In December 2023, Norges Bank released a statement that the Bank "has decided to exclude a company from the Government Pension Fund Global, initiate observation of two companies, end special exercise of ownership in one company and extend special exercise of ownership in two companies."

Norges Bank has decided to place KDDI Corp and Sumitomo Corp under observation for possible exclusion from the Norwegian Government Pension Fund Global relating to the companies' telecommunications business in Myanmar.

On the other hand, Norges Bank has decided to extend the special exercise of ownership to Shell PLC and Eni SpA for their activities in the Niger Delta, which "contribute to or are responsible for severe environmental damage”.

The Business & Human Rights Resource Centre invited KDDI Corp and Sumitomo Corp, as well as Shell PLC and Eni SpA to respond. The companies' responses are linked below.

Meanwhile, Norges Bank's Council on Ethics has recommended to exclude Delek Group Ltd. from the fund for allegedly entering "into an agreement with Moroccan authorities for petroleum exploration offshore Western Sahara. Morocco does not have legal, sovereign rights over this area’s natural resources."