Norway's Ministry of Finance is referring to its Ethical Guidelines for the Norwegian Government Pension Fund - Global following the situation in Gaza.

According to the current Guidelines, the Council on Ethics shall recommend exclusion of companies from the fund's investment universe where they see a considerable risk of contributing to serious or systematic human rights violations or serious violations of individuals' rights in situations of war or conflict.

Investment in companies who are found to contribute to occupation of territory in breach of international law, or the suppression of the population occupied in the territory, may be deemed in breach of both of these issues, said Minister of Finance, Kristin Halvorsen.

Between 2006 and 2008, the Ministry of Finance said that the Council of Ethics has considered possible contribution to human rights violations or other ethical norms through investment in Israeli companies - the Council has also looked into other non-Israeli companies who have activity in or deliver good or products to Israel. So far, the Council has not recommended any exclusion on these grounds.

The Ministry of Finance is reviewing the Ethical Guidelines, and will evaluate whether they adequately address questions regarding companies' contribution to unethical conduct in conflict zones. Halvorsen was keen to reiterate, however, that it must be remembers that it is not the purpose of the Norwegian Government Pension Fund - Global to serve as a foreign policy instrument.

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