palantir-dumped-by-norwegian-investor-over-work-israel-2024-10-25/}}</ref>
+|
 |-
 | [[Philip Morris International|Philip Morris International Inc.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 476
@@ Line 302: / Line 321: @@
 | Philip Morris ČR a.s.<br /><small>(a subsidiary of [[Philip Morris International]])</small>
 | {{Flagu|Czech Republic}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 2.7
@@ Line 308: / Line 327: @@
 | [[Poongsan Corporation]]
 | {{Flagu|South Korea}}
-| 30 Sep 2006
+| 30 September 2006
-| Production of cluster munition.<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2006-12-06 |title=Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/Sorkoreansk-klasevapenprodusent-utelukket-fra-Statens-pensjonsfond-Utland.html?id=437728&epslanguage=NO |language=no}}</ref>
+| Production of cluster munition.<ref>{{Cite web |work=Norwegian Ministry of Finance |date=6 December 2006 |title=Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/Sorkoreansk-klasevapenprodusent-utelukket-fra-Statens-pensjonsfond-Utland.html?id=437728&epslanguage=NO |language=no}}</ref>
 | 1.2
 |-
 | [[Potash Corporation of Saskatchewan]]
 | {{Flagu|Canada}}
-| 30 Sep 2011
+| 30 September 2011
 | Production of phosphate in the occupied territories of [[Western Sahara]].<ref name="dec2011" />
 | 274
@@ Line 320: / Line 339: @@
 | [[Raytheon|Raytheon Company]]
 | {{Flagu|USA}}
-| 30 Jun 2005
+| 30 June 2005
 | Production of components for cluster munitions.<ref name= eight/>
 | N/A<ref group="nb" name="Alliant" />
@@ Line 326: / Line 345: @@
 | [[Reynolds American|Reynolds American Inc.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 36
@@ Line 332: / Line 351: @@
 | [[Samling Global Ltd.]]
 | {{Flagu|Malaysia}}
-| 23 Aug 2010
+| 23 August 2010
-| Illegal logging and severe environmental damage<ref name="samling">{{Cite web |date=2010-08-23 |title=Three companies excluded from the Government Pension Fund Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2010/three-companies-excluded-from-the-govern.html?id=612790 |access-date=2010-08-30 |publisher=The Ministry of Finance}}</ref>
+| Illegal logging and severe environmental damage<ref name="samling">{{Cite web |date=23 August 2010 |title=Three companies excluded from the Government Pension Fund Global |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2010/three-companies-excluded-from-the-govern.html?id=612790 |access-date=30 August 2010 |publisher=The Ministry of Finance}}</ref>
 | 1.4
 |-
 | [[Safran|SAFRAN SA]]
 | {{Flagu|France}}
-| 11 Oct 2005
+| 11 October 2005
 | Production of nuclear missiles for the French Navy.<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
@@ Line 344: / Line 363: @@
 | [[Serco|Serco Group plc]]
 | {{Flagu|United Kingdom}}
-| 15 Nov 2007
+| 15 November 2007
 | Maintenance of [[British nuclear weapons]] through the [[Atomic Weapons Establishment]].<ref name=vapen/>
 | N/A
@@ Line 369: / Line 388: @@
 | {{Flagu|Israel}}
 | 17 June 2012
-| Violation of the [[Geneva Convention]] in [[occupied Palestinian territory]] by being involved in developing settlements<ref name="GPFN to exclude Shikun & Binui">{{Cite web |title=Massive Norwegian state fund to divest from Israeli company |website=[[The Times of Israel]] |url=http://www.timesofisrael.com/massive-norwegian-state-fund-to-divest-from-israeli-company/ |access-date=2 December 2016}}</ref>
+| Violation of the [[Geneva Convention]] in [[occupied Palestinian territory]] by being involved in developing settlements<ref name="GPFN to exclude Shikun & Binui">{{Cite web |last1=Davidovich |first1=Joshua |title=Massive Norwegian state fund to divest from Israeli company |website=[[The Times of Israel]] |date=16 June 2012 |url=http://www.timesofisrael.com/massive-norwegian-state-fund-to-divest-from-israeli-company/ |access-date=2 December 2016}}</ref>
