Government Pension Fund of Norway

The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway:

The Government Pension Fund Global

The Government Pension Fund Global (Norwegian: Statens pensjonsfond Utland, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. The fund changed name in January 2006 from its previous name, The Petroleum Fund of Norway. The fund is commonly referred to as The Oil Fund (Norwegian: Oljefondet).

As of the valuation in June 2011, it was the largest pension fund in the world, but it is not a pension fund in the conventional sense as it derives its financial backing from oil profits, not pension contributions. As of June 2017 its total value is NOK 8.09 trillion[1] (USD 958 billion), holding .8 percent of global equity markets.[2] With 2.33 percent of European stocks,[3] it is said to be the largest stock owner in Europe.[4]

The purpose of the petroleum fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, generated mainly from taxes of companies but also payment for license to explore as well as the State's Direct Financial Interest and dividends from the partly state-owned Statoil. The current revenue from the petroleum sector is estimated to be at its peak period and to decline in the future decades. The Petroleum Fund was established in 1990 after a decision by the country's legislature to counter the effects of the forthcoming decline in income and to smooth out the disruptive effects of highly fluctuating oil prices.

Management and size

The domestic fund, the Government Pension Fund Norway, is managed by the Folketrygdfondet. The global investment fund is managed by Norges Bank Investment Management (NBIM), part of the Norwegian Central Bank on the behalf of the Ministry of Finance.[5] It is currently the largest pension fund in Europe and is larger than the California public-employees pension fund (CalPERS), one of the largest public pension funds in the United States. In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach NOK 4.3 trillion ($717 billion) by the end of 2014 and NOK 6 trillion ($1 trillion) by the end of 2019.[6] According to the forecast the 2030 value of the fund would be NOK 7.4 trillion ($1.3 trillion). A worst-case scenario for the fund value in 2030 was forecast at NOK 2.7 trillion ($455 billion), a best case scenario at NOK 19.6 trillion ($3.3 trillion).[7] By May 2, 2016, the value of the fund was NOK 7.0 trillion ($873 billion).[8]

In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international stock market. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.[9] The Norwegian government planned that up to 5 percent of the fund should be invested in real estate, beginning in 2010.[10] A specific policy for the real estate investments was suggested in a report the Swiss Partners Group wrote for the Norwegian Ministry of Finance.[11] The fund's current investment strategy dictates 60% equities, 35% fixed income, and 5% real estate. Of the fixed income sector, 70% is invested in bonds issued by governments and 30% is issued by the corporate sector.[12]

Norway's sovereign wealth fund is taking steps to become more active in company governance. In the second quarter of 2013, the sovereign fund voted in 6,078 general meetings as well as 239 shareholder proposals on environmental and social issues. Norway's Government Pension Fund Global (GPFG) has the potential to influence the corporate governance market in Europe, and possibly China as well, greatly.[13] It has also started to become active in pushing for lower executive pay.[14]

Debate

As a result of the large size of the fund relative to the low number of people living in Norway (5.1 million people in 2014[15]), the Oil Fund has become a hot political issue, dominated by three main issues:

The Ethical Council

Part of the investment policy debate is related to the discovery of several cases of investment by The Petroleum Fund in very controversial companies, involved in businesses such as arms production, tobacco and fossil fuels.[5] The Petroleum Fund’s Advisory Council on Ethics was established 19 November 2004 by royal decree. Accordingly, the Ministry of Finance issued a new regulation on the management of the Government Petroleum Fund, which also includes ethical guidelines.

According to its ethical guidelines, the Norwegian pension fund cannot invest money in companies that directly or indirectly contribute to killing, torture, deprivation of freedom or other violations of human rights in conflict situations or wars. Contrary to popular belief, the fund is allowed to invest in a number of arms-producing companies, as only some kind of weapons, such as nuclear arms, are banned by the ethical guidelines as investment objects.

