Government Pension Fund of Norway

The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway.

The Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. It has over US$1 trillion in assets, including 1.3% of global stocks and shares, making it the world’s largest sovereign wealth fund.[1] In May 2018 it was worth about $195,000 per Norwegian citizen.[2] It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds.

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 Scandinavian 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 (Norwegian: Statens pensjonsfond Utland, 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 (Norwegian: Oljefondet).

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.

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).[3] 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.[4] 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.[4] The adoption of the GPF-G has been in line 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.[5]

Management and size

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.[6] It is the largest pension fund in Europe and larger than the California public-employees pension fund (CalPERS), one of the largest in the United States.

As of June 2011, 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.[7] 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 (account 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.[8] The first withdrawal in its history was made in 2016.[9] 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.[10] 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.[11] With 2.33 percent of European stocks,[12] it is the largest stock owner in Europe.[13]

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.[14] The Norwegian government planned that up to 5 percent of the fund should be invested in real estate, beginning in 2010.[15] A specific policy for the real estate investments was suggested in a report the Swiss Partners Group wrote for the Norwegian Ministry of Finance.[16]

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.[17] It has also started to become active in pushing for lower executive pay.[18]

Relationship to Sovereignty

The rise of globalization as the predominant political-economic system has had several key effects on states, especially in regards 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.[19] 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.[19] 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.[20] Some commentators, like Professor Gordon L. Clark of the University of Oxford, express concerns regarding non-profit considerations motivating the practices of the GPG-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.[19] 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.[21] 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.[21]

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:

  • 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 65 percent in 2017) to the highly volatile stock market is financially safe. Others 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.[22] 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.[23] 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.[24] Additionally, Norway’s GPF-G is especially unlikely to gain any board-of-directors seats in a company headquartered in an OECD country.[24] 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.[22]

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.[6] 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.[25]

An investigation by the Norwegian business newspaper Dagens Næringsliv 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.

The Ethical Council is headed by Ola Mestad, a Norwegian lawyer who works for the European Centre of Law, who previously worked for the law firm Bahr, where he was specialized in oil-sector issues. The other members are Gro Nystuen, Bente Rathe, Ylva Lindberg and Dag Olav Hessen.

On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.[26] 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.[27]

Both Norway's minister of finance Siv Jensen and the Strategy Council, appointed by the Ministry of Finance, have recommended that the Ethical Council be dismantled.

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.[6]

In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US companies (among them Peabody Energy, Arch Coal, and Alpha Natural Resources), 13 companies in India (including Coal India) and 3 companies in China.[28] As a result, the total value of the fund’s coal holdings fell by 5% to $9.7 billion.[29] In the same year of 2014 the fund increased its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.[30]

Excluded companies

The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:[31]

