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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) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




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. 





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. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

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. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

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. ファンドの基準に違反がないことを確認するために組織が使用しているプロセスを記載してください。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

06.3. 補足情報 [任意]