To support the ethical screening process, the Council on Ethics works with RepRisk ESG Business Intelligence, a global research firm and provider of environmental, social and governance (ESG) risk data. RepRisk monitors the companies in the Norwegian Pension Fund’s portfolio for issues such as severe human rights violations, particularly regarding child labor, forced labour, and violations of individual rights in conflict areas as well as gross environmental degradation and corruption. RepRisk has been working with the Council on Ethics since 2009 and in 2014, re-won the tender for ESG data provision for 2014-2017.[16]

An investigation by the Norwegian business newspaper Dagens Næringsliv in February 2012 showed that Norway has invested more than $2 billion in 15 technology companies producing technology that can and has been used for filtering, wiretapping, or surveillance of communication in various countries, among them Iran, Syria, and Burma. Although surveillance tech is not the primary activity of all the 15 companies, they have all had or still have some kind of connection to such technology. The Ministry of Finance in Norway stated that it would not withdraw investing in these companies or discuss an eventual exclusion of surveillance industry companies from its investments.

The Ethical Council is headed by Ola Mestad, a Norwegian lawyer who works for the European Centre of Law, who previously worked for the law firm Bahr, where he was specialized in oil-sector issues. The other members are Gro Nystuen, Bente Rathe, Ylva Lindberg and Dag Olav Hessen.

On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.[17] The total divestment from these companies was $2 billion (NOK 14.2 billion), making it the largest divestment caused by ethical recommendations in the history of the fund.[18]

Both Norway's minister of finance Siv Jensen and the Strategy Council, appointed by the Ministry of Finance, has recommended that the Ethical Council be dismantled.

In March 2014, as the result of both domestic and international pressure, the parliament appointed a panel to investigate whether the fund should divest its coal assets in line with its ethical investment mandate. The panel released its recommendations in December 2014, recommending the fund follow a strategy of corporate engagement rather than divestment. The parliament was set to make its decision early in 2015. In the event, the fund will be required to divest from companies that derive at least 30℅ of their business from coal.[5]

In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US companies (among them Peabody Energy, Arch Coal, and Alpha Natural Resources), 13 companies in India (including Coal India) and 3 companies in China.[19] As a result, the total value of the fund’s coal holdings fell by 5% to $9.7 billion.[20] In the same year of 2014 the fund increased its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.[21]

Excluded companies

The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:[22]