 | 1.4
 |-
 | [[Souza Cruz S/A|Souza Cruz SA]]
 | {{Flagu|Brazil}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 7.4
@@ Line 387: / Line 406: @@
 | [[Swedish Match|Swedish Match AB]]
 | {{Flagu|Sweden}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 75
@@ Line 399: / Line 418: @@
 | [[Textron|Textron Inc.]]
 | {{Flagu|USA}}
-| 30 Jan 2009
+| 30 January 2009
-| Production of components for cluster munitions.<ref name="Textron">{{Cite web |last=Finance |first=Ministry of |date=30 January 2009 |title=Recommendation on the exclusion of the company Textron Inc. |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-2.html?id=544363 |access-date=2 December 2016}}</ref>
+| Production of components for cluster munitions.<ref name="Textron">{{Cite web |work=Ministry of Finance |date=30 January 2009 |title=Recommendation on the exclusion of the company Textron Inc. |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-2.html?id=544363 |access-date=2 December 2016}}</ref>
 | 36
 |-
 | [[Universal Corporation|Universal Corp VA]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 3
@@ Line 417: / Line 436: @@
 | [[Vector Group|Vector Group Ltd.]]
 | {{Flagu|USA}}
-| 19 Jan 2010
+| 19 January 2010
 | Production of tobacco.<ref name=fin100119 />
 | 2.1
@@ Line 423: / Line 442: @@
 | [[Vedanta Resources|Vedanta Resources Plc]]
 | {{Flagu|UK}}
-| 28 Aug 2007
+| 28 August 2007
-| Environmental and human rights abuses.<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2007-11-06 |title=Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2007/Metals-and-mining-company-excluded-from-.html?id=488626}}</ref>
+| Environmental and human rights abuses.<ref>{{Cite web |work=Norwegian Ministry of Finance |date=6 November 2007 |title=Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2007/Metals-and-mining-company-excluded-from-.html?id=488626}}</ref>
 | 12
 |-
@@ Line 446: / Line 465: @@
 |}
-The fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.<ref>{{Cite web |title=Norway's Big Ethical Giant |url=https://www.forbes.com/2009/01/30/norway-mining-weapons-markets-equity-0130_markets15.html |access-date=2023-05-17 |website=Forbes |language=en}}</ref>
+The fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.<ref>{{Cite web |title=Norway's Big Ethical Giant |url=https://www.forbes.com/2009/01/30/norway-mining-weapons-markets-equity-0130_markets15.html |access-date=17 May 2023 |website=Forbes |language=en}}</ref>
 In 2016, Norges Bank decided to exclude 52 coal companies from the fund.<ref>{{Cite web |title=First coal exclusions from the Government Pension Fund Global |date=14 April 2016 |url=http://www.nbim.no/en/transparency/news-list/2016/first-coal-exclusions-from-the-government-pension-fund-global/ |access-date=15 April 2016 |publisher=[[Norges Bank]]}}</ref><!--please update list. Trade already done?-->
@@ Line 463: / Line 482: @@
 | [[ST Engineering]]
 | {{Flagu|Singapore}}
-| 26 Apr 2002<ref>{{Cite web |last=Finance |first=Ministry of |date=2007-04-26 |title=History |url=https://www.regjeringen.no/en/sub/styrer-rad-utvalg/ethics_council/History/id445813/ |access-date=2024-01-10 |website=Government.no |language=en-GB}}</ref>
+| 26 April 2002<ref>{{Cite web |author=Ministry of Finance |date=26 April 2007 |title=History |url=https://www.regjeringen.no/en/sub/styrer-rad-utvalg/ethics_council/History/id445813/ |access-date=10 January 2024 |website=Government.no |language=en-GB}}</ref>