Company HQ Date of exclusion Reason Divestment (USD)
Africa Israel Investments  Israel 24 August 2010 Violation of international humanitarian law in occupied Palestinian territory by being involved in developing settlements[32] 1.2m
Alliance One International, Inc.  USA 19 Jan 2010 Production of tobacco.[26] 0.9m
Alliant Techsystems Inc  USA 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1]
Altria Group Inc.  USA 19 Jan 2010 Production of tobacco.[26] 131m
Barrick Gold Corporation  Canada 30 Jan 2009 Extensive environmental degradation related to the Porgera Gold Mine in Papua New Guinea[34] 245m
Babcock & Wilcox  USA 11 January 2013 Production of nuclear arms N/A
Boeing Company  USA 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force.[35] N/A [nb 2]
British American Tobacco BHD  Malaysia 19 Jan 2010 Production of tobacco.[26] 9.4m
British American Tobacco Plc.  United Kingdom 19 Jan 2010 Production of tobacco.[26] 683m
Danya Cebus  Israel 24 August 2010 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[32] N/A
Dongfeng Motor Group Co Ltd.  China 28 February 2009 Sale of weapons and military material to Burma[36][37] N/A
Duke Energy +3 subsidiaries  USA 7 September 2016 Risk of severe environmental damage[38] > 300 million[39]
Airbus  France
 Germany
 Netherlands
 Spain		 30 Jun 2005 Production of nuclear missiles for the French Air Force through the company MBDA[40][nb 3] N/A [nb 1]
Elbit Systems  Israel 3 Sep 2009 Supply of surveillance systems for the Israeli West Bank barrier[41][42][43] 5.0m
Freeport McMoRan Copper & Gold Inc.  USA 28 Mar 2006 Serious environmental damage.[44] 17.2m
GenCorp Inc  USA 15 Nov 2007 Production of nuclear weapons.[45] N/A
General Dynamics Corporation  USA 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1]
Grupo Carso SAB de CV  Mexico 15 Feb 2011 Production of tobacco.[46] N/A
Gudang Garam tbk pt  Indonesia 19 Jan 2010 Production of tobacco.[26] 0
Hanwha Corporation  South Korea 15 May 2007 Production of cluster munitions.[45] 1.2m[47]
Honeywell International Inc.  USA 11 Oct 2005 Simulations of nuclear explosions.[35] N/A [nb 2]
Huabao International Holdings Limited  Hong Kong 8 May 2013 Production of tobacco N/A
Imperial Tobacco Group Plc  United Kingdom 19 Jan 2010 Production of tobacco.[26] 347m
ITC Ltd.  India 19 Jan 2010 Production of tobacco.[26] 48m
Japan Tobacco Inc.  Japan 19 Jan 2010 Production of tobacco.[26] 210m
Jacobs Engineering Group  USA 11 January 2013 Production of nuclear arms N/A
KT&G Corp.  South Korea 19 Jan 2010 Production of tobacco.[26] 16m
Lingui Development Berhad Ltd.  Malaysia 16 February 2011 Severe environmental damages N/A
Lockheed Martin Corp  USA 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1]
Lorillard Inc.  USA 19 Jan 2010 Production of tobacco.[26] 42m
Madras Aluminium  United Kingdom 31 October 2007 Severe environmental damages N/A
Norilsk Nickel  Russia 31 October 2009 Severe environmental damages N/A
Northrop Grumman Corp.  USA 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force.[35] N/A [nb 2]
Philip Morris Int. Inc.  USA 19 Jan 2010 Production of tobacco.[26] 476m
Philip Morris Cr AS  Czech Republic 19 Jan 2010 Production of tobacco.[26] 2.7m
Poongsan Corporation  South Korea 30 Sep 2006 Production of cluster munition.[48] 1.2m
Potash Corporation of Saskatchewan  Canada 30 Sep 2011 Production of phosphate in the occupied territories of Western Sahara.[49] 274m
Raytheon Company  USA 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1]
Reynolds American Inc.  USA 19 Jan 2010 Production of tobacco.[26] 36m
Rio Tinto Group  United Kingdom
 Australia		 28 Apr 2008 Severe environmental damage[50] 882m
Samling Global Ltd.  Malaysia 23 Aug 2010 Illegal logging and severe environmental damage[32] 1.4m
SAFRAN SA  France 11 Oct 2005 Production of nuclear missiles for the French Navy.[35] N/A [nb 2]
Serco Group Plc  United Kingdom 15 Nov 2007 Maintenance of British nuclear weapons through the Atomic Weapons Establishment.[45] N/A
Sesa Sterlite Limited  India 30 January 2014 Severe environmental damages N/A
Schweitzer-Mauduit International Inc.  USA 8 May 2013 Production of tobacco N/A
Shanghai Industrial Holdings  China 15 March 2011 Production of tobacco N/A
Shikun UVinui  Israel 17 June 2012 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[51] 1.4m
Souza Cruz SA  Brazil 19 Jan 2010 Production of tobacco.[26] 7.4m
Sterlite Industries  India 31 October 2007 Severe environmental damages N/A
Swedish Match AB  Sweden 19 Jan 2010 Production of tobacco.[26] 75m
Ta Ann Holdings Berhad  Malaysia 14 October 2013 Severe environmental damages N/A
Textron Inc  USA 30 Jan 2009 Production of components for cluster munitions.[52] 36m
Universal Corp VA  USA 19 Jan 2010 Production of tobacco.[26] 3m
WTK Holdings Berhad  Malaysia 14 October 2013 Severe environmental damages N/A
Vector Group Ltd.  USA 19 Jan 2010 Production of tobacco.[26] 2.1m
Vedanta Resources Plc  UK 28 Aug 2007 Environmental and human rights abuses.[53] 12m
Volcan (mining company)  Peru 14 October 2013 Severe environmental damages 7.5m
Wal-Mart Stores Inc.  USA 28 Mar 2006 Breach of human rights and labour rights.[44] 372m
Zijin Mining  China 14 October 2013 Severe environmental damages N/A
Zuari Agro Chemicals Ltd.  India 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.[54]

