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href="#Background"> <div class="vector-toc-text"> 1.1 Background </div> </a> <ul id="toc-Background-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Management_and_size" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Management_and_size"> <div class="vector-toc-text"> 1.2 Management and size </div> </a> <ul id="toc-Management_and_size-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Relationship_to_sovereignty" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Relationship_to_sovereignty"> <div class="vector-toc-text"> 2 Relationship to sovereignty </div> </a> <button aria-controls="toc-Relationship_to_sovereignty-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Relationship to sovereignty subsection </button> <ul id="toc-Relationship_to_sovereignty-sublist" class="vector-toc-list"> <li id="toc-Debate" 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id="toc-Ethical_council-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Excluded_companies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Excluded_companies"> <div class="vector-toc-text"> 3.2 Excluded companies </div> </a> <ul id="toc-Excluded_companies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reinstated_companies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reinstated_companies"> <div class="vector-toc-text"> 3.3 Reinstated companies </div> </a> <ul id="toc-Reinstated_companies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Companies_"under_observation"" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Companies_"under_observation""> <div class="vector-toc-text"> 3.4 Companies "under observation" </div> </a> <ul id="toc-Companies_"under_observation"-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_portfolio" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Currency_portfolio"> <div class="vector-toc-text"> 3.5 Currency portfolio </div> </a> <ul id="toc-Currency_portfolio-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Government_Pension_Fund_–_Norway" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Government_Pension_Fund_–_Norway"> <div class="vector-toc-text"> 4 Government Pension Fund – Norway </div> </a> <ul id="toc-Government_Pension_Fund_–_Norway-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 5 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 6 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 7 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 8 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Government Pension Fund of Norway</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" 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Available in 21 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-21" aria-hidden="true" > 21 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%A7%D9%84%D8%AA%D9%82%D8%A7%D8%B9%D8%AF%D9%8A_%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D9%8A_%D8%A7%D9%84%D9%86%D8%B1%D9%88%D9%8A%D8%AC%D9%8A" title="الصندوق التقاعدي الحكومي النرويجي – Arabic" lang="ar" hreflang="ar" data-title="الصندوق التقاعدي الحكومي النرويجي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Fons_de_Pensions_del_Govern_de_Noruega" title="Fons de Pensions del Govern de Noruega – Catalan" lang="ca" hreflang="ca" data-title="Fons de Pensions del Govern de Noruega" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Statens_pensjonsfond" title="Statens pensjonsfond – Danish" lang="da" hreflang="da" data-title="Statens pensjonsfond" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Staatlicher_Pensionsfonds_(Norwegen)" title="Staatlicher Pensionsfonds (Norwegen) – German" lang="de" hreflang="de" data-title="Staatlicher Pensionsfonds (Norwegen)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Fondo_de_Pensiones_del_Gobierno_de_Noruega" title="Fondo de Pensiones del Gobierno de Noruega – Spanish" lang="es" hreflang="es" data-title="Fondo de Pensiones del Gobierno de Noruega" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Norvegiako_Gobernuaren_Pentsio-Funtsa" title="Norvegiako Gobernuaren Pentsio-Funtsa – Basque" lang="eu" hreflang="eu" data-title="Norvegiako Gobernuaren Pentsio-Funtsa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D9%86%D9%81%D8%AA_%D9%86%D8%B1%D9%88%DA%98" title="صندوق نفت نروژ – Persian" lang="fa" hreflang="fa" data-title="صندوق نفت نروژ" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Government_Pension_Fund-Global" title="Government Pension Fund-Global – French" lang="fr" hreflang="fr" data-title="Government Pension Fund-Global" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%85%B8%EB%A5%B4%EC%9B%A8%EC%9D%B4_%EC%A0%95%EB%B6%80%EC%97%B0%EA%B8%B0%EA%B8%88" title="노르웨이 정부연기금 – Korean" lang="ko" hreflang="ko" data-title="노르웨이 