Company HQ Date of exclusion Reason Divestment (USD)
Africa Israel Investments  Israel 24 August 2010 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[23] 1.2m
Alliance One International, Inc.  USA 19 Jan 2010 Production of tobacco.[17] 0.9m
Alliant Techsystems Inc  USA 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1]
Altria Group Inc.  USA 19 Jan 2010 Production of tobacco.[17] 131m
Barrick Gold Corporation  Canada 30 Jan 2009 Extensive environmental degradation related to the Porgera Gold Mine in Papua New Guinea[25] 245m
Babcock & Wilcox  USA 11 January 2013 Production of nuclear arms N/A
Boeing Company  USA 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force.[26] N/A [nb 2]
British American Tobacco BHD  Malaysia 19 Jan 2010 Production of tobacco.[17] 9.4m
British American Tobacco Plc.  United Kingdom 19 Jan 2010 Production of tobacco.[17] 683m
Danya Cebus  Israel 24 August 2010 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[23] N/A
Dongfeng Motor Group Co Ltd.  China 28 February 2009 Sale of weapons and military material to Burma[27][28] N/A
Duke Energy +3 subsidiaries  USA 7 September 2016 Risk of severe environmental damage[29] > $300 million[30]
European Aeronautic Defence and Space Company EADS N.V. Airbus Group  France
 Germany
 Netherlands
 Spain		 30 Jun 2005 Production of nuclear missiles for the French Air Force through the company MBDA[31][nb 3] N/A [nb 1]
Elbit Systems  Israel 3 Sep 2009 Supply of surveillance systems for the Israeli West Bank barrier[32][33][34] 5.0m
Freeport McMoRan Copper & Gold Inc.  USA 28 Mar 2006 Serious environmental damage.[35] 17.2m
GenCorp Inc  USA 15 Nov 2007 Production of nuclear weapons.[36] N/A
General Dynamics Corporation  USA 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1]
Grupo Carso SAB de CV  Mexico 15 Feb 2011 Production of tobacco.[37] N/A
Gudang Garam tbk pt  Indonesia 19 Jan 2010 Production of tobacco.[17] 0
Hanwha Corporation  South Korea 15 May 2007 Production of cluster munitions.[36] 1.2m[38]
Honeywell International Inc.  USA 11 Oct 2005 Simulations of nuclear explosions.[26] N/A [nb 2]
Huabao International Holdings Limited  Hong Kong 8 May 2013 Production of tobacco N/A
Imperial Tobacco Group Plc  United Kingdom 19 Jan 2010 Production of tobacco.[17] 347m
ITC Ltd.  India 19 Jan 2010 Production of tobacco.[17] 48m
Japan Tobacco Inc.  Japan 19 Jan 2010 Production of tobacco.[17] 210m
Jacobs Engineering Group  USA 11 January 2013 Production of nuclear arms N/A
KT&G Corp.  South Korea 19 Jan 2010 Production of tobacco.[17] 16m
Lingui Development Berhad Ltd.  Malaysia 16 February 2011 Severe environmental damages N/A
Lockheed Martin Corp  USA 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1]
Lorillard Inc.  USA 19 Jan 2010 Production of tobacco.[17] 42m
Madras Aluminium  United Kingdom 31 October 2007 Severe environmental damages N/A
Norilsk Nickel  Russia 31 October 2009 Severe environmental damages N/A
Northrop Grumman Corp.  USA 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force.[26] N/A [nb 2]
Philip Morris Int. Inc.  USA 19 Jan 2010 Production of tobacco.[17] 476m
Philip Morris Cr AS  Czech Republic 19 Jan 2010 Production of tobacco.[17] 2.7m
Poongsan Corporation  South Korea 30 Sep 2006 Production of cluster munition.[39] 1.2m
Potash Corporation of Saskatchewan  Canada 30 Sep 2011 Production of phosphate in the occupied territories of Western Sahara.[40] 274m
Raytheon Company  USA 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1]
Reynolds American Inc.  USA 19 Jan 2010 Production of tobacco.[17] 36m
Rio Tinto Group  United Kingdom
 Australia		 28 Apr 2008 Severe environmental damage[41] 882m
Samling Global Ltd.  Malaysia 23 Aug 2010 "Illegal logging and severe environmental damage"[23] 1.4m
SAFRAN SA  France 11 Oct 2005 Production of nuclear missiles for the French Navy.[26] N/A [nb 2]
Serco Group Plc  United Kingdom 15 Nov 2007 Maintenance of British nuclear weapons through the Atomic Weapons Establishment.[36] N/A
Sesa Sterlite Limited  India 30 January 2014 Severe environmental damages N/A
Schweitzer-Mauduit International Inc.  USA 8 May 2013 Production of tobacco N/A
Shanghai Industrial Holdings  China 15 March 2011 Production of tobacco N/A
Shikun UVinui  Israel 17 June 2012 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[42] 1.4m
Souza Cruz SA  Brazil 19 Jan 2010 Production of tobacco.[17] 7.4m
Sterlite Industries  India 31 October 2007 Severe environmental damages N/A
Swedish Match AB  Sweden 19 Jan 2010 Production of tobacco.[17] 75m
Ta Ann Holdings Berhad  Malaysia 14 October 2013 Severe environmental damages N/A
Textron Inc  USA 30 Jan 2009 Production of components for cluster munitions.[43] 36m
Universal Corp VA  USA 19 Jan 2010 Production of tobacco.[17] 3m
WTK Holdings Berhad  Malaysia 14 October 2013 Severe environmental damages N/A
Vector Group Ltd.  USA 19 Jan 2010 Production of tobacco.[17] 2.1m
Vedanta Resources Plc  UK 28 Aug 2007 Environmental and human rights abuses.[44] 12m
Volcan (mining company)  Peru 14 October 2013 Severe environmental damages 7.5m
Wal-Mart Stores Inc.  USA 28 Mar 2006 Breach of human rights and labour rights.[35] 372m
Zijin Mining  China 14 October 2013 Severe environmental damages N/A
Zuari Agro Chemicals Ltd.  India 14 October 2013 Serious or systematic human rights violations N/A

The fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.[45]

In 2016, Norges Bank decided to exclude 52 coal companies from the fund.[46]

Reinstated companies

Three previously excluded companies have later been reinstated to the fund because the companies were no longer involved in the activities that had led to their exclusion.

