Norges Bank has decided to revoke the exclusions of Cairn Energy Plc and Kosmos Energy Ltd from the Government Pension Fund Global. The companies were excluded from the fund in 2016 based on an assessment of the risk of particularly serious violations of fundamental ethical norms.
The Executive Board’s decision to revoke the exclusions was made on the basis of a recommendation from the Council on Ethics, which regularly shall assess whether the basis for observation or exclusion still exists. Cairn Energy Plc and Kosmos Energy were excluded based on an unacceptable risk related to petroleum prospecting off the coast of Western Sahara. The companies have made it clear for the Council on Ethics that they have discontinued their business in the relevant area. The Council on Ethics has on the basis of this information recommended the bank to revoke the exclusions (see § 5, subsection 5, of the Guidelines for observation and exclusion from the Government Pension Fund Global).
The Council on Ethics' recommendation
News story on exclusion 28 June 2016
For more information, contact:
Runar Malkenes,
Director of Communications, Norges Bank
Phone: +47 952 14 283