-| Design, mass production and stockpile of  [[Land mine|land mines]], [[Dual-purpose improved conventional munition|dual-purpose improved conventional munition (DPICM)]] mortar shells containing 25 bomblets, artillery shells containing 64 DPICM [[bomblets]], air-delivered [[cluster bombs]] with 650 bomblets  <ref>{{Cite web |date=2017-02-24 |title=Singapore Technologies Engineering |url=https://etikkradet.no/singapore-technologies-engineering-2/ |access-date=2024-01-10 |website=Etikkrådet |language=nb-NO}}</ref><ref>{{Cite web |title=Landmine and Cluster Munition Monitor |url=http://archives.the-monitor.org/index.php/publications/display?url=lm/2007/singapore.html |access-date=2024-01-10 |website=archives.the-monitor.org}}</ref>
+| Design, mass production and stockpile of [[land mine]]s, [[dual-purpose improved conventional munition]] (DPICM) mortar shells containing 25 bomblets, artillery shells containing 64 DPICM [[bomblets]], air-delivered [[cluster bombs]] with 650 bomblets<ref>{{Cite web |date=24 February 2017 |title=Singapore Technologies Engineering |url=https://etikkradet.no/singapore-technologies-engineering-2/ |access-date=10 January 2024 |website=Etikkrådet |language=nb-NO}}</ref><ref>{{Cite web |title=Landmine and Cluster Munition Monitor |url=http://archives.the-monitor.org/index.php/publications/display?url=lm/2007/singapore.html |access-date=10 January 2024 |website=archives.the-monitor.org}}</ref>
 |N/A
-|30 Sep 2016<ref>{{Cite news |date=2016-09-30 |title=Norway's wealth fund can resume investing in ST Engineering: Central bank |url=https://www.straitstimes.com/business/norways-wealth-fund-can-resume-investing-in-st-engineering-central-bank |access-date=2024-01-10 |work=The Straits Times |language=en |issn=0585-3923}}</ref>
+|30 September 2016<ref>{{Cite news |date=30 September 2016 |title=Norway's wealth fund can resume investing in ST Engineering: Central bank |url=https://www.straitstimes.com/business/norways-wealth-fund-can-resume-investing-in-st-engineering-central-bank |access-date=10 January 2024 |work=The Straits Times |language=en |issn=0585-3923}}</ref>
 |-
-| [[BAE Systems|BAE Systems plc]]
+| [[BAE Systems]]
 | {{Flagu|United Kingdom}}
-| 11 Oct 2005
+| 11 October 2005
-| Production of nuclear missiles for the [[French Air and Space Force|French Air Force]] through the company [[MBDA]].<ref name="uttrekk">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2006-01-05 |title=Uttrekk av selskaper fra Statens pensjonsfond Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/Uttrekk-av-selskaper-fra-Statens-pensjonsfond---Utland.html?id=103778&epslanguage=NO |language=no}}</ref>
+| Production of nuclear missiles for the [[French Air and Space Force|French Air Force]] through the company [[MBDA]].<ref name="uttrekk">{{Cite web |work=Norwegian Ministry of Finance|date=5 January 2006 |title=Uttrekk av selskaper fra Statens pensjonsfond Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/Uttrekk-av-selskaper-fra-Statens-pensjonsfond---Utland.html?id=103778&epslanguage=NO |language=no}}</ref>
 | N/A{{#tag:ref|The total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx. '''500 million USD'''.<ref name="uttrekk" /> | group="nb" | name="BAE"}}
-| 11 Jan 2013<ref name="drd_reinstated_1">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2012-08-31 |title=Recommendation to revoke the exclusion of the companies BAE Systems plc. and Finmeccanica S.p.A. from the investment universe of the Government Pension Fund Global |url=http://www.regjeringen.no/upload/FIN/etikk/2013/bae_finmec_eng.pdf}}</ref>
+| 11 January 2013<ref name="drd_reinstated_1">{{Cite web |work=Norwegian Ministry of Finance |date=31 August 2012 |title=Recommendation to revoke the exclusion of the companies BAE Systems plc. and Finmeccanica S.p.A. from the investment universe of the Government Pension Fund Global |url=http://www.regjeringen.no/upload/FIN/etikk/2013/bae_finmec_eng.pdf}}</ref>
 |-
-| [[DRD Gold Limited]]
+| DRD Gold
 | {{Flagu|South Africa}}
-| 29 Jan 2007
+| 29 January 2007
