Government Pension Fund of Norway

Template:Short description Template:Redirect Template:More citations Template:Use dmy dates {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | headquarters | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | subsidiaries | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }}

The Government Pension Fund of Norway (Template:Langx) is the sovereign wealth fund collectively owned by the government of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (Norges Bank Investment Management)<ref>About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. Norges Bank Investment Management. Retrieved 24 April 2025.</ref> and the Government Pension Fund Norway.

The Government Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. Template:Asof it had over US$1.9 trillion in assets,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> equal to 1.5% of the value of the world's listed companies, making it the world's largest sovereign wealth fund in terms of total assets under management.<ref name="veconomist">Template:Cite news</ref><ref name="e24">Template:Cite news</ref> This translates to over US$340,000 per Norwegian citizen.<ref name=":1" /> It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Nordic investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.

Government Pension Fund Global

The Government Pension Fund Global (Template:Langx, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund ({{#invoke:Lang|lang}}).

The purpose of the fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, mainly from taxes of companies but also payment for licenses to explore for oil as well as the State's Direct Financial Interest and dividends from the partly state-owned Equinor. 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.

As its name suggests, the Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. The fund is invested in 8,763 companies in 71 countries (as of 2024). As of November 2024, the fund's value was over 19 trillion Kroner, according to its official website.<ref name=":1">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Background

Norway has experienced economic surpluses since the development of its hydrocarbon resources in the 70s. This reality, coupled with the desire to mitigate volatility stemming from fluctuating oil prices, motivated the creation of Norway's Oil Fund, now the Government Pension Fund-Global (GPF-G).<ref name="CPBS SWF 2007">Template:Cite journal</ref> The instability of oil prices has been of constant concern for oil-dependent countries since the start of the oil boom, but especially so in the decades following the first oil shocks in the 1970s.<ref name="NCSU Norwg Exp">Template:Cite journal</ref> As the real GDP of oil-exporting states is linked with the price of oil, it has been a goal of these exporters to stabilize oil consumption patterns, and a host of these exporting states singled out sovereign wealth funds as an effective policy tool for achieving this outcome.<ref name="NCSU Norwg Exp" /> The adoption of the GPF-G has been in line with the global economic trends, especially investment patterns. International investment has increased at a significantly higher pace than either global GDP or global trade of goods and services, increasing by 175% over a period at which the former two metrics increased by 53% and 93% respectively.<ref name="Peterson">Template:Cite journal</ref>

Management and size

File:Norway Oil Fund.png

Value of the Oil Fund in billions of kroner (June 2017 prices)

The domestic fund, the Government Pension Fund Norway, is managed by 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.<ref name="gmalb">theglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart", 15 August 2015</ref>

Template:Asof 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In September 2017, the fund exceeded US$1 trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.<ref>Template:Cite news</ref> The first withdrawal in its history was made in 2016.<ref>Template:Cite news</ref> In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1 trillion by the end of 2019.<ref name="natbudg2011">Template:Cite book</ref> According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455 billion, and a best case scenario at $3.3 trillion.<ref name="stmeld15_2010-11">Template:Cite book</ref> With 2.33 percent of European stocks,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> it is the largest stock owner in Europe.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Template:Cite news</ref> The Norwegian government planned that up to 5 percent of the fund should be invested in real estate, beginning in 2010.<ref name="stmeld1-2009-145">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> A specific policy for the real estate investments was suggested in a report the Swiss Partners Group wrote for the Norwegian Ministry of Finance.<ref name="spf-realestatepolicy">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>"Could Norway's Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.</ref> It has also started to become active in pushing for lower executive pay.<ref>"[1]" BBC. 2 May 2016. Retrieved 2 May 2016.</ref>

In 2019, the Government Pension Fund received a perfect score of 100 in the Sovereign Wealth Fund Transparency and Accountability Scoreboard published by the Peterson Institute for International Economics, ranking it first among 64 sovereign wealth funds worldwide.<ref>Template:Cite journal</ref>

