Norges Bank Investment Management observation and exclusion of companies

This dataset lists companies which are excluded from investment by Norway's Government Pension Fund Global, or placed under observation. Until November 2025, Norges Bank's Executive Board made these decisions under guidelines from Norway's Ministry of Finance, for an unacceptable risk that the company contributes to or is responsible for:

• production of coal or coal-based energy
• production of tobacco, cannabis, nuclear weapons or cluster munitions
• serious or systematic human rights violations
• serious violations of individuals' rights in situations of war or conflict
• sales of weapons to states in armed conflict that use them in breach of the international rules on the conduct of hostilities
• sales of weapons or military materiel to states subject to investment restrictions on government bonds
• severe environmental damage
• unacceptable greenhouse gas emissions
• gross corruption or other serious financial crime
• other particularly serious violations of fundamental ethical norms

Under temporary guidelines pending a new ethical framework, Norges Bank makes no new exclusion or observation decisions, but may revoke existing ones.