-| Serious environmental damage.<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2007-04-11 |title=Mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2007/Mining-company-excluded-from-the-investm.html?id=462551}}</ref>
+| Serious environmental damage.<ref>{{Cite web |work=Norwegian Ministry of Finance |date=11 April 2007 |title=Mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2007/Mining-company-excluded-from-the-investm.html?id=462551}}</ref>
 | 0.6
-| 3 Sep 2009<ref name="drd_reinstated_2">{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2009-09-03 |title=Thales SA and DRD Gold Limited to be reinstated in the Government Pension Fund – Global's portfolio |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2009/thales-sa-and-drd-gold-limited-to-be-rei.html?id=575442}}</ref><ref>{{Cite web |last=The Council on Ethics |date=2009-02-13 |title=Recommendation to reverse the exclusion of DRD Gold |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-to-reverse-a-decision-to-.html?id=575438}}</ref>
+| 3 September 2009<ref name="drd_reinstated_2">{{Cite web |work=Norwegian Ministry of Finance |date=3 September 2009 |title=Thales SA and DRD Gold Limited to be reinstated in the Government Pension Fund – Global's portfolio |url=http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2009/thales-sa-and-drd-gold-limited-to-be-rei.html?id=575442}}</ref><ref>{{Cite web |work=The Council on Ethics |date=13 February 2009 |title=Recommendation to reverse the exclusion of DRD Gold |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-to-reverse-a-decision-to-.html?id=575438}}</ref>
 |-
-| [[Finmeccanica|Finmeccanica S.p.A.]]
+| [[Finmeccanica]]
 | {{Flagu|Italy}}
-| 11 Oct 2005
+| 11 October 2005
 | Production of nuclear missiles for the [[French Air and Space Force]] through the company [[MBDA]].<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
-| 11 Jan 2013<ref name=drd_reinstated_1 />
+| 11 January 2013<ref name=drd_reinstated_1 />
 |-
 | [[FMC Corporation]]
 | {{Flagu|USA}}
-| 30 Sep 2011
+| 30 September 2011
 | Production of phosphate in the occupied territories of [[Western Sahara]].<ref name="dec2011">{{Cite web |date=6 December 2011 |title=Statens pensjonsfond utland: To selskaper utelukkes fra fondets investeringsunivers |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2011/statens-pensjonsfond-utland-nye-beslutni/statens-pensjonsfond-utland-to-selskaper.html?id=665637 |language=no}}</ref>
 | 52
-| 11 Jan 2013<ref name="drd_reinstated_3">{{Cite web |date=2012-08-31 |title=Recommendation to revoke the exclusion of FMC Corporation from the Government Pension Fund Global's investment universe |url=http://www.regjeringen.no/upload/FIN/etikk/2013/fmc_eng.pdf}}</ref>
+| 11 January 2013<ref name="drd_reinstated_3">{{Cite web |date=31 August 2012 |title=Recommendation to revoke the exclusion of FMC Corporation from the Government Pension Fund Global's investment universe |url=http://www.regjeringen.no/upload/FIN/etikk/2013/fmc_eng.pdf}}</ref>
 |-
-| [[Kerr-McGee|Kerr-McGee Corporation]]
+| [[Kerr-McGee]]
 | {{Flagu|USA}}
-| 29 Apr 2005
+| 29 April 2005
-| Petroleum surveying in occupied [[Western Sahara]]<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2005-06-06 |title=Første selskap utelukket fra Petroleumsfondet |url=http://www.regjeringen.no/nb/dokumentarkiv/Regjeringen-Bondevik-II/Finansdepartementet/234231/234458/forste_selskap_utelukket_fra_petroleumsfondet.html?id=256344&epslanguage=NO |language=no}}</ref>
+| Petroleum surveying in occupied [[Western Sahara]]<ref>{{Cite web |work=Norwegian Ministry of Finance |date=6 June 2005 |title=Første selskap utelukket fra Petroleumsfondet |url=http://www.regjeringen.no/nb/dokumentarkiv/Regjeringen-Bondevik-II/Finansdepartementet/234231/234458/forste_selskap_utelukket_fra_petroleumsfondet.html?id=256344&epslanguage=NO |language=no}}</ref>
 | 54
