Government Pension Fund – Norway
The Government Pension Fund – Norway is a government-owned Norwegian state pension fund. It is managed by the Folketrygdfondet. The Folketrygdfondet invest its assets only in the Nordic market: Norway, Sweden, Denmark and Finland.
In Sweden, Finland and Denmark, the fund operates under the guidelines of the Norwegian Council of Ethics, which exclude investments in nuclear weapons producers. In the Norwegian market however, the Council’s policies are not applied.[i]
The Government Pension Fund – Norway excludes producers and developers of nuclear weapons based on recommendations provided by the Council on Ethics. The Revised National Budget for 2004 provides a detailed list of weapons covered by the exclusion criteria, including nuclear weapons.[ii]
The Council on Ethics states that “dual use is, as a point of departure, not covered by the guidelines.”[iii] As a result, The Government Pension Fund – Norway does not exclude all companies producing weapon systems that can be used both for conventional and for nuclear warfare. Also, components specifically but not solely designed for launching nuclear missiles from submarines are not considered production of nuclear weapons by The Government Pension Fund – Norway.[iv]
The Government Pension Fund – Norway’s nuclear weapons policy applies to all internal and external asset management activities carried out by the fund.[v]
The exclusion list based on the recommendations of the Norwegian Ethical Council is accessible online. Currently, the list contains the following 12 nuclear weapons producers: Aerojet Rocketdyne; Airbus Group Finance B.V.; Airbus Group N.V.; Alliant Techsystems; Babcock & Wilcox; Boeing; Honeywell International; Jacobs Engineering; Lockheed Martin; Northrop Grumman; Safran and Serco.[vi]
We commend The Government Pension Fund – Norway for adopting public policy on nuclear weapons. We recommend theGovernment Pension Fund – Norway apply its policy to all markets in which it is active and it should exclude companies involved in the production of dual-use goods. We look forward to engaging with The Government Pension Fund – Norway, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
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Congratulations Government Pension Fund-Norway. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Government Pension Fund-Norway also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Government Pension Fund-Norway made the following change to make the policy airtight:
• Apply the policy to all nuclear weapons producing companies including companies involved in any dual-use products used for nuclear warfare.
With kind regards,
[i] At the moment, there are no nuclear weapons producers in the Norwegian market and the Folketrygdfondet has confirmed that would such a case arise, the Fund would base its decision on the existing recommendations of the Council of Ethics. It remains unclear, why the Fund does not explicitly apply the policy in the Norwegian market.
[ii] Norwegian Ministry of Finance, “Ethical Guidelines for the Government Petroleum Fund”, 11 May 2004, website Norwegian Ministry of Finance (http://www.statsbudsjettet.no/Revidert-2004/English/?pid=49866#hopp), viewed 16 September 2015.
[iii] Etikradet, “Recommendation on exclusion”, 19 September 2005, p. 3., website Ethical Council (http://etikkradet.no/?p=1313), viewed 14 September 2015.
[iv] The Government Pension Fund – Norway, written response to PAX dated 11 May 2015; Etikradet, “Recommendation on exclusion”, 19 September 2005, p. 3., website Ethical Council (http://etikkradet.no/?p=1313), viewed 14 September 2015.
[v] The Government Pension Fund – Norway, written response to PAX dated June 2 2015.
[vi] Norges Bank, “Exclusion of Companies”, 18 December 2014, website Norges Bank (http://www.nbim.no/en/responsibility/exclusion-of-companies/), viewed 10 June 2015.