Decisions on exclusion

The Norges Bank Executive Board has decided to exclude the company Adani Ports and Special Economic Zone Ltd due to unacceptable risk that the company contributes to serious violations of individuals' rights in situations of war or conflict, ref. the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global § 4 b. The company has been under observation since March 2022, but that observation now ends given the exclusion decision.

The decision is based on a recommendation from the Council on Ethics of 21 November 2023.

Furthermore, the Board has decided to exclude the company Weichai Power Co Ltd due to unacceptable risk that the company contributes to 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, ref the management mandate for the Government Pension Fund Global § 2 c.

The decision is based on a recommendation from the Council on Ethics of 18 December 2023.

The Board has also decided to exclude L3Harris Technologies Inc due to the company’s development and production of components to nuclear weapons, ref the Guidelines for Observation and Exclusion from the Government Pension Fund Global §3 a.

The decision is based on a recommendation from the Council on 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. 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.

The Council on Ethics’ recommendations:
Adani Ports and Special Economic Zone Ltd
Weichai Power Co Ltd
L3Harris Technologies Inc

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