-| 30 Jun 2006<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2006-09-01 |title=KerrMcGee Corporation tas inn igjen i Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/KerrMcGee-Corporation-tas-inn-igjen-i-Statens-pensjonsfond---Utland.html?id=271732&epslanguage=NO}}</ref>
+| 30 June 2006<ref>{{Cite web |work=Norwegian Ministry of Finance |date=1 September 2006 |title=KerrMcGee Corporation tas inn igjen i Statens pensjonsfond – Utland |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/KerrMcGee-Corporation-tas-inn-igjen-i-Statens-pensjonsfond---Utland.html?id=271732&epslanguage=NO}}</ref>
 |-
-| [[L-3 Communications|L3 Communications Holdings Inc]]
+| [[L-3 Communications]]
 | {{Flagu|USA}}
-| 30 Jun 2005
+| 30 June 2005
 | Production of components for [[Cluster munition|cluster munitions]].<ref name=eight/>
 | N/A<ref group="nb" name="Alliant" />
-| 31 August 2005<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2005-08-31 |title=Companies that have been excluded, but where the decision to exclude has later been revoked |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund/responsible-investments/companies-excluded-from-the-investment-u/companies-that-have-been-excluded-but-wh.html?id=594965}}</ref>
+| 31 August 2005<ref>{{Cite web |work=Norwegian Ministry of Finance |date=31 August 2005 |title=Companies that have been excluded, but where the decision to exclude has later been revoked |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund/responsible-investments/companies-excluded-from-the-investment-u/companies-that-have-been-excluded-but-wh.html?id=594965}}</ref>
 |-
-| [[Thales Group|Thales SA]]
+| [[Thales Group|Thales]]
 | {{Flagu|France}}
-| 30 Jun 2005
+| 30 June 2005
 | Production of components for [[Cluster munition|cluster munitions]].<ref name= eight/>
 | N/A<ref group="nb" name="Alliant" />
-| 3 Sep 2009<ref>{{Cite web |last=The Council on Ethics |date=2009-02-13 |title=Recommendation to reverse the exclusion of Thales SA |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-to-reverse-the-exclusion-.html?id=575446}}</ref>
+| 3 September 2009<ref>{{Cite web |work=The Council on Ethics |date=13 February 2009 |title=Recommendation to reverse the exclusion of Thales SA |url=http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-to-reverse-the-exclusion-.html?id=575446}}</ref>
 |-
-| [[United Technologies Corporation|United Technologies Corp.]]
+| [[United Technologies]]
 | {{Flagu|USA}}
-| 11 Oct 2005
+| 11 October 2005
 | Production of engines for [[Intercontinental ballistic missile|ICBMs]] in the U.S. Air Force.<ref name=uttrekk/>
 | N/A<ref group="nb" name="BAE" />
-| 2 March 2013<ref name="drd_reinstated_4">{{Cite web |date=2012-03-02 |title=Recommendation on inclusion of the company United Technologies Corp. |url=http://www.regjeringen.no/en/archive/Stoltenbergs-2nd-Government/Ministry-of-Finance/Nyheter-og-pressemeldinger/nyheter/2010/Decision-on-exclusion-reversed.html?id=594307}}</ref>
+| 2 March 2013<ref name="drd_reinstated_4">{{Cite web |date=2 March 2012 |title=Recommendation on inclusion of the company United Technologies Corp. |url=http://www.regjeringen.no/en/archive/Stoltenbergs-2nd-Government/Ministry-of-Finance/Nyheter-og-pressemeldinger/nyheter/2010/Decision-on-exclusion-reversed.html?id=594307}}</ref>
 |-
-| [[Walmart|Wal-Mart Stores Inc.]]
+| [[Walmart]]
 | {{Flagu|USA}}
-| 28 Mar 2006
+| 28 March 2006
 | Breach of human rights and labour rights.<ref name="Norwegian Ministry of Finance" />
 | 372
-| 26 June 2019<ref>{{Cite web |date=2019-06-26 |title=Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others |work=Reuters |url=https://www.reuters.com/article/business/norway-wealth-fund-allowed-to-invest-again-in-walmart-rio-tinto-others-idUSKCN1TQ0RI/ |last1=Fouche |first1=Gwladys }}</ref>