Relationship to sovereignty

The rise of globalization as the predominant political-economic system has had several key effects on states, especially in regard to interdependence and sovereignty. The erosion of fully independent socioeconomic structures has provoked new questions regarding the role of the state and its ability to project its sovereignty on a set of global economic systems that seem largely out of reach both legally and pragmatically for most states.<ref name="Gordon SWF Book" /> Sovereign wealth funds are an inherently nationalist type of investment vehicle, and there exists potential for their use as a mitigating force to the supranational forces of globalization.<ref name="Gordon SWF Book">Template:Cite book</ref> The issue with this is that such practices may lead to a general increase in protectionism as nations attempt to wrestle back control of their economies from external forces, an outcome that most economic intergovernmental organizations, such as the International Monetary Fund, would like to see avoided.<ref name="IMF">Template:Cite journal</ref> Some commentators, like Professor Gordon L. Clark of the University of Oxford, express concerns regarding non-profit considerations motivating the practices of the GPF-G, especially in regards to its ethical concerns and how these considerations may be used as a means of exerting Norwegian standards on foreign firms.<ref name="Gordon SWF Book" /> On the other hand, the OECD has stated that sovereign wealth funds have had a stabilizing influence on international markets due to their ability to provide capital during times of domestic investor pessimism.<ref name="OECD">Template:Cite journal</ref> The OECD has taken steps to minimize the possibilities of economic protectionism by instituting the Freedom of Investment project, where participating states agree upon guiding sets of principles that seek to boost transparency and transnational investment, while also advising states on how to best handle issues of foreign investment in the sphere of national security.<ref name="OECD" />

Debate

As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), the Oil Fund has become a hot political issue, dominated by three main issues Template:Among whom:

• Whether the country should use more of the petroleum revenues for the state budget instead of saving the funds for the future. The main matter of debate is to what degree increased government spending would increase inflation.
• Whether the high level of exposure (around 71 percent in 2025<ref>{{#invoke:citation/CS1|citation

|CitationClass=web }}</ref>) to the highly volatile stock market is financially safe. OthersTemplate:Who claim that the high diversification and extreme long-term nature of the investments will dilute the risk and that the state is losing considerable amounts of money because of the low investment percentage in the stock market.

• Whether the investment policy of the Petroleum Fund is ethical.

Concerns and potential outcomes

There are diverse concerns and predicted effects of sovereign wealth funds on international financial markets and the global economy as a whole, with experts expressing strong fears regarding destabilization and protectionism stemming from sovereign wealth funds. The destabilization argument, often cited by Roland Beck of the European Central Bank, is that non-market investment motives may lead sovereign wealth funds managers to make decisions that go against market logic, in turn causing an unexpected and potentially disastrous ripple effect.<ref name="Impact of SWFs">Template:Cite journal</ref> The protectionist argument, mentioned above in relation to sovereignty and sovereign wealth funds, is essentially a fear that sovereign wealth funds could be used in a non-market, protectionist manner where competing states would perpetuate ever-increasing anti-global free trade movements.<ref>Template:Cite journal</ref> However, despite these fears, there is also strong evidence to suggest that sovereign wealth funds are unlikely to gain board of directors seats in their acquisitions.<ref name="Italian">Template:Cite journal</ref> Additionally, Norway's GPF-G is especially unlikely to gain any board-of-directors seats in a company headquartered in an OECD country.<ref name="Italian" /> Furthermore, some experts directly contradict fears regarding the destabilizing effect of sovereign wealth funds, arguing that these funds increase the stability of global finance due to the fact that they serve to increase the variety of owners of risky financial vehicles, minimizing exposure to shocks in any one particular industry, while also simultaneously limiting the absolute loss any actor can suffer in a particular global economic sector.<ref name="Impact of SWFs" />

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.<ref name=gmalb/> 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.<ref>Template:Cite news</ref>

An investigation by the Norwegian business newspaper {{#invoke:Lang|lang}} 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.

