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Norwegian Government Pension Fund Norway (Norwegian Ministry of Finance and Folketrygdfondet)

PRI reporting framework 2020

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

(A) Implementation: Screening

LEI 04. Types of screening applied

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

Type of screening

Screened by


The Norwegian Ministry of Finance has issued guidelines for observation and exclusion from the GPFG - Guidelines for the observation and exclusion of companies from the Government Pension Fund Global, adopted by the Ministry of Finance 18 December 2014:

Norges Bank makes decisions on the observation and exclusion of companies, based on recommendations from the Council on Ethics. Folketrygdfondet's Nordic portfolio is subject to  decisions regarding the exclusion of companies from the Government Pension Fund Global's  investment universe. Folketrygdfondet lists the companies excluded from the Fund's portfolio here:

The Guidelines and the exclusion and observation procedures are described in more detail on the Ministry of Finance website: and on the Council on Ethics website:

One company is currently excluded from Folketrygdfondet's investment universe, for production of tobacco. No new companies were excluded or included from the investment universe during the reporting period. 



Screened by


Folketrygdfondet uses to an ESG controversy news screening that alerts investors as to potential breaches of international norms on ESG issues. This information is incorporated into our evaluation of the company and we address potential breaches of international norms with company management. While engagement and active ownership is our method of choice, we reserve the right to consider selling our shares in a company should serious problems not be adequately solved through engagement alone.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Please refer to: and, particularly, the annual white paper presented to the Norwegian Parliament: 


LEI 05. Processes to ensure screening is based on robust analysis

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

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

As noted in the previous responses, Folketrygdfondet is not involved in the screening process leading to Norges Bank's decisions on exclusion. Those decisions follow a comprehensive research process, as outlined in the previously provided links. Question LEI 05.4 presumes that Folketrygdfondet is responsible for assessing the quality of the research used to carry out this proceess. That is incorrect. Please refer to for more information on the Council on Ethics' organizational structure. 

Folketrygdfondet also uses an external service provider to screen all investments for ESG controversies. 


LEI 06. Processes to ensure fund criteria are not breached

06.1. Indicate which processes your organisation uses to ensure fund criteria are not breached.

06.2. If breaches of fund screening criteria are identified, describe the process followed to correct those breaches.

06.3. Additional information. [Optional]