"Decisions on observation and exclusion", 18 December 2023

The Norges Bank Executive Board has decided to exclude Delek Group Ltd due to unacceptable risk of the company contributing to or being responsible for serious breaches of ethical norms ... based on the company’s petroleum prospecting offshore West Sahara.

The Executive Board has also decided to place KDDI Corp and Sumitomo Corp under observation for a period of three years due to unacceptable risk that the companies are contributing to serious violations of the rights of individuals in situations of war or conflict .... The recommendation relates to the companies’ telecommunications business in Myanmar.

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Furthermore, the Executive Board has decided to end the special exercise of ownership in PetroChina Co Ltd. In February 2020, the Council on Ethics recommended that Norges Bank exclude PetroChina Co Ltd from the fund due to unacceptable risk that the company contributes to, or is responsible for, gross corruption ... The special exercise of ownership will therefore end, and going forward, Norges Bank Investment Management will continue to engage with the company as part of its regular ownership activities. ...

The Executive Board has also decided to extend the special exercise of ownership in Shell PLC and Eni SpA by two years. The Council on Ethics recommended in March 2013 to place the companies under observation due to unacceptable risk that the companies contribute to or are responsible for severe environmental damage .... The recommendations were based on the companies’ activities in the Niger Delta. ...