On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.<ref name="fin100119">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name=gmalb/>

In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among them Peabody Energy, Arch Coal, and Alpha Natural Resources), 13 companies in India (including Coal India) and 3 companies in China.<ref>Template:Cite news</ref> As a result, the total value of the fund's coal holdings fell by 5% to $9.7 billion. In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.<ref name="Damian Carrington, the Guardian">Template:Cite news</ref> In May 2015, Norwegian political members agreed on the divestment of $945 million of the fund from coal assets. By June 2015, a total of $900 billion in coal assets were agreed to be sold, the largest in the 122 affected companies was UK’s SSE, where the fund held $956 million in shares.<ref>Template:Cite news</ref>

On 8 March 2019, the Ministry of Finance<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017 Lofoten Declaration which demanded leadership in a global fossil fuel phase-out from the countries that can most afford to act, such as Norway.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.Template:Citation needed As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.<ref>Template:Cite news</ref>

In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor from Xinjiang internment camps.<ref>Template:Cite news</ref>

On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, told Reuters that companies in its portfolio will be asked to take more specific action on climate change.<ref>Template:Cite news</ref>

On 11 August 2025, the fund reported it was terminating contracts with asset managers in Israel, as well as divesting portions of its portfolio relating to Israel, following a report that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Norway's parliament has mandated a review of the ethical guidelines governing the nation's $2.1 trillion sovereign wealth fund, responding to pressure from the United States. In September 2025, the U.S. State Department raised concerns regarding the utilization of construction equipment manufactured by Caterpillar by Israeli authorities in Gaza and the occupied West Bank. Consequently, the fund divested its shares in Caterpillar on ethical grounds due to the company's backing of Israel.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Excluded companies

