Norges Bank, whose investment management arm is responsible for the investments of the Government Pension Fund Global (GPFG) in Norway, has placed a company under observation due to concerns about its impact on press freedom.

Following a recommendation from the GPFG Council on Ethics, Norges Bank has placed Polish company Polski Koncern Naftowy Orlen under observation for three years due to “unacceptable risk that the company contributes to serious violations of human rights”.

The Council on Ethics made the recommendation due to the company acquiring newspaper publisher Polska Press and the subsequent implications for freedom of the press and therefore freedom of expression in Poland.

It noted that Orlen was an integrated energy company controlled by the Polish state and its acquisition of Polska Press gave it control over “the majority” of policy newspapers, as well as a “large number” of local media houses and online portals.

The council added that, since the acquisition, several editors had been replaced and there were claims that Orlen had interfered in editorial decisions.

“A number of key commentators have pointed out that the state’s ownership of Orlen could open Polska Press to the exercise of political influence and that the acquisition therefore adversely effects freedom of expression,” the Council on Ethics stated.

“The risk of political influence is particularly serious in connection with elections. To what extent this risk may materialise is nevertheless uncertain.

“The council therefore recommends that the company be placed under observation.”

Norges Bank’s Executive Board has not conducted an independent assessment of all aspects of the recommendation, but it was satisfied that the observation and exclusion criteria had been fulfilled.

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