Statusrapport
Council on Ethics for the Norwegian Government Pension Fund Global -Annual Report 2024
The task of the Council on Ethics is to provide advice concerning the observation or exlusion of companies in which the Norwegian Government Pension Fund Global (GPFG) is invested. However, the Council is not free to do as it pleases. It is bound to work within the framework of the GPFG’s ethical guidelines, which are determined at the political level. Based on these guidelines, the Council has worked with over 250 companies in 2024. Of these, the Council recommended that 15 be excluded from investment by the GPFG. Given that the GPFG is invested in almost 9,000 companies, identifying those whose products or conduct fall within the scope of the ethical guidelines is a mammoth undertaking. We have established multiple systems tasked with picking up on such cases. Yet this is just the starting point for the Council’s endeavours. In the subsequent investigation phase, we sometimes engage consultants to obtain information. In other cases, we base our assessments on publicly available information collected by the Council’s secretariat. Companies under review are also given the opportunity to provide information and share their views when we contact them. Occasionally, we also hold meetings with senior company executives. In general, more than one go around in the Council is needed before it reaches a decision. Ultimately, our recom- mendations are published for all to see. We endeavour to base them on solid facts and they are intended to stand the test of time. Although the multiple steps involved in the assessment process entail that each individual case takes time, we are confident that this is the best way for us to fulfil the mandate we have been given.