정부연기금" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Eftirlaunasj%C3%B3%C3%B0ur_norska_r%C3%ADkisins" title="Eftirlaunasjóður norska ríkisins – Icelandic" lang="is" hreflang="is" data-title="Eftirlaunasjóður norska ríkisins" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%94%D7%A2%D7%95%D7%A9%D7%A8_%D7%A9%D7%9C_%D7%A0%D7%95%D7%A8%D7%95%D7%95%D7%92%D7%99%D7%94" title="קרן העושר של נורווגיה – Hebrew" lang="he" hreflang="he" data-title="קרן העושר של נורווגיה" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A8%E0%B5%8B%E0%B5%BC%E0%B4%B5%E0%B5%87_%E0%B4%97%E0%B4%B5%E0%B5%BA%E0%B4%AE%E0%B5%86%E0%B4%A8%E0%B5%8D%E0%B4%B1%E0%B5%8D_%E0%B4%AA%E0%B5%86%E0%B5%BB%E0%B4%B7%E0%B5%BB_%E0%B4%AB%E0%B4%A3%E0%B5%8D%E0%B4%9F%E0%B5%8D" title="നോർവേ ഗവൺമെന്റ് പെൻഷൻ ഫണ്ട് – Malayalam" lang="ml" hreflang="ml" data-title="നോർവേ ഗവൺമെന്റ് പെൻഷൻ ഫണ്ട്" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target">മലയാളം</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%8E%E3%83%AB%E3%82%A6%E3%82%A7%E3%83%BC%E6%94%BF%E5%BA%9C%E5%B9%B4%E9%87%91%E5%9F%BA%E9%87%91" title="ノルウェー政府年金基金 – Japanese" lang="ja" hreflang="ja" data-title="ノルウェー政府年金基金" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Statens_pensjonsfond" title="Statens pensjonsfond – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Statens pensjonsfond" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Statens_pensjonsfond" title="Statens pensjonsfond – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Statens pensjonsfond" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target">Norsk nynorsk</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Norweski_Pa%C5%84stwowy_Fundusz_Emerytalny" title="Norweski Państwowy Fundusz Emerytalny – Polish" lang="pl" hreflang="pl" data-title="Norweski Państwowy Fundusz Emerytalny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fundo_Estatal_de_Pens%C3%B5es" title="Fundo Estatal de Pensões – Portuguese" lang="pt" hreflang="pt" data-title="Fundo Estatal de Pensões" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%93%D0%BE%D1%81%D1%83%D0%B4%D0%B0%D1%80%D1%81%D1%82%D0%B2%D0%B5%D0%BD%D0%BD%D1%8B%D0%B9_%D0%BF%D0%B5%D0%BD%D1%81%D0%B8%D0%BE%D0%BD%D0%BD%D1%8B%D0%B9_%D1%84%D0%BE%D0%BD%D0%B4_%D0%9D%D0%BE%D1%80%D0%B2%D0%B5%D0%B3%D0%B8%D0%B8" title="Государственный пенсионный фонд Норвегии – Russian" lang="ru" hreflang="ru" data-title="Государственный пенсионный фонд Норвегии" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Statens_pensjonsfond" title="Statens pensjonsfond – Swedish" lang="sv" hreflang="sv" data-title="Statens pensjonsfond" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Qu%E1%BB%B9_qu%E1%BB%91c_gia_c%E1%BB%A7a_Na_Uy" title="Quỹ quốc gia của Na Uy – Vietnamese" lang="vi" hreflang="vi" data-title="Quỹ quốc gia của Na Uy" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%8C%AA%E5%A8%81%E6%94%BF%E5%BA%9C%E5%85%BB%E8%80%81%E5%9F%BA%E9%87%91" title="挪威政府养老基金 – Chinese" lang="zh" hreflang="zh" data-title="挪威政府养老基金" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> 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Fund of Norway</a>)</div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Norwegian sovereign-wealth fund</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Oljefondet" redirects here. For the Norwegian television series, see <a href="/wiki/Oljefondet_(TV_series)" title="Oljefondet (TV series)">Oljefondet (TV series)</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">Government Pension Fund of Norway</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><a href="/wiki/File:Oljefondet_1998-now.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Oljefondet_1998-now.jpg/220px-Oljefondet_1998-now.jpg" decoding="async" width="220" height="70" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Oljefondet_1998-now.jpg/330px-Oljefondet_1998-now.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Oljefondet_1998-now.jpg/440px-Oljefondet_1998-now.jpg 2x" data-file-width="1268" data-file-height="403" /></a><div class="infobox-caption">Value of the fund over time in billion <a href="/wiki/Norwegian_Krone" class="mw-redirect" title="Norwegian Krone">Krone</a></div></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Privately_held_company" title="Privately held company">Government-owned</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1967 1990</td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/Oslo" title="Oslo">Oslo</a>, <a href="/wiki/Norway" title="Norway">Norway</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$ 1.744 trillion (November 2024)</td></tr><tr><th scope="row" class="infobox-label">Owner</th><td class="infobox-data"><a href="/wiki/Government_of_Norway" class="mw-redirect" title="Government of Norway">Government of Norway</a> Government Pension Fund Global managed by state-owned <a href="/wiki/Norges_Bank" title="Norges Bank">Norges Bank</a></td></tr></tbody></table> The Government Pension Fund of Norway (<a href="/wiki/Norwegian_language" title="Norwegian language">Norwegian</a>: Statens pensjonsfond) is the <a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth fund</a> collective owned by the <a href="/wiki/Government_of_Norway" class="mw-redirect" title="Government of Norway">government of Norway</a>. