Norway oil fund ethics framework facing new proposals

A new report from the Gjedrem committee is set to propose a new ethical framework for Norway’s Government Pension Fund Global (the oil fund). This follows a parliamentary decision last November that stripped the fund’s Ethics Council of its ability to recommend the exclusion of specific companies, placing such recommendations on hold until new rules are established.

While the Ethics Council has continued to provide risk assessments to Norges Bank Investment Management (NBIM), the bank has declined to disclose how these assessments are being implemented or whether they have resulted in the divestment of specific companies. Amnesty International has criticized this lack of transparency.

Political reactions to the current restrictions are divided. The Red Party (Rødt) has expressed concern that the council's powers have been weakened, potentially undermining democratic oversight. Conversely, the Conservative Party (Høyre) maintains that the current arrangement has functioned effectively.