Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global (GPFG), has made updates to its observations and exclusions list.

The investment manager’s Executive Board has decided to place three companies under observation, end the observation of three companies, exclude one company and revoke the exclusion of one company.

Li Ning Co Ltd has been excluded due to unacceptable risk that the company contributes to serious human rights violations. The decision is based on a recommendation from the Council on Ethics of 30 September 2021.

In addition, Bombardier Inc has been placed under observation due to unacceptable risk that the company contributes to, or is responsible for, gross corruption. The decision is based on a recommendation from the Council on Ethics of 22 October 2021.

Adani Ports & Special Economic Zone Ltd has also been placed under observation due to unacceptable risk that the company contributes to or is responsible for serious violations of individuals’ rights in situations of war or conflict. The decision is based on a recommendation from the Council on Ethics of 15 November 2021.

Furthermore, the Executive Board has decided to place the company Hyundai Glovis Co Ltd under observation due to unacceptable risk that the company contributes to gross or systematic human rights violations and serious environmental damage. The decision is based on a recommendation from the Council on Ethics of 17 December 2021.

At the same time, the Executive Board has decided to end the observation of the companies Hansae Yes24 Holdings Co Ltd, Hansae Co Ltd and Nien Hsing Textile Co Ltd since the Council on Ethics’ investigations have shown that there are no longer grounds for observation. The decision is based on recommendations from the Council on Ethics of 25 November 2021 and 17 December 2021 respectively.

It has also decided to revoke the exclusion of the company San Leon Energy Plc. The company has been excluded since 2016 due to unacceptable risk that the company contributed to serious violation of fundamental ethical norms by engaging in petroleum prospecting in Western Sahara. The decision is based on a recommendation from the Council on Ethics of 22 October 2021.

“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 shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases,” NBIM stated.

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