Norges Bank has excluded three companies from the Government Pension Fund Global (GPFG) due to the unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations of war or conflict.

The exclusion includes Elco Ltd, Ashtrom Group Ltd and Electra Ltd and relates to section 3 (1) (b) of the Guidelines for the Observation and Exclusion of Companies from the GPFG.

The decision is based on recommendations from the Council on Ethics made in March. It recommended Norges Bank exclude the companies based on their activities associated with Israeli settlements on the West Bank.

In addition, the Executive Board has also decided to exclude the company Oil & Natural Gas Corp Ltd due to the unacceptable risk that the company contributes to systematic violations of individuals’ rights in situations of war or conflict, ref. section 3 (1) (b) of the Guidelines for the Observation and Exclusion of Companies from the GPFG.

The Council on Ethics recommended Norges Bank to exclude the company based on the company’s ties to groups that seriously violate human rights in South Sudan. The Executive Board has not conducted an independent assessment of all aspects of the recommendations but is satisfied that the exclusion criteria have been fulfilled.

Before deciding to exclude a company, Norges Bank considers whether the use of other measures, including the exercise of ownership rights, maybe better suited. In these instances, the Executive Board concluded that it was not appropriate to use other measures.

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