Company HQ Date of exclusion Reason Divestment (USD) Date of reinstatement
BAE Systems Plc.  United Kingdom 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA.[26] N/A [nb 2] 11 Jan 2013[47]
DRD Gold Limited  South Africa 29 Jan 2007 Serious environmental damage.[48] 0.6m 3 Sep 2009[49][50]
Finmeccanica S.p.A.  Italy 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA.[26] N/A [nb 2] 11 Jan 2013[47]
FMC Corporation  USA 30 Sep 2011 Production of phosphate in the occupied territories of Western Sahara.[40] 52m 11 Jan 2013[51]
Kerr-McGee Corporation  USA 29 Apr 2005 Petroleum surveying in occupied Western Sahara[52] 54m 30 Jun 2006[53]
L3 Communications Holdings Inc  USA 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1] 31 August 2005[54]
Thales SA  France 30 Jun 2005 Production of components for cluster munitions.[24] N/A [nb 1] 3 Sep 2009[55]
United Technologies Corp.  USA 11 Oct 2005 Production of engines for ICBMs in the U.S. Air Force.[26] N/A [nb 2] 2 March 2013[56]
Dongfeng Group  China March 2009 Sale of Military Vehicles to Myanmar [57] N/A Dec 2014[58]

Companies "under observation"

As an alternative to full exclusion from the fund, companies may be placed "under observation" to help put pressure on the company to improve.

Company HQ Date of warning Reason Shares
Alstom  France 6 Dec 2011 Risk of gross corruption[59] N/A

It has been proposed that one more company, Goldcorp, should be placed under similar observation.[60]

Currency portfolio

In October 2010 the fund spent NOK 600 million ($136.4 million as of October 2010) daily buying foreign currencies. That figure would be increased to 800 million kroner daily in November.[61] This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.[62]

The Government Pension Fund – Norway

The Government Pension Fund – Norway (Norwegian: Statens pensjonsfond Norge, SPN) was established by the National Insurance Act (Folketrygdloven) in 1967 under the name National Insurance Scheme Fund (Norwegian: Folketrygdfondet). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still named Folketrygdfondet. The Government Pension Fund – Norway had a value of NOK 106.9 billion at the end of 2006. Unlike the Global division, it is required to limit its investments to domestic companies on the stock market, predominantly on the Oslo Stock Exchange. Thus, it is a key stock owner in many large Norwegian companies.

Notes

  1. 1 2 3 4 5 6 7 The total divestment from the seven companies Alliant Techsystems Inc, EADS Co (European Aeronautic Defence and Space Company), General Dynamics Corporation, L3 Communications Holdings Inc, Lockheed Martin Corp, Raytheon Co and Thales SA was approx. $340 million.[24]
  2. 1 2 3 4 5 6 7 The total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx. 500 million USD.[26]
  3. ↑ EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.

