Norges Bank has decided to exclude three companies from Norway’s Government Pension Fund Global (GPFG).

The Norges Bank Executive Board decided to exclude the companies Jardine Matheson Holdings Ltd., Jardine Cycle & Carriage Ltd and PT Astra International Tbk due to unacceptable risk of the companies contributing to, or being responsible for, severe environmental damage.

This relates to the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global.

PT Astra International Tbk has been under observation since October 2015 but given the exclusion decision that observation will now cease. The decisions are based on a recommendation from the Council on Ethics of 12 May 2023.

“The Executive Board has not conducted an independent assessment of all aspects of the recommendation 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 this case,” Norges Bank said.

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