In 2016, Norges Bank decided to exclude 52 coal companies from the fund.[55]

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 (USD) Date of reinstatement
BAE Systems Plc.  United Kingdom 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA.[35] N/A [nb 2] 11 Jan 2013[56]
DRD Gold Limited  South Africa 29 Jan 2007 Serious environmental damage.[57] 0.6m 3 Sep 2009[58][59]
Finmeccanica S.p.A.  Italy 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA.[35] N/A [nb 2] 11 Jan 2013[56]
FMC Corporation  USA 30 Sep 2011 Production of phosphate in the occupied territories of Western Sahara.[49] 52m 11 Jan 2013[60]
Kerr-McGee Corporation  USA 29 Apr 2005 Petroleum surveying in occupied Western Sahara[61] 54m 30 Jun 2006[62]
L3 Communications Holdings Inc  USA 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1] 31 August 2005[63]
Thales SA  France 30 Jun 2005 Production of components for cluster munitions.[33] N/A [nb 1] 3 Sep 2009[64]
United Technologies Corp.  USA 11 Oct 2005 Production of engines for ICBMs in the U.S. Air Force.[35] N/A [nb 2] 2 March 2013[65]
Dongfeng Group  China March 2009 Sale of Military Vehicles to Myanmar [66] N/A Dec 2014[67]

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  France 6 Dec 2011 Risk of gross corruption[68] N/A

It has been proposed that one more company, Goldcorp, should be placed under similar observation.[69]

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.[70] This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.[71]

Government Pension Fund – Norway

The Government Pension Fund – Norway (Norwegian: Statens pensjonsfond Norge, SPN) was established by the National Insurance Act (Folketrygdloven) in 1967 under the name National Insurance Scheme Fund (Norwegian: Folketrygdfondet). 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 Folketrygdfondet. The Government Pension Fund – Norway had a value of NOK 240.2 billion at the end of 2017. Unlike the Global division, it is required to limit its investments to companies in the Norwegian, Swedish, Danish and Finnish stock markets, predominantly on the Oslo Stock Exchange. Thus, it is a key stock owner in many large Norwegian companies.

Notes

  1. 1 2 3 4 5 6 7 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.[33]
  2. 1 2 3 4 5 6 7 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.[35]
  3. ↑ 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.