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global and the Government Pension Fund Norway. The Government Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegian <a href="/wiki/Petroleum_industry" title="Petroleum industry">petroleum sector</a>. As of November 2024,<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit">[update]</a> it had over US$1.74 trillion in assets,<a href="#cite_note-1">[1]</a> and held on average 1.5% of all of the world's listed companies, making it the world's largest single <a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth fund</a> in terms of total assets under management.<a href="#cite_note-veconomist-2">[2]</a><a href="#cite_note-e24-3">[3]</a> This translates to over US$325,000 per Norwegian citizen.<a href="#cite_note-:1-4">[4]</a> It also holds <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolios</a> of real estate and fixed-income investments. Many companies are excluded by the fund on <a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">ethical grounds</a>.<a href="#cite_note-5">[5]</a> The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and <a href="/wiki/Nordic_countries" title="Nordic countries">Nordic</a> investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the <a href="/wiki/Oslo_Stock_Exchange" title="Oslo Stock Exchange">Oslo Stock Exchange</a>. <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Government_Pension_Fund_Global">Government Pension Fund Global</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=1" title="Edit section: Government Pension Fund Global">edit</a>]</div> The Government Pension Fund Global (<a href="/wiki/Norwegian_language" title="Norwegian language">Norwegian</a>: Statens pensjonsfond Utland, SPU) is a <a href="/wiki/Pension_fund" title="Pension fund">fund</a> into which the <a href="/wiki/Economic_surplus" title="Economic surplus">surplus</a> wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Oljefondet). The purpose of the fund is to invest parts of the large surplus generated by the Norwegian <a href="/wiki/Petroleum_industry" title="Petroleum industry">petroleum sector</a>, mainly from taxes of companies but also payment for licenses to explore for oil as well as the <a href="/wiki/State%27s_Direct_Financial_Interest" title="State's Direct Financial Interest">State's Direct Financial Interest</a> and dividends from the partly state-owned <a href="/wiki/Equinor" title="Equinor">Equinor</a>. Current revenue from the petroleum sector is estimated to be at its peak period and to decline in the future decades. The Petroleum Fund was established in 1990 after a decision by the <a href="/wiki/Storting" title="Storting">country's legislature</a> to counter the effects of the forthcoming decline in income and to smooth out the disruptive effects of highly fluctuating oil prices. As its name suggests, the Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. The fund is invested in 8,763 companies in 71 countries (as of 2024). As of November 2024, the fund's value was over 19 trillion Kroner, according to its official website.<a href="#cite_note-:1-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Background">Background</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=2" title="Edit section: Background">edit</a>]</div> Norway has experienced <a href="/wiki/Economic" class="mw-redirect" title="Economic">economic</a> surpluses since the development of its <a href="/wiki/Hydrocarbon" title="Hydrocarbon">hydrocarbon</a> <a href="/wiki/Resources" class="mw-redirect" title="Resources">resources</a> in the 70s. This reality, coupled with the desire to mitigate <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> stemming from fluctuating <a href="/wiki/Oil_prices" class="mw-redirect" title="Oil prices">oil prices</a>, motivated the creation of Norway's Oil Fund, now the Government Pension Fund-Global (GPF-G).<a href="#cite_note-CPBS_SWF_2007-6">[6]</a> The instability of oil prices has been of constant concern for oil-dependent countries since the start of the <a href="/wiki/Oil_boom" title="Oil boom">oil boom</a>, but especially so in the decades following the first <a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">oil shocks</a> in the 1970s.