See also

References

  1. ↑ "Norges Bank Investment Management". Retrieved 23 June 2017.
  2. ↑ Global equity markets value, visualcapitalist.com, 2017-03-21, retrieved 2017-03-21
  3. ↑ "Market value". www.nbim.no. Retrieved 2017-01-10.
  4. ↑ Sindre Heyerdahl, E24. "OLJEFONDETS GIGANTTAP PÅ AKTIV FORVALTNING: Mener Gjedrem bløffer om investeringene" (in Norwegian).
  5. 1 2 3 theglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart", 15 Aug 2015
  6. ↑ Stortingsmelding 1 (2010–2011): Nasjonalbudsjettet 2011 [The National Budget 2011] (pdf) (in Norwegian). Oslo: Royal Norwegian Ministry of Finance. 2010-10-01. p. 56. Retrieved 2011-04-05.
  7. ↑ Meld. St. 15 (2010–2011): Forvaltningen av Statens pensjonsfond i 2010 117–119 [The Management of the Government Pension Fund 2010] (pdf) (in Norwegian). Oslo: Royal Norwegian Ministry of Finance. 2011-04-08. pp. 117–119. Retrieved 2011-04-09.
  8. ↑ SWF institute rankings, visited 2 May 2016
  9. ↑ Mohsin, Saleha (7 May 2014). "Norway Wealth Fund Wins Labor Backing to Buy New Asset Classes". Bloomberg.
  10. ↑ "Stortingsmelding nr. 1 (2009–2010) – Nasjonalbudsjettet 2010" (pdf) (in Norwegian). Oslo: Norwegian Ministry of Finance. 2009-10-09. p. 145.
  11. ↑ "Investment Policy for Real Estate" (pdf). Baar, Switzerland: Partners Group. 2009-09-15.
  12. ↑ , visited 2 May 2016
  13. ↑ "Could Norway’s Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.
  14. ↑ "" BBC. 2 May 2016. Retrieved 2 May 2016.
  15. ↑ "http://www.ssb.no/english/subjects/02/02/folkendrkv_en/". Statistics Norway. External link in |title= (help);
  16. ↑ "RI ESG Briefing, January 28: Norwegian government fund selects RepRisk for portfolio monitoring" (PDF) (Responsible Investor). 28 January 2014. Retrieved 1 July 2014.
  17. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 "Tobacco producers excluded from Government Pension Fund Global". The Norwegian Ministry of Finance. 2010-01-19.
  18. ↑ The Ethical Council of The Government Pension Fund of Norway (2009-10-22). "Recommendation October 22nd, 2009" (PDF).
  19. ↑ Damian Carrington, the Guardian (2015-03-16). "Norway’s sovereign wealth fund drops over 50 coal companies".
  20. ↑ Damian Carrington, the Guardian (2015-03-13). "Norway's giant fund increases stake in oil and gas companies to £20bn".
  21. ↑ Damian Carrington, the Guardian (2015-03-13). "Norway’s giant fund increases stake in oil and gas companies to £20bn".
  22. ↑ Norges Bank. "NBIM Annual Report 2007".
  23. 1 2 3 "Three companies excluded from the Government Pension Fund Global". The Ministry of Finance. 2010-08-23. Retrieved 2010-08-30.
  24. 1 2 3 4 5 6 7 Norwegian Ministry of Finance (2005-09-02). "Åtte nye selskaper utelukket fra Petroleumsfondet" (in Norwegian).
  25. ↑ Finance, Ministry of (30 January 2009). "Recommendation on the exclusion of the company Barrick Gold". Retrieved 2 December 2016.
  26. 1 2 3 4 5 6 7 8 Norwegian Ministry of Finance (2006-01-05). "Uttrekk av selskaper fra Statens pensjonsfond Utland" (in Norwegian).
  27. ↑ Criscione, Valeria (2009-03-16). "Pension fund treads a thorny path". Financial Times. ISSN 0307-1766. Retrieved 2017-02-26.
  28. ↑ "Norway bars its pension fund from investing in Dongfeng Motor, due to sale of military trucks to Burma | Business & Human Rights Resource Centre". business-humanrights.org. Retrieved 2017-02-26.
  29. ↑ "Decision on exclusion of companies from the Government Pension Fund Global". Bank of Norway. 7 September 2016. Retrieved 7 September 2016.
  30. ↑ "World's Biggest Sovereign Fund Dumps Duke". TheStreet. 7 September 2016. Retrieved 7 September 2016.
  31. ↑ The Ethical Council of the Government Pension Fund of Norway (2006-04-18). "Tilrådning 18. april 2006" (in Norwegian).
  32. ↑ Norwegian Ministry of Finance (2009-09-04). "Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global".
  33. ↑ Ethical Council of the Government Pension Fund of Norway (2009-09-04). "Recommendation on the exclusion of the company Elbit Systems Ltd".
