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.


Government Pension Fund - Norway has a leaky policy on nuclear weapons. Tell them to fix it!

Congratulations Government Pension Fund - Norway


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Congratulations Government Pension Fund-Norway. I saw on 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,

Or :

Tweet: Even @Folketrygdfond knows investing in #nuclear weapons should be restricted. Strengthen the policy&say #goodbyenukes!



[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 (, viewed 16 September 2015.

[iii]          Etikradet, “Recommendation on exclusion”, 19 September 2005, p. 3., website Ethical Council (, 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 (, 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 (, viewed 10 June 2015.

Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the thirteen financial institutions listed in the Hall of Fame, six publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Three other financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list. The remaining four do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 26 identified nuclear weapon producers.