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Company HQ Date of exclusion Reason Divestment (USD)
Africa Israel Investments  Israel 24 August 2010 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements [1] 1.2m
Alliance One International Inc.  United States 19 Jan 2010 Production of tobacco.[2] 0.9m
Alliant Techsystems Inc  United States 30 Jun 2005 Production of components for cluster munitions[3]. N/A [nb 1]
Altria Group Inc.  United States 19 Jan 2010 Production of tobacco.[2] 131m
Barrick Gold Corporation  Canada 30 Jan 2009 Extensive environmental degradation related to the Porgera Gold Mine in Papua New Guinea [4] 245m
BAE Systems Plc.  United Kingdom 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA[5]. N/A [nb 2]
Boeing Company  United States 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force[5]. N/A [nb 2]
British American Tobacco BHD  Malaysia 19 Jan 2010 Production of tobacco.[2] 9.4m
British American Tobacco Plc.  United Kingdom 19 Jan 2010 Production of tobacco.[2] 683m
Danya CebusTASEDNYA  Israel 24 August 2010 Violation of the Geneva Convention in occupied Palestinian territory by being involved in developing settlements[1] N/A
European Aeronautic Defence and Space Company EADS N.V.  France
 Germany
 Netherlands
30 Jun 2005 Production of nuclear missiles for the French Air Force through the company MBDA[6] [nb 3] N/A [nb 1]
Elbit Systems  Israel 3 Sep 2009 Supply of surveillance systems for the Israeli West Bank barrier [7][8][9] 5.0m
Finmeccanica Sp.A.  Italy 11 Oct 2005 Production of nuclear missiles for the French Air Force through the company MBDA[5]. N/A [nb 2]
Freeport McMoRan Copper & Gold Inc.  United States 28 Mar 2006 Serious environmental damage[10]. 17.2m
GenCorp Inc  United States 15 Nov 2007 Production of nuclear weapons[11]. N/A
General Dynamics Corporation  United States 30 Jun 2005 Production of components for cluster munitions[3]. N/A [nb 1]
Gudang Garam tbk pt  Indonesia 19 Jan 2010 Production of tobacco.[2] 0
Hanwha Corporation  South Korea 15 May 2007 Production of cluster munitions[11]. 1.2m [12]
Honeywell International Inc.  United States 11 Oct 2005 Simulations of nuclear explosions[5]. N/A [nb 2]
Imperial Tobacco Group Plc  United Kingdom 19 Jan 2010 Production of tobacco.[2] 347m
ITC Ltd.  India 19 Jan 2010 Production of tobacco.[2] 48m
Japan Tobacco Inc.  Japan 19 Jan 2010 Production of tobacco.[2] 210m
KT&G Corp.  South Korea 19 Jan 2010 Production of tobacco.[2] 16m
L3 Communications Holdings Inc  United States 30 Jun 2005 Production of components for cluster munitions[3]. N/A [nb 1]
Lockheed Martin Corp  United States 30 Jun 2005 Production of components for cluster munitions[3]. N/A [nb 1]
Lorillard Inc.  United States 19 Jan 2010 Production of tobacco.[2] 42m
Northrop Grumman Corp.  United States 11 Oct 2005 Maintenance of ICBMs for the U.S. Air Force[5]. N/A [nb 2]
Philip Morris Int. Inc.  United States 19 Jan 2010 Production of tobacco.[2] 476m
Philip Morris Cr AS  Czech Republic 19 Jan 2010 Production of tobacco.[2] 2.7m
Poongsan Corporation  South Korea 30 Sep 2006 Production of cluster munition [13]. 1.2m
Raytheon Company  United States 30 Jun 2005 Production of components for cluster munitions[3]. N/A [nb 1]
Reynolds American Inc.  United States 19 Jan 2010 Production of tobacco.[2] 36m
Rio Tinto Group  Australia 28 Apr 2008 Severe environmental damage[14] 882m
Samling Global Ltd. Malaysia 23 Aug 2010 "Illegal logging and severe environmental damage"[1] 1.4m
SAFRAN SA  France 11 Oct 2005 Production of nuclear missiles for the French Navy[5]. N/A [nb 2]
Serco Group Plc  United Kingdom 15 Nov 2007 Maintenance of British nuclear weapons through the Atomic Weapons Establishment[11]. N/A
Souza Cruz SA  Brazil 19 Jan 2010 Production of tobacco.[2] 7.4m
Singapore Technologies Engineering  Singapore 22 Mar 2002 Production of anti-personnel landmines[15]. N/A
Swedish Match AB  Sweden 19 Jan 2010 Production of tobacco.[2] 75m
Textron Inc  United States 30 Jan 2009 Production of components for cluster munitions[16]. 36m
United Technologies Corp.  United States 11 Oct 2005 Production of engines for ICBMs in the U.S. Air Force[5]. N/A [nb 2]
Universal Corp VA  United States 19 Jan 2010 Production of tobacco.[2] 3m
Vector Group Ltd.  United States 19 Jan 2010 Production of tobacco.[2] 2.1m
Vedanta Resources Plc  United Kingdom 28 Aug 2007 Environmental and human rights abuses[17]. 12m
Wal-Mart Stores Inc.  United States 28 Mar 2006 Breach of human rights and labour rights [10]. 372m

The Fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.[18]

  1. ^ a b c "Three companies excluded from the Government Pension Fund Global". The Ministry of Finance. 2010-08-23. Retrieved 2010-08-30.
  2. ^ a b c d e f g h i j k l m n o p q Cite error: The named reference fin100119 was invoked but never defined (see the help page).
  3. ^ a b c d e f Norwegian Ministry of Finance (2005-09-02). "Åtte nye selskaper utelukket fra Petroleumsfondet" (in Norwegian).
  4. ^ http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-3.html?id=544365
  5. ^ a b c d e f g h Norwegian Ministry of Finance (2006-01-05). "Uttrekk av selskaper fra Statens pensjonsfond - Utland" (in Norwegian).
  6. ^ The Ethical Council of the Government Pension Fund of Norway (2006-04-18). "Tilrådning 18. april 2006" (in Norwegian).
  7. ^ Norwegian Ministry of Finance (2009-09-04). "Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global".
  8. ^ Ethical Council of the Government Pension Fund of Norway (2009-09-04). "Recommendation on the exclusion of the company Elbit Systems Ltd".
  9. ^ Herb Keinon and Yaakov Katz (2009-09-03). "Norway envoy summoned on divestment". Jerusalem Post.
  10. ^ a b Norwegian Ministry of Finance (2006-06-06). "To selskaper - Wal-Mart og Freeport - trekkes ut av Statens pensjonsfond - Utland" (in Norwegian).
  11. ^ a b c Norwegian Ministry of Finance (2008-01-11). "One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global".
  12. ^ The Council on Ethics (2008-01-11). "Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp".
  13. ^ Norwegian Ministry of Finance (2006-12-06). "Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond - Utland" (in Norwegian).
  14. ^ Norwegian Ministry of Finance (2008-09-09). "The Government Pension Fund divests its holdings in mining company".
  15. ^ Norwegian Ministry of Finance (2002-03-22). "Petroleumfondets Folkerettsråd - Notat til Finansdepartementet" (in Norwegian).
  16. ^ http://www.regjeringen.no/en/dep/fin/Selected-topics/andre/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/recommendation-on-the-exclusion-of-the-c-2.html?id=544363
  17. ^ Norwegian Ministry of Finance (2007-11-06). "Metals and mining company excluded from the investment universe of the Norwegian Government Pension Fund - Global".
  18. ^ "Norway's Big Ethical Giant" Vidya Ram, Forbes Magazine, January 30th, 2009, http://www.forbes.com/2009/01/30/norway-mining-weapons-markets-equity-0130_markets15.html?partner=yahoobuzz


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