<a href="#cite_note-NCSU_Norwg_Exp-7">[7]</a> As the <a href="/wiki/Real_GDP" class="mw-redirect" title="Real GDP">real GDP</a> of oil-exporting states is linked with the price of oil, it has been a goal of these <a href="/wiki/Exporters" class="mw-redirect" title="Exporters">exporters</a> to stabilize oil consumption patterns, and a host of these exporting states singled out sovereign wealth funds as an effective <a href="/wiki/Policy_tool" class="mw-redirect" title="Policy tool">policy tool</a> for achieving this outcome.<a href="#cite_note-NCSU_Norwg_Exp-7">[7]</a> The adoption of the GPF-G has been in line global economic trends, especially investment patterns. <a href="/wiki/International_investment" class="mw-redirect" title="International investment">International investment</a> has increased at a significantly higher pace than either <a href="/wiki/Global_GDP" class="mw-redirect" title="Global GDP">global GDP</a> or <a href="/wiki/Global_trade" class="mw-redirect" title="Global trade">global trade</a> of <a href="/wiki/Goods" title="Goods">goods</a> and <a href="/wiki/Service_(economics)" title="Service (economics)">services</a>, increasing by 175% over a period at which the former two metrics increased by 53% and 93% respectively.<a href="#cite_note-Peterson-8">[8]</a> <div class="mw-heading mw-heading3"><h3 id="Management_and_size">Management and size</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=3" title="Edit section: Management and size">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Norway_Oil_Fund.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Norway_Oil_Fund.png/220px-Norway_Oil_Fund.png" decoding="async" width="220" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Norway_Oil_Fund.png/330px-Norway_Oil_Fund.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Norway_Oil_Fund.png/440px-Norway_Oil_Fund.png 2x" data-file-width="721" data-file-height="433" /></a><figcaption>Value of the Oil Fund in billions of kroner (June 2017 prices)</figcaption></figure> The domestic fund, the Government Pension Fund Norway, is managed by Folketrygdfondet. The global investment fund is managed by Norges Bank Investment Management (NBIM), part of the <a href="/wiki/Norges_Bank" title="Norges Bank">Norwegian Central Bank</a> on the behalf of the <a href="/wiki/Ministry_of_Finance_(Norway)" title="Ministry of Finance (Norway)">Ministry of Finance</a>.<a href="#cite_note-gmalb-9">[9]</a> As of June 2011,<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit">[update]</a> it was the largest pension fund in the world, but it is not a pension fund in the conventional sense, as it derives its financial backing from oil profits, not pension contributions.<a href="#cite_note-10">[10]</a> In September 2017, the fund exceeded US$1 trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.<a href="#cite_note-11">[11]</a> The first withdrawal in its history was made in 2016.<a href="#cite_note-12">[12]</a> In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1 trillion by the end of 2019.<a href="#cite_note-natbudg2011-13">[13]</a> According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455 billion, and a best case scenario at $3.3 trillion.<a href="#cite_note-stmeld15_2010-11-14">[14]</a> With 2.33 percent of European stocks,<a href="#cite_note-15">[15]</a> it is the largest stock owner in Europe.<a href="#cite_note-16">[16]</a> In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international <a href="/wiki/Stock_market" title="Stock market">stock market</a>. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.<a href="#cite_note-17">[17]</a> The Norwegian government planned that up to 5 percent of the fund should be invested in <a href="/wiki/Real_estate" title="Real estate">real estate</a>, beginning in 2010.<a href="#cite_note-stmeld1-2009-145-18">[18]</a> A specific policy for the real estate investments was suggested in a report the Swiss <a href="/wiki/Partners_Group" title="Partners Group">Partners Group</a> wrote for the Norwegian Ministry of Finance.<a href="#cite_note-spf-realestatepolicy-19">[19]</a> Norway's sovereign wealth fund is taking steps to become more active in company governance. In the second quarter of 2013, the sovereign fund voted in 6,078 general meetings as well as 239 shareholder proposals on environmental and social issues. Norway's Government Pension Fund Global (GPFG) has the potential to influence the corporate governance market in Europe, and possibly China as well, greatly.<a href="#cite_note-20">[20]</a> It has also started to become active in pushing for lower executive pay.