The committee tasked with reviewing the ethical framework for the Norwegian Government Pension Fund Global issued a report recommending adjustments to the implementation of the ethical guidelines, including the nuclear weapons policies.
The committee recommended a number of changes to the Guidelines for Observation and Exclusion from the Government Pension Fund Global (the ethical guidelines), including specific changes around weapons. Proposed changes are in italics:
- a) develop or produce weapons or key components of weapons that through their normal use violate fundamental humanitarian principles. Such weapons include biological weapons, chemical weapons, nuclear weapons, non-detectable fragments, incendiary weapons, blinding laser weapons, antipersonnel mines, cluster munitions and lethal autonomous weapons
The Committee went on to propose that the Ethical Council recognise some platforms are designed for delivering nuclear weapons, and to change the interpretation of the current guidelines to include these. This would apply to submarines primarily, and could result in companies like Rolls-Royce or General Dynamics being added to the exclusion list.
The ongoing development and modification of policies that make it more difficult to privately finance the nuclear weapon industry is always useful. The recommendation contained in this report to also prevent funding towards the development of nuclear weapons is in line with the treaty on the Prohibition of Nuclear Weapons, and further elaborates the prohibition (Art 1(1)(e) on assisting prohibited activities, including financing those activities.
This is in line with the understandings around other prohibited weapons, especially cluster munitions. Recently, the ICRC stated “Investment in the development and production of cluster munitions may be included as prohibited conduct.” (more)
What does this mean?
The Council of Ethics is recognised as a leader when it comes to avoiding investment in inherently problematic weapons. In the past, when the Council of Ethics has changed its guidelines around weapons systems, others have followed suit- notably with companies identified for exclusion. The change in the guidelines to include weapon development, as well as the need to isolate key component producers is likely to be taken up by other socially responsible investors.
In brief, it builds the norm against inhumane weapons, including nuclear weapons.
Excluding ALL the bomb builders
Practically speaking, this will require some adjustment to the current exclusion list used by Norwegian Government Pension Fund Global. Already the following companies are excluded from investment: Aerojet Rocketdyne; Airbus; BAE Systems; Boeing; BWX Technologies; Fluor; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering; Lockheed Martin; Northrop Grumman; Safran, and; Serco. As the new guidelines are implemented, it will mean that companies like General Dynamics and Raytheon will soon be excluded from the fund’s investments.
Ending nuclear weapons
All activities that contribute to an end to the production, development, testing, manufacture, deployment and use of weapons that inherently violate International Humanitarian Law are welcome. These recommendations build support for the end of nuclear weapons, and should be adopted and implemented without delay.