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Norwegian Government Pension Fund Global (Norwegian Ministry of Finance and Norges Bank Investment Management)

PRI reporting framework 2017

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 06. Types of screening applied

06.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


The Ministry of Finance has appointed the Council on Ethics for the Government Pension Fund Global, an independent council established to research and evaluate companies and provide recommendations on exclusion or observation ( The recommendations are based on either product or conduct, and are described on the Ministry's web pages:

The Executive Board of Norges Bank decides on observation and exclusion of individual companies, based on a recommendation from the Council on Ethics. In such cases, the Bank may also consider using other tools in its ownership work. The aim is to establish a unified chain of available tools for responsible investment management.

NBIM may also choose not to invest in certain companies or groups of companies/sectors. NBIM has gradually increased the scope of risk-based divestments, both geographically and thematically. In total, NBIM have divested from 187 companies in the past four years. There is a specific process within NBIM where countries are approved ahead of investments. More information is given in the report on "Responsible Investment 2015":

Screened by

          Criteria for exclusion endorsed by the Norwegian parliament if there is an unacceptable risk of conduct that is considered grossly unethical.


Criteria for observation and exclusion that have been endorsed by the Storting – the Norwegian parliament. These criteria relate to

1) specific product types and entail that the fund must not invest in companies which themselves, or through entities they control, produce weapons that violate fundamental humanitarian principles through their normal use, produce tobacco, or sell weapons or military material to certain countries.

2) if there is an unacceptable risk of conduct that is considered grossly unethical.

06.2. Describe how the screening criteria are established, how often the criteria are reviewed and how you notify clients and/or beneficiaries when changes are made.


LEI 07. Processes to ensure screening is based on robust analysis

07.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

07.2. Additional information. [Optional]

LEI 08. Processes to ensure fund criteria are not breached (Private)