<a href="#cite_note-21">[21]</a> <div class="mw-heading mw-heading2"><h2 id="Relationship_to_sovereignty">Relationship to sovereignty</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=4" title="Edit section: Relationship to sovereignty">edit</a>]</div> The rise of globalization as the predominant political-economic system has had several key effects on states, especially in regard to <a href="/wiki/Interdependence" class="mw-redirect" title="Interdependence">interdependence</a> and <a href="/wiki/Sovereignty" title="Sovereignty">sovereignty</a>. The erosion of fully independent <a href="/wiki/Socioeconomic" class="mw-redirect" title="Socioeconomic">socioeconomic</a> structures has provoked new questions regarding the role of the state and its ability to <a href="/wiki/Project" title="Project">project</a> its sovereignty on a set of global economic systems that seem largely out of reach both legally and pragmatically for most states.<a href="#cite_note-Gordon_SWF_Book-22">[22]</a> Sovereign wealth funds are an inherently <a href="/wiki/Nationalist" class="mw-redirect" title="Nationalist">nationalist</a> type of <a href="/wiki/Investment_vehicle" class="mw-redirect" title="Investment vehicle">investment vehicle</a>, and there exists potential for their use as a mitigating force to the <a href="/wiki/Supranational_union" title="Supranational union">supranational</a> forces of globalization.<a href="#cite_note-Gordon_SWF_Book-22">[22]</a> The issue with this is that such practices may lead to a general increase in <a href="/wiki/Protectionism" title="Protectionism">protectionism</a> as nations attempt to wrestle back control of their economies from external forces, an outcome that most economic <a href="/wiki/Intergovernmental_organizations" class="mw-redirect" title="Intergovernmental organizations">intergovernmental organizations</a>, such as the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, would like to see avoided.<a href="#cite_note-IMF-23">[23]</a> Some commentators, like Professor Gordon L. Clark of the <a href="/wiki/University_of_Oxford" title="University of Oxford">University of Oxford</a>, express concerns regarding non-profit considerations motivating the practices of the GPF-G, especially in regards to its ethical concerns and how these considerations may be used as a means of exerting Norwegian standards on foreign <a href="/wiki/Company" title="Company">firms</a>.<a href="#cite_note-Gordon_SWF_Book-22">[22]</a> On the other hand, the <a href="/wiki/OECD" title="OECD">OECD</a> has stated that sovereign wealth funds have had a stabilizing influence on international markets due to their ability to provide capital during times of domestic investor pessimism.<a href="#cite_note-OECD-24">[24]</a> The OECD has taken steps to minimize the possibilities of economic protectionism by instituting the Freedom of Investment project, where participating states agree upon guiding sets of principles that seek to boost <a href="/wiki/Transparency_(trade)" title="Transparency (trade)">transparency</a> and transnational investment, while also advising states on how to best handle issues of foreign investment in the sphere of <a href="/wiki/National_security" title="National security">national security</a>.<a href="#cite_note-OECD-24">[24]</a> <div class="mw-heading mw-heading3"><h3 id="Debate">Debate</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=5" title="Edit section: Debate">edit</a>]</div> As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), the Oil Fund has become a hot political issue, dominated by three main issues: <ul><li>Whether the country should use more of the petroleum revenues for the <a href="/wiki/State_budget_of_Norway" title="State budget of Norway">state budget</a> instead of saving the funds for the future. The main matter of debate is to what degree increased government spending would increase <a href="/wiki/Inflation" title="Inflation">inflation</a>.</li> <li>Whether the high level of exposure (around 65 percent in 2017) to the highly <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatile</a> stock market is financially safe. Others[<a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch">who?</a>] claim that the high diversification and extreme long-term nature of the investments will dilute the risk and that the state is losing considerable amounts of money because of the low investment percentage in the stock market.</li> <li>Whether the investment policy of the Petroleum Fund is <a href="/wiki/Ethics" title="Ethics">ethical</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Concerns_and_potential_outcomes">Concerns and potential outcomes</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=6" title="Edit section: Concerns and potential outcomes">edit</a>]</div> There are diverse concerns and predicted effects of sovereign wealth funds on international <a href="/wiki/Financial_markets" class="mw-redirect" title="Financial markets">financial markets</a> and the global economy as a whole, with experts expressing strong fears regarding <a href="/wiki/Destabilization" class="mw-redirect" title="Destabilization">destabilization</a> and <a href="/wiki/Protectionism" title="Protectionism">protectionism</a> stemming from sovereign wealth funds. The destabilization argument, often cited by Roland Beck of the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>, is that non-market investment motives may lead sovereign wealth funds managers to make decisions that go against market logic, in turn causing an unexpected and potentially disastrous ripple effect.