  34. ↑ Herb Keinon and Yaakov Katz (2009-09-03). "Norway envoy summoned on divestment". Jerusalem Post.
  35. 1 2 Norwegian Ministry of Finance (2006-06-06). "To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland" (in Norwegian).
  36. 1 2 3 Norwegian Ministry of Finance (2008-01-11). "One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund – Global".
  37. ↑ The Council on Ethics (15 Feb 2011). "Til Finansdepartementet" (pdf) (in Norwegian). Norwegian Ministry of Finance. Retrieved 19 August 2012.
  38. ↑ The Council on Ethics (2008-01-11). "Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp".
  39. ↑ Norwegian Ministry of Finance (2006-12-06). "Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond – Utland" (in Norwegian).
  40. 1 2 "Statens pensjonsfond utland: To selskaper utelukkes fra fondets investeringsunivers" (in Norwegian). 6 Dec 2011.
  41. ↑ Norwegian Ministry of Finance (2008-09-09). "The Government Pension Fund divests its holdings in mining company".
  42. ↑ "Massive Norwegian state fund to divest from Israeli company". Retrieved 2 December 2016.
  43. ↑ Finance, Ministry of (30 January 2009). "Recommendation on the exclusion of the company Textron Inc.". Retrieved 2 December 2016.
  44. ↑ Norwegian Ministry of Finance (2007-11-06). "Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global".
  45. ↑ "Norway's Big Ethical Giant" Vidya Ram, Forbes Magazine, 30 January 2009, http://www.forbes.com/2009/01/30/norway-mining-weapons-markets-equity-0130_markets15.html?partner=yahoobuzz
  46. ↑ "First coal exclusions from the Government Pension Fund Global". Norges Bank. Retrieved 15 April 2016.
  47. 1 2 Norwegian Ministry of Finance (2012-09-31). "Recommendation to revoke the exclusion of the companies BAE Systems plc. and Finmeccanica S.p.A. from the investment universe of the Government Pension Fund Global" (PDF). Check date values in: |date= (help)
  48. ↑ Norwegian Ministry of Finance (2007-04-11). "Mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global".
  49. ↑ Norwegian Ministry of Finance (2009-09-03). "Thales SA and DRD Gold Limited to be reinstated in the Government Pension Fund – Global’s portfolio".
  50. ↑ The Council on Ethics (2009-02-13). "Recommendation to reverse the exclusion of DRD Gold".
  51. ↑ "Recommendation to revoke the exclusion of FMC Corporation from the Government Pension Fund Global's investment universe" (PDF). 2012-09-31. Check date values in: |date= (help)
  52. ↑ Norwegian Ministry of Finance (2005-06-06). "Første selskap utelukket fra Petroleumsfondet" (in Norwegian).
  53. ↑ Norwegian Ministry of Finance (2006-09-01). "KerrMcGee Corporation tas inn igjen i Statens pensjonsfond – Utland".
  54. ↑ Norwegian Ministry of Finance (2005-09-31). "Companies that have been excluded, but where the decision to exclude has later been revoked". Check date values in: |date= (help)
  55. ↑ The Council on Ethics (2009-02-13). "Recommendation to reverse the exclusion of Thales SA".
  56. ↑ "Recommendation on inclusion of the company United Technologies Corp.". 2012-03-02.
  57. ↑ Finansdepartementet (2014-12-11). "Beslutninger om avsluttet observasjon og gjeninkludering av selskap i SPU". Regjeringen.no (in Norwegian). Retrieved 2017-02-26.
  58. ↑ "Council Of Ethics Annual Report 2014" (PDF). Norway's Council of Ethics. 2014.
  59. ↑ "Statens pensjonsfond utland: Selskap settes til observasjon på grunn av risiko for korrupsjon" (in Norwegian). The Norwegian Ministry of Finance. 6 Dec 2011.
  60. ↑ Kristoffer Rønneberg (20 Feb 2010). "Ønsker "gult kort" for gruveselskap". Aftenposten. Retrieved 20 Feb 2010.
  61. ↑ "Norway c.bank to sell NOK 800 mln daily in Nov". Reuters. 29 October 2010. Retrieved 29 October 2010.
  62. ↑ "Norway fund to refrain from fx buying in Feb". Reuters. 31 January 2011. Retrieved 31 January 2011.

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