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 (http://etikkradet.no/en/). The recommendations are based on either product or conduct, and are described on the Ministry's web pages: www.fin.dep.no.
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": https://www.nbim.no/contentassets/2c3377d07c5a4c4fbd442b345e7cfd67/government-pension-fund-global---responsible-investment-2016.pdf