+| 26 June 2019<ref>{{Cite web |date=26 June 2019 |title=Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others |work=Reuters |url=https://www.reuters.com/article/business/norway-wealth-fund-allowed-to-invest-again-in-walmart-rio-tinto-others-idUSKCN1TQ0RI/ |last1=Fouche |first1=Gwladys }}</ref>
 |-
-| [[Rio Tinto Group]]
+| [[Rio Tinto (corporation)|Rio Tinto]]
 | {{Flagu|United Kingdom}}<br />{{Flagu|Australia}}
-| 28 Apr 2008
+| 28 April 2008
-| Severe environmental damage<ref>{{Cite web |last=Norwegian Ministry of Finance |author-link=Norwegian Ministry of Finance |date=2008-09-09 |title=The Government Pension Fund divests its holdings in mining company |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/the-government-pension-fund-divests-its-.html?id=526030}}</ref>
+| Severe environmental damage<ref>{{Cite web |work=Norwegian Ministry of Finance |date=9 September 2008 |title=The Government Pension Fund divests its holdings in mining company |url=http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/the-government-pension-fund-divests-its-.html?id=526030}}</ref>
 | 882
-| 26 June 2019<ref>{{Cite web |date=2019-06-26 |title=Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others |work=Reuters |url=https://www.reuters.com/article/business/norway-wealth-fund-allowed-to-invest-again-in-walmart-rio-tinto-others-idUSKCN1TQ0RI/ |last1=Fouche |first1=Gwladys }}</ref>
+| 26 June 2019<ref>{{Cite web |date=26 June 2019 |title=Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others |work=Reuters |url=https://www.reuters.com/article/business/norway-wealth-fund-allowed-to-invest-again-in-walmart-rio-tinto-others-idUSKCN1TQ0RI/ |last1=Fouche |first1=Gwladys }}</ref>
 |-
 |[[Dongfeng Group]]
 |{{Flagu|China}}
 |March 2009
-|Sale of military vehicles to [[Myanmar]]<ref name=":0">{{Cite web |last=Finansdepartementet |date=2014-12-11 |title=Beslutninger om avsluttet observasjon og gjeninkludering av selskap i SPU |url=https://www.regjeringen.no/no/aktuelt/Beslutninger-om-avsluttet-observasjon-og-gjeninkludering-av-selskap-i-SPU/id2344678/ |access-date=2017-02-26 |website=Regjeringen.no |language=no}}</ref>
+|Sale of military vehicles to [[Myanmar]]<ref name=":0">{{Cite web |author=Finansdepartementet |date=11 December 2014 |title=Beslutninger om avsluttet observasjon og gjeninkludering av selskap i SPU |url=https://www.regjeringen.no/no/aktuelt/Beslutninger-om-avsluttet-observasjon-og-gjeninkludering-av-selskap-i-SPU/id2344678/ |access-date=26 February 2017 |website=Regjeringen.no |language=no}}</ref>
 |N/A
-|Dec 2014<ref>{{Cite web |date=2014 |title=Council Of Ethics Annual Report 2014 |url=http://etikkradet.no/files/2015/01/Council-on-Ethics-2014-Annual-Report.pdf |url-status=dead |archive-url=https://web.archive.org/web/20150421002829/http://etikkradet.no/files/2015/01/Council-on-Ethics-2014-Annual-Report.pdf |archive-date=2015-04-21 |website=Norway's Council of Ethics}}</ref>
+|Dec 2014<ref>{{Cite web |date=2014 |title=Council Of Ethics Annual Report 2014 |url=http://etikkradet.no/files/2015/01/Council-on-Ethics-2014-Annual-Report.pdf |url-status=dead |archive-url=https://web.archive.org/web/20150421002829/http://etikkradet.no/files/2015/01/Council-on-Ethics-2014-Annual-Report.pdf |archive-date=21 April 2015 |website=Norway's Council of Ethics}}</ref>
 |}
@@ Line 557: / Line 576: @@
 |[[Alstom]]
 |{{Flagu|France}}
-|6 Dec 2011
+|6 December 2011
 |Risk of gross corruption<ref>{{Cite web |date=6 December 2011 |title=Statens pensjonsfond utland: Selskap settes til observasjon på grunn av risiko for korrupsjon |url=http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2011/statens-pensjonsfond-utland-nye-beslutni/statens-pensjonsfond-utland-selskap-sett.html?id=665635 |publisher=The Norwegian Ministry of Finance |language=no}}</ref>
