Norges Bank has excluded three companies from Norway’s Government Pension Fund Global (GPFG) due to various concerns that breach its investment criteria.

The Norges Bank Executive Board has decided to exclude the companies Adani Ports and Special Economic Zone Ltd, Weichai Power Co Ltd, and L3Harris Technologies Inc relating to the conduct-based criterion in the Guidelines for Observation and Exclusion from the GPFG.

Adani Ports and Special Economic Zone Ltd has been excluded due to an "unacceptable risk" that the company contributes to "serious violations" of individuals’ rights in situations of war or conflict.

The company has been under observation since March 2022, but observation has ceased as the exclusion decision has been given. The decision was based on a recommendation from the Council of Ethics of 21 November 2023.

Furthermore, the exclusion of Weichai Power Co Ltd was because of an "unacceptable risk" that the company contributes to the sales of weapons to states in armed conflicts, where the weapons are used in ways that "constitute breaches of the international rules" on the conduct of hostilities.

This decision was based on the recommendation from the Council of Ethics of 18 December 2023.

The board also excluded L3Harris Technologies Inc due to the company’s development and production of components for nuclear weapons, with the decision being based on a recommendation from the Council of Ethics of 19 December 2023.

“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,” Norges Bank said.

"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."

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