- Companies that produce weapons that through normal use violate fundamental humanitarian principles.
- Companies that produce tobacco.
- Companies that sell weapons or military material to states as specifed by the scheme for government bond exceptions mentioned in the mandate for the Norwegian Government Pension Fund.
- Mining companies and power producers that themselves or through consolidated entities they control will have 30 per cent or more of their revenues from thermal coal, or basing 30 per cent or more of their business on thermal coal.
- Companies engaged in producing pornography.
Environmental and social practices
- Serious or systematic violations of human rights such as murder, torture, deprivation of liberty, forced labour, the worst forms of child labour.
- Serious violations of individual rights in war or conflict situations.
- Severe environmental damage.
- Acts or omissions on an aggregated company level, to an unacceptable degree, leadsing to emission of greenhouse gases.
- Gross corruption.
- Other especially severe breaches of common norms and rules.
In the (exceptional) event we consider investing in companies listed outside the OECD, a more thorough analysis needs to be made.
Companies with sub-standard corporate governance.
We also have a product-based precautionary principle towards certain sectors.