 |N/A
@@ Line 564: / Line 583: @@
 |-
 |}
-It was proposed that one more company, [[Goldcorp]], should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.<ref>{{Cite web |last=Kristoffer Rønneberg |date=20 February 2010 |title=Ønsker "gult kort" for gruveselskap |url=http://www.aftenposten.no/nyheter/uriks/article3527171.ece |access-date=20 February 2010 |publisher=Aftenposten}}</ref>
+It was proposed that one more company, [[Goldcorp]], should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.<ref>{{Cite web |author=Kristoffer Rønneberg |date=20 February 2010 |title=Ønsker "gult kort" for gruveselskap |work=ap.no |url=http://www.aftenposten.no/nyheter/uriks/article3527171.ece |access-date=20 February 2010 |publisher=Aftenposten}}</ref>
 ===Currency portfolio===
@@ Line 570: / Line 589: @@
 ==Government Pension Fund – Norway==
-The Government Pension Fund – Norway ({{lang|no|Statens pensjonsfond Norge}}, SPN) was established by the ''National Insurance Act'' ({{lang|no|Folketrygdloven}}) in 1967 under the name ''National Insurance Scheme Fund'' ({{lang|no|Folketrygdfondet}}). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still named {{lang|no|Folketrygdfondet}}. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on the [[Oslo Stock Exchange]].  The Fund is not allowed to own more than a 15% interest in any single Norwegian company.<ref>{{Cite web|date=2014-03-28|title=Investment management|url=https://www.folketrygdfondet.no/investment-management/category378.html|access-date=2022-01-06|website=Folketrygdfondet|language=en|archive-date=6 January 2022|archive-url=https://web.archive.org/web/20220106175937/https://www.folketrygdfondet.no/investment-management/category378.html|url-status=dead}}</ref>
+The Government Pension Fund – Norway ({{lang|no|Statens pensjonsfond Norge}}, SPN) was established by the ''National Insurance Act'' ({{lang|no|Folketrygdloven}}) in 1967 under the name ''National Insurance Scheme Fund'' ({{lang|no|Folketrygdfondet}}). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still named {{lang|no|Folketrygdfondet}}. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on the [[Oslo Stock Exchange]].  The Fund is not allowed to own more than a 15% interest in any single Norwegian company.<ref>{{Cite web|date=28 March 2014|title=Investment management|url=https://www.folketrygdfondet.no/investment-management/category378.html|access-date=6 January 2022|website=Folketrygdfondet|language=en|archive-date=6 January 2022|archive-url=https://web.archive.org/web/20220106175937/https://www.folketrygdfondet.no/investment-management/category378.html|url-status=dead}}</ref>
 ==Notes==
@@ Line 582: / Line 601: @@
 * [[Economy of Norway]]
 * [[Sovereign wealth fund]]
-* [[Economy of Norway#Energy Resources|Energy Resources of Norway]]{{Broken anchor|date=2024-07-25|bot=User:Cewbot/log/20201008/configuration|target_link=Economy of Norway#Energy Resources|reason= The anchor (Energy Resources) [[Special:Diff/13400826|has been deleted]].}}
+* [[Economy of Norway#Energy Resources|Energy Resources of Norway]]{{Broken anchor|date=25 July 2024|bot=User:Cewbot/log/20201008/configuration|target_link=Economy of Norway#Energy Resources|reason= The anchor (Energy Resources) [[Special:Diff/13400826|has been deleted]].}}
 * [[Ethical investing]]
 {{div col end}}

Government Pension Fund of Norway: Difference between revisions

Latest revision as of 07:55, 1 December 2025

Government Pension Fund Global

Background

Management and size

Relationship to sovereignty

Debate

Concerns and potential outcomes

Ethical council

Excluded companies

Reinstated companies

Companies "under observation"

Currency portfolio

Government Pension Fund – Norway

Notes

See also

References

External links

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