The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Company	HQ	Date of exclusion	Reason	Divestment (Millions USD)
Africa Israel Investments	Template:Flagu	24 August 2010	Violation of international humanitarian law in occupied Palestinian territory by being involved in developing settlements<ref name="samling" />	1.2
Alliance One International, Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	0.9
Alliant Techsystems Inc	Template:Flagu	30 June 2005	citation	CitationClass=web }}</ref>	N/A<ref group="nb" name="Alliant">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.<ref name="eight" /> </ref>
Altria Group Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	131
Barrick Gold Corporation	Template:Flagu	30 January 2009	Extensive environmental degradation related to the Porgera Gold Mine in Papua New Guinea<ref name="Barrick">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	245
Babcock & Wilcox	Template:Flagu	11 January 2013	Production of nuclear arms	N/A
Boeing Company	Template:Flagu	11 October 2005	Maintenance of ICBMs for the U.S. Air Force.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />
British American Tobacco BHD	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	9.4
British American Tobacco Plc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	683
Caterpillar Inc.	Template:Flagu	26 August 2025	Due to risk of serious violations of the rights of individuals in situations of war and conflict.
Danya Cebus	Template:Flagu	24 August 2010	Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements<ref name="samling" />	N/A
Dongfeng Motor Group Co Ltd.	Template:Flagu	28 February 2009	Sale of weapons and military material to Burma<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	N/A
Duke Energy +3 subsidiaries	Template:Flagu	7 September 2016	citation	CitationClass=web }}</ref>	citation	CitationClass=web }}</ref>
Airbus	Template:Flagu Template:Flagu Template:Flagu Template:Flagu	30 June 2005	Production of nuclear missiles for the French Air Force through the company MBDA<ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref><ref group="nb">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.</ref>	N/A<ref group="nb" name="Alliant" />
Elbit Systems	Template:Flagu	3 September 2009	Supply of surveillance systems for the Israeli West Bank barrier<ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref><ref name="ShowFull&cid=1251804480041">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	5.0
Freeport McMoRan Copper & Gold Inc.	Template:Flagu	28 March 2006	citation	CitationClass=web }}</ref>	17.2
G4S	Template:Flagu	14 November 2019	Serious or systematic human rights violations<ref>Decision to exclude company from the Government Pension Fund Global</ref>	N/A
GenCorp, Inc. (now Aerojet Rocketdyne Holdings, Inc.)	Template:Flagu	15 November 2007	citation	CitationClass=web }}</ref>	N/A
General Dynamics Corporation	Template:Flagu	30 June 2005	Production of components for cluster munitions.<ref name=eight/>	N/A<ref group="nb" name="Alliant" />
Grupo Carso SAB de CV	Template:Flagu	15 February 2011	citation	CitationClass=web }}</ref>	N/A
Gudang Garam tbk pt	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	0
Hanwha Corporation	Template:Flagu	15 May 2007	Production of cluster munitions.<ref name=vapen/>	citation	CitationClass=web }}</ref>
Honeywell International Inc.	Template:Flagu	11 October 2005	Simulations of nuclear explosions.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />
Huabao International Holdings Limited	Template:Flagu	8 May 2013	Production of tobacco	N/A
Imperial Brands Plc	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	347
ITC Ltd.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	48
Japan Tobacco Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	210
Jacobs Engineering Group	Template:Flagu	11 January 2013	Production of nuclear arms	N/A
KT&G Corp.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	16
Lingui Development Berhad Ltd.	Template:Flagu	16 February 2011	Severe environmental damages	N/A
Li-Ning	Template:Flagu	8 March 2022	citation	CitationClass=web }}</ref>
Lockheed Martin Corp	Template:Flagu	30 June 2005	Production of components for cluster munitions.<ref name=eight/>	N/A<ref group="nb" name="Alliant" />
Lorillard Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	42
Madras Aluminium	Template:Flagu	31 October 2007	Severe environmental damages	N/A
Norilsk Nickel	Template:Flagu	31 October 2009	Severe environmental damages	N/A
Northrop Grumman Corp.	Template:Flagu	11 October 2005	Maintenance of ICBMs for the U.S. Air Force.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />
Palantir Technologies		25 October 2024	Gaza war<ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>
Philip Morris International Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	476
Philip Morris ČR a.s. (a subsidiary of Philip Morris International)	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	2.7
Poongsan Corporation	Template:Flagu	30 September 2006	citation	CitationClass=web }}</ref>	1.2
Potash Corporation of Saskatchewan	Template:Flagu	30 September 2011	Production of phosphate in the occupied territories of Western Sahara.<ref name="dec2011" />	274
Raytheon Company	Template:Flagu	30 June 2005	Production of components for cluster munitions.<ref name= eight/>	N/A<ref group="nb" name="Alliant" />
Reynolds American Inc.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	36
Samling Global Ltd.	Template:Flagu	23 August 2010	citation	CitationClass=web }}</ref>	1.4
SAFRAN SA	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Navy.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />
Serco Group plc	Template:Flagu	15 November 2007	Maintenance of British nuclear weapons through the Atomic Weapons Establishment.<ref name=vapen/>	N/A
Sesa Sterlite Limited	Template:Flagu	30 January 2014	Severe environmental damages	N/A
Schweitzer-Mauduit International Inc.	Template:Flagu	8 May 2013	Production of tobacco	N/A
Shanghai Industrial Holdings	Template:Flagu	15 March 2011	Production of tobacco	N/A
Shikun UVinui	Template:Flagu	17 June 2012	Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements<ref name="GPFN to exclude Shikun & Binui">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	1.4
Souza Cruz SA	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	7.4
Sterlite Industries	Template:Flagu	31 October 2007	Severe environmental damages	N/A
Swedish Match AB	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	75
Ta Ann Holdings Berhad	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Textron Inc.	Template:Flagu	30 January 2009	citation	CitationClass=web }}</ref>	36
Universal Corp VA	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	3
WTK Holdings Berhad	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Vector Group Ltd.	Template:Flagu	19 January 2010	Production of tobacco.<ref name=fin100119 />	2.1
Vedanta Resources Plc	Template:Flagu	28 August 2007	citation	CitationClass=web }}</ref>	12
Volcan (mining company)	Template:Flagu	14 October 2013	Severe environmental damages	7.5
Zijin Mining	Template:Flagu	14 October 2013	Severe environmental damages	N/A
Zuari Agro Chemicals Ltd.	Template:Flagu	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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2016, Norges Bank decided to exclude 52 coal companies from the fund.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Reinstated companies