See also

References

  1. ↑ "Norway's sovereign-wealth fund passes the $1trn mark". The Economist. 21 September 2017.
  2. ↑ https://www.nbim.no/en/the-fund/
  3. ↑ Aizenman, Joshua; Glick, Reuven (2007). "CPBS 2007 Annual Report" (PDF). Center for Pacific Basin Studies: 11–14.
  4. 1 2 Caner, Mehmet; Grennes, Thomas (2010). "Sovereign Wealth Funds: The Norwegian Experience" (PDF). The World Economy: 597–614. doi:10.1111/j.1467-9701.2009.01235.x.
  5. ↑ Truman, Edwin (2007). "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability" (PDF). Peterson Institute for International Economics. 6: 1–9.
  6. 1 2 3 theglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart", 15 Aug 2015
  7. ↑ "Norges Bank Investment Management". Retrieved 23 June 2017.
  8. ↑ Richard Milne (19 September 2017). "Norway's oil fund tops $1tn in assets for first time". Financial Times. Retrieved 19 September 2017.
  9. ↑ "Norway says made first withdrawal from oil fund in January". Reuters. 3 March 2016. Retrieved 27 February 2018.
  10. ↑ Stortingsmelding 1 (2010–2011): Nasjonalbudsjettet 2011 [The National Budget 2011] (pdf) (in Norwegian). Oslo: Royal Norwegian Ministry of Finance. 2010-10-01. p. 56. Retrieved 2011-04-05.
  11. ↑ Meld. St. 15 (2010–2011): Forvaltningen av Statens pensjonsfond i 2010 117–119 [The Management of the Government Pension Fund 2010] (pdf) (in Norwegian). Oslo: Royal Norwegian Ministry of Finance. 2011-04-08. pp. 117–119. Retrieved 2011-04-09.
  12. ↑ "Market value". www.nbim.no. Retrieved 2017-01-10.
  13. ↑ Sindre Heyerdahl, E24. "OLJEFONDETS GIGANTTAP PÅ AKTIV FORVALTNING: Mener Gjedrem bløffer om investeringene" (in Norwegian).
  14. ↑ Mohsin, Saleha (7 May 2014). "Norway Wealth Fund Wins Labor Backing to Buy New Asset Classes". Bloomberg.
  15. ↑ "Stortingsmelding nr. 1 (2009–2010) – Nasjonalbudsjettet 2010" (pdf) (in Norwegian). Oslo: Norwegian Ministry of Finance. 2009-10-09. p. 145.
  16. ↑ "Investment Policy for Real Estate" (pdf). Baar, Switzerland: Partners Group. 2009-09-15.
  17. ↑ "Could Norway’s Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.
  18. ↑ "" BBC. 2 May 2016. Retrieved 2 May 2016.
  19. 1 2 3 Clark, Gordon (2013). Sovereign Wealth Funds; Legitimacy, Governance, and Global Power. Princeton University Press. pp. 30–45. JSTOR j.ctt2jc8pg.8.
  20. ↑ Johnson, Simon (September 2007). "The Rise of Sovereign Wealth Funds" (PDF). Finance & Development. 44 (3).
  21. 1 2 Ervin, Carolyn (2008). "Sovereign Wealth Funds". The OECD Observer (267): 21–22.
  22. 1 2 Beck, Roland; Fidora, Michael (2008). "The Impact of Sovereign Wealth Funds on Global Financial Markets". Intereconomics. 43 (6): 349–358. doi:10.1007/s10272-008-0268-5.
  23. ↑ Jen, Stephen (October–December 2007). "Sovereign Wealth Funds What they are and what's happening" (PDF). World Economics. 8 (4): 1–7.
  24. 1 2 Bortolotti, Bernardo; Fotak, Veljko; Megginson, William; Miracky, William (2009). "Sovereign Wealth Fund Investment Patterns and Performance". Fondazione Eni Enrico Mattei: Institutions and Markets: 1–55.
  25. ↑ "RI ESG Briefing, January 28: Norwegian government fund selects RepRisk for portfolio monitoring" (PDF) (Responsible Investor). 28 January 2014. Retrieved 1 July 2014.
  26. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 "Tobacco producers excluded from Government Pension Fund Global". The Norwegian Ministry of Finance. 2010-01-19.
  27. ↑ The Ethical Council of The Government Pension Fund of Norway (2009-10-22). "Recommendation October 22nd, 2009" (PDF).
  28. ↑ Damian Carrington, the Guardian (2015-03-16). "Norway's sovereign wealth fund drops over 50 coal companies".
  29. ↑ Damian Carrington, the Guardian (2015-03-13). "Norway's giant fund increases stake in oil and gas companies to £20bn".
  30. ↑ Damian Carrington, the Guardian (2015-03-13). "Norway's giant fund increases stake in oil and gas companies to £20bn".
  31. ↑ Norges Bank. "NBIM Annual Report 2007".
  32. 1 2 3 "Three companies excluded from the Government Pension Fund Global". The Ministry of Finance. 2010-08-23. Retrieved 2010-08-30.
  33. 1 2 3 4 5 6 7 Norwegian Ministry of Finance (2005-09-02). "Åtte nye selskaper utelukket fra Petroleumsfondet" (in Norwegian).
  34. ↑ Finance, Ministry of (30 January 2009). "Recommendation on the exclusion of the company Barrick Gold". Retrieved 2 December 2016.
  35. 1 2 3 4 5 6 7 8 Norwegian Ministry of Finance (2006-01-05). "Uttrekk av selskaper fra Statens pensjonsfond Utland" (in Norwegian).
  36. ↑ Criscione, Valeria (2009-03-16). "Pension fund treads a thorny path". Financial Times. ISSN 0307-1766. Retrieved 2017-02-26.
  37. ↑ "Norway bars its pension fund from investing in Dongfeng Motor, due to sale of military trucks to Burma | Business & Human Rights Resource Centre". business-humanrights.org. Retrieved 2017-02-26.