<a href="#cite_note-Impact_of_SWFs-25">[25]</a> The protectionist argument, mentioned above in relation to sovereignty and sovereign wealth funds, is essentially a fear that sovereign wealth funds could be used in a non-market, protectionist manner where competing states would perpetuate ever-increasing anti-global <a href="/wiki/Free_trade" title="Free trade">free trade</a> movements.<a href="#cite_note-26">[26]</a> However, despite these fears, there is also strong evidence to suggest that sovereign wealth funds are unlikely to gain <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a> seats in their acquisitions.<a href="#cite_note-Italian-27">[27]</a> Additionally, Norway's GPF-G is especially unlikely to gain any board-of-directors seats in a company headquartered in an <a href="/wiki/OECD" title="OECD">OECD</a> country.<a href="#cite_note-Italian-27">[27]</a> Furthermore, some experts directly contradict fears regarding the destabilizing effect of sovereign wealth funds, arguing that these funds increase the stability of global finance due to the fact that they serve to increase the variety of owners of risky financial vehicles, minimizing <a href="/wiki/Market_exposure" title="Market exposure">exposure</a> to shocks in any one particular <a href="/wiki/Industry_(economics)" title="Industry (economics)">industry</a>, while also simultaneously limiting the absolute loss any actor can suffer in a particular global <a href="/wiki/Economic_sector" title="Economic sector">economic sector</a>.<a href="#cite_note-Impact_of_SWFs-25">[25]</a> <div class="mw-heading mw-heading3"><h3 id="Ethical_council">Ethical council</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=7" title="Edit section: Ethical council">edit</a>]</div> Part of the investment policy debate is related to the discovery of several cases of investment by The Petroleum Fund in very controversial companies, involved in businesses such as <a href="/wiki/Weapon" title="Weapon">arms</a> production, tobacco and <a href="/wiki/Fossil_fuels" class="mw-redirect" title="Fossil fuels">fossil fuels</a>.<a href="#cite_note-gmalb-9">[9]</a> The Petroleum Fund's Advisory Council on Ethics was established 19 November 2004 by royal <a href="/wiki/Decree" title="Decree">decree</a>. Accordingly, the Ministry of Finance issued a new regulation on the management of the Government Petroleum Fund, which also includes ethical guidelines. According to its ethical guidelines, the Norwegian pension fund cannot invest money in companies that directly or indirectly contribute to killing, torture, deprivation of freedom or other violations of <a href="/wiki/Human_rights" title="Human rights">human rights</a> in conflict situations or wars. Contrary to popular belief, the fund is allowed to invest in a number of arms-producing companies, as only some kind of weapons, such as <a href="/wiki/Nuclear_arms" class="mw-redirect" title="Nuclear arms">nuclear arms</a>, are banned by the ethical guidelines as investment objects. To support the ethical screening process, the Council on Ethics works with <a href="/wiki/RepRisk" title="RepRisk">RepRisk</a> ESG Business Intelligence, a global research firm and provider of environmental, social and governance (ESG) risk data. RepRisk monitors the companies in the Norwegian Pension Fund's portfolio for issues such as severe human rights violations, particularly regarding child labor, forced labour, and violations of individual rights in conflict areas as well as gross <a href="/wiki/Environmental_degradation" title="Environmental degradation">environmental degradation</a> and corruption. RepRisk has been working with the Council on Ethics since 2009 and in 2014, re-won the tender for ESG data provision for 2014–2017.<a href="#cite_note-28">[28]</a> An investigation by the Norwegian business newspaper Dagens Næringsliv in February 2012 showed that Norway has invested more than $2 billion in 15 technology companies producing technology that can and has been used for filtering, <a href="/wiki/Telephone_tapping" class="mw-redirect" title="Telephone tapping">wiretapping</a>, or surveillance of communication in various countries, among them <a href="/wiki/Iran" title="Iran">Iran</a>, