- Produce weapons that through normal use violate fundamental humanitarian principles.
- Produce tobacco.
- Sell weapons or military material to states as specified 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.
- 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, leads to emissions of greenhouse gases.
- Gross corruption.
- Other especially severe breaches of common norms and rules.
In the event we consider investing in companies listed outside the OECD, a more thorough analysis needs to be made.
Issuers with sub-standard corporate governance.