Press releases and news

The Government Pension Fund - Global and Investments in Conflict Zones

[Ministry of Finance, 05.01.2009]

- Due to the present situation in Gaza, I have asked the Council on Ethics to give an account for the Council’s work on cases relating to companies with activities in the areas in question, says Minister of Finance Kristin Halvorsen.

Norway endorses the Santiago principles

[Ministry of Finance, 13.10.2008]

Norway supports the Generally Accepted Principles and Practices (GAPP) for Sovereign Wealth Funds which have now been made public.

The Government Pension Fund Global: Prudent and long-term management

[Ministry of Finance, 07.10.2008]

The investment strategy for the Government Pension Fund is robust, long-term and well-equipped to deal with financial market turmoil.

Active ownership pays off

[Ministry of Finance, 09.09.2008]

Active ownership activities in Monsanto Co. have contributed to a significant reduction in the use of child labour in the company’s hybrid cotton seed production in India. Norges Bank can still play an important role in achieving further improvements. The Ministry of Finance has therefore decided not to exclude Monsanto Co. from the portfolio of the Government Pension Fund - Global.

The Government Pension Fund divests its holdings in mining company

[Ministry of Finance, 09.09.2008]

The Ministry of Finance has decided to exclude the company Rio Tinto from the Government Pension Fund - Global due to a risk of contributing to severe environmental damage. There are no indications to the effect that the company's practises will be changed in future, or that measures will be taken to significantly reduce the damage to nature and the environment.

Investments in the Israel Electric Corporation

[Ministry of Finance, 20.06.2008]

The Ministry of Finance has concluded, based on the recommendations of the Council on Ethics, that it would be unfounded to exclude the Israel Electric Corporation (IEC) from the investment universe of the Government Pension Fund – Global (GPFG).

Comment on U.S. Commitment to an Open Investment Environment

[Ministry of Finance, 10.06.2008]

In a comment to the proposal for regulations of the Committee on Foreign Investment in the United States (CFIUS), the Ministry of Finance welcomes the U.S. commitment to an open investment environment.

Prudent and long-term asset management

[Ministry of Finance, 04.04.2008]

– Despite financial turmoil in the second half of 2007, this was a satisfactory year for the Government Pension Fund, says Finance Minister Kristin Halvorsen.

One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global

[Ministry of Finance, 11.01.2008]

The Ministry of Finance has excluded Hanwha Corporation (a South Korean company), Serco Group Plc (a British company) and GenCorp Inc (an American company) from the Government Pension Fund – Global, pursuant to the Ethical Guidelines for the Fund.

H.K.H. Kronprins Haakon og finansminister Kristin Halvorsen åpner etikkkonferanse

[Ministry of Finance, 07.01.2008]

De etiske retningslinjene for Statens Pensjonsfond – Utland skal evalueres. Som en start på evalueringsprosessen holder Finansdepartementet den internasjonal konferansen "investing for the Future- Financial Investments and Ethical Considerations " 16. og 17. januar på Radisson Plaza Hotell i Oslo. Konferansen arrangeres i samarbeid med Norges Bank og Etikkrådet.

Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund - Global

[Ministry of Finance, 06.11.2007]

The Ministry of Finance has excluded the British company Vedanta Resources Plc. from the investment universe of the Norwegian Government Pension Fund – Global, based on a recommendation from the Council on Ethics for the Fund.

Sound Management of the Government Pension Fund

[Ministry of Finance, 05.10.2007]

Responsible fiscal policy, high petroleum revenues and good financial returns helped the Government Pension Fund grow to NOK 2 057 billion (about USD 375 billion) as of 30 June 2007.

White paper on the Government Pension Fund: Laying the foundation for good and sustainable returns

[Ministry of Finance, 13.04.2007]

– As part of a regular review of the Fund’s investment strategy, we plan to increase the equity allocation of the Pension Fund - Global from 40 percent to 60 percent. At the same time, we are emphasizing the ethical obligations of the Fund, says Minister of Finance Kristin Halvorsen.

Mining company excluded from the investment universe of the Norwegian Government Pension Fund - Global

[Ministry of Finance, 11.04.2007]

The Ministry of Finance has excluded the South-African company DRD Gold Limited (DRD Gold) from the investment universe of the Norwegian Government Pension Fund – Global, based on a recommendation from the Council on Ethics for the Fund. According to the Council on Ethics the Fund runs an unacceptable risk of contributing to severe environmental damages by continuing to invest in the company.

South Korean producer of cluster munitions excluded from the Government Pension Fund - Global

[Ministry of Finance, 06.12.2006]

The Ministry of Finance has excluded the South Korean company Poongsan Corporation from the Government Pension Fund – Global, pursuant to the Ethical Guidelines for the Fund.

KerrMcGee Corporation is again included in the Government Pension Fund - Global

[Ministry of Finance, 01.09.2006]

62/2006

According to a decision from the Ministry of Finance the American company KerrMcGee Corporation (“KerrMcGee”) is no longer excluded from the Norwegian Government Pension Fund – Global.

Two companies - Wal-Mart and Freeport - are being excluded from the Norwegian Government Pension Fund - Global’s investment universe

[Ministry of Finance, 06.06.2006]

The Ministry of Finance has excluded Wal-Mart Stores Inc., Wal-Mart de Mexico (“Wal-Mart”) and Freeport McMoRan Copper and Gold Inc. (“Freeport”) from the Norwegian Government Pension Fund – Global’s investment universe in line with recommendations from the Council on Ethics for the Fund.

EADS still excluded from the Government Pension Fund — Global

[Ministry of Finance, 10.05.2006]

The Ministry of Finance has decided to continue exclusion of EADS from the investment universe of the Government Pensions Fund — Global

The Ministry of Finance has decided to follow the recommendation from the Council to continue exclusion of EADS from the investment universe of the Government Pensions Fund – Global.

Exclusions from the Government Pension Fund - Global

[Ministry of Finance, 05.01.2006]

3/2006

The Ministry of Finance has excluded seven companies from the Government Pension Fund - Global (previously the Petroleum Fund) because they are involved in production of nuclear weapons.

The Government Pension Fund established

[Ministry of Finance, 02.01.2006]

The Government Pension Fund was established 1 January 2006. The Government Pension Fund is comprised of the Government Petroleum Fund and the National Insurance Scheme Fund. (02.01.06)

New recommendation from the Advisory Council on Ethics for the Norwegian Government Petroleum Fund

[Ministry of Finance, 13.10.2005]

New recommendation from the Advisory Council on Ethics for the Norwegian Government Petroleum Fund whether the two weapons systems Spider and Intelligent Munition Sysem (IMS) would be considered illegal under the convention on antipersonnel mines.