Several 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 (Millions USD)	Date of reinstatement
ST Engineering	Template:Flagu	citation	CitationClass=web }}</ref>	Design, mass production and stockpile of land mines, dual-purpose improved conventional munition (DPICM) mortar shells containing 25 bomblets, artillery shells containing 64 DPICM bomblets, air-delivered cluster bombs with 650 bomblets<ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	N/A	30 September 2016<ref>Template:Cite news</ref>
BAE Systems	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Air Force through the company MBDA.<ref name="uttrekk">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	N/A<ref group="nb" name="BAE">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.<ref name="uttrekk" /> </ref>	citation	CitationClass=web }}</ref>
DRD Gold	Template:Flagu	29 January 2007	citation	CitationClass=web }}</ref>	0.6	citation	CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>
Finmeccanica	Template:Flagu	11 October 2005	Production of nuclear missiles for the French Air and Space Force through the company MBDA.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />	11 January 2013<ref name=drd_reinstated_1 />
FMC Corporation	Template:Flagu	30 September 2011	Production of phosphate in the occupied territories of Western Sahara.<ref name="dec2011">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	52	citation	CitationClass=web }}</ref>
Kerr-McGee	Template:Flagu	29 April 2005	Petroleum surveying in occupied Western Sahara<ref>{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	54	citation	CitationClass=web }}</ref>
L-3 Communications	Template:Flagu	30 June 2005	Production of components for cluster munitions.<ref name=eight/>	N/A<ref group="nb" name="Alliant" />	citation	CitationClass=web }}</ref>
Thales	Template:Flagu	30 June 2005	Production of components for cluster munitions.<ref name= eight/>	N/A<ref group="nb" name="Alliant" />	citation	CitationClass=web }}</ref>
United Technologies	Template:Flagu	11 October 2005	Production of engines for ICBMs in the U.S. Air Force.<ref name=uttrekk/>	N/A<ref group="nb" name="BAE" />	citation	CitationClass=web }}</ref>
Walmart	Template:Flagu	28 March 2006	Breach of human rights and labour rights.<ref name="Norwegian Ministry of Finance" />	372	citation	CitationClass=web }}</ref>
Rio Tinto	Template:Flagu Template:Flagu	28 April 2008	citation	CitationClass=web }}</ref>	882	citation	CitationClass=web }}</ref>
Dongfeng Group	Template:Flagu	March 2009	Sale of military vehicles to Myanmar<ref name=":0">{{#invoke:citation/CS1|citation	CitationClass=web }}</ref>	N/A	citation	CitationClass=web }}</ref>

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	Template:Flagu	6 December 2011	citation	CitationClass=web }}</ref>	N/A

It was proposed that one more company, Goldcorp, should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Template:Cite news</ref> This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.<ref>Template:Cite news</ref>

Government Pension Fund – Norway

The Government Pension Fund – Norway ({{#invoke:Lang|lang}}, SPN) was established by the National Insurance Act ({{#invoke:Lang|lang}}) in 1967 under the name National Insurance Scheme Fund ({{#invoke:Lang|lang}}). 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 {{#invoke:Lang|lang}}. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on the Oslo Stock Exchange. The Fund is not allowed to own more than a 15% interest in any single Norwegian company.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Notes

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See also

• The budgetary rule – concerning the usage of capital gains from The Government Pension Fund – Global
• Pensions in Norway
• Economy of Norway
• Sovereign wealth fund
• Energy Resources of NorwayTemplate:Broken anchor
• Ethical investing

External links

• Norwegian Ministry of Finance: On the Government Pension Fund
• The Government Pension Fund – Norway: Official site
• The Government Pension Fund – Global: Official site