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Article

4 Apr 2014

Author:
Rachel Fixsen, Investments & Pensions Europe

Norway's Pension Fund Global to shift exclusion powers to Norges Bank

The Norwegian government is to shift responsibility for excluding investments from the Government Pension Fund Global (GPFG) to Norges Bank, which runs the fund, and disband the 10-year-old Council on Ethics...The move is in part an effort by the Norwegian government to make sure decisions to exclude particular investments from its high-profile sovereign wealth fund are not seen by the outside world as being politically motivated...Finance minister Siv Jensen said...“We will integrate the current ethical exclusion criteria in the management mandate to Norges Bank.” The change means the Council on Ethics will be disbanded, a ministry spokesperson confirmed...Integrating all responsible investment tools into Norges Bank might show clearly that exclusions were just the result of the ethical restrictions governing asset management, the report said...[A] new expert group...is to assess whether excluding coal and petroleum companies from the GPFG is a more effective way in addressing climate issues than engagement with the companies.