  38. ↑ "Decision on exclusion of companies from the Government Pension Fund Global". Bank of Norway. 7 September 2016. Retrieved 7 September 2016.
  39. ↑ "World's Biggest Sovereign Fund Dumps Duke". TheStreet. 7 September 2016. Retrieved 7 September 2016.
  40. ↑ The Ethical Council of the Government Pension Fund of Norway (2006-04-18). "Tilrådning 18. april 2006" (in Norwegian).
  41. ↑ Norwegian Ministry of Finance (2009-09-04). "Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global".
  42. ↑ Ethical Council of the Government Pension Fund of Norway (2009-09-04). "Recommendation on the exclusion of the company Elbit Systems Ltd".
  43. ↑ Herb Keinon and Yaakov Katz (2009-09-03). "Norway envoy summoned on divestment". Jerusalem Post.
  44. 1 2 Norwegian Ministry of Finance (2006-06-06). "To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland" (in Norwegian).
  45. 1 2 3 Norwegian Ministry of Finance (2008-01-11). "One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund – Global".
  46. ↑ The Council on Ethics (15 Feb 2011). "Til Finansdepartementet" (pdf) (in Norwegian). Norwegian Ministry of Finance. Retrieved 19 August 2012.
  47. ↑ The Council on Ethics (2008-01-11). "Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp".
  48. ↑ Norwegian Ministry of Finance (2006-12-06). "Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond – Utland" (in Norwegian).
  49. 1 2 "Statens pensjonsfond utland: To selskaper utelukkes fra fondets investeringsunivers" (in Norwegian). 6 Dec 2011.
  50. ↑ Norwegian Ministry of Finance (2008-09-09). "The Government Pension Fund divests its holdings in mining company".
  51. ↑ "Massive Norwegian state fund to divest from Israeli company". Retrieved 2 December 2016.
  52. ↑ Finance, Ministry of (30 January 2009). "Recommendation on the exclusion of the company Textron Inc". Retrieved 2 December 2016.
  53. ↑ Norwegian Ministry of Finance (2007-11-06). "Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global".
  54. ↑ "Norway's Big Ethical Giant" Vidya Ram, Forbes Magazine, 30 January 2009, https://www.forbes.com/2009/01/30/norway-mining-weapons-markets-equity-0130_markets15.html?partner=yahoobuzz
  55. ↑ "First coal exclusions from the Government Pension Fund Global". Norges Bank. Retrieved 15 April 2016.
  56. 1 2 Norwegian Ministry of Finance (2012-09-31). "Recommendation to revoke the exclusion of the companies BAE Systems plc. and Finmeccanica S.p.A. from the investment universe of the Government Pension Fund Global" (PDF). Check date values in: |date= (help)
  57. ↑ Norwegian Ministry of Finance (2007-04-11). "Mining company excluded from the investment universe of the Norwegian Government Pension Fund – Global".
  58. ↑ Norwegian Ministry of Finance (2009-09-03). "Thales SA and DRD Gold Limited to be reinstated in the Government Pension Fund – Global's portfolio".
  59. ↑ The Council on Ethics (2009-02-13). "Recommendation to reverse the exclusion of DRD Gold".
  60. ↑ "Recommendation to revoke the exclusion of FMC Corporation from the Government Pension Fund Global's investment universe" (PDF). 2012-09-31. Check date values in: |date= (help)
  61. ↑ Norwegian Ministry of Finance (2005-06-06). "Første selskap utelukket fra Petroleumsfondet" (in Norwegian).
  62. ↑ Norwegian Ministry of Finance (2006-09-01). "KerrMcGee Corporation tas inn igjen i Statens pensjonsfond – Utland".
  63. ↑ Norwegian Ministry of Finance (2005-09-31). "Companies that have been excluded, but where the decision to exclude has later been revoked". Check date values in: |date= (help)
  64. ↑ The Council on Ethics (2009-02-13). "Recommendation to reverse the exclusion of Thales SA".
  65. ↑ "Recommendation on inclusion of the company United Technologies Corp". 2012-03-02.
  66. ↑ Finansdepartementet (2014-12-11). "Beslutninger om avsluttet observasjon og gjeninkludering av selskap i SPU". Regjeringen.no (in Norwegian). Retrieved 2017-02-26.
  67. ↑ "Council Of Ethics Annual Report 2014" (PDF). Norway's Council of Ethics. 2014. Archived from the original (PDF) on 2015-04-21.
  68. ↑ "Statens pensjonsfond utland: Selskap settes til observasjon på grunn av risiko for korrupsjon" (in Norwegian). The Norwegian Ministry of Finance. 6 Dec 2011.
  69. ↑ Kristoffer Rønneberg (20 Feb 2010). "Ønsker "gult kort" for gruveselskap". Aftenposten. Retrieved 20 Feb 2010.
  70. ↑ "Norway c.bank to sell NOK 800 mln daily in Nov". Reuters. 29 October 2010. Retrieved 29 October 2010.
  71. ↑ "Norway fund to refrain from fx buying in Feb". Reuters. 31 January 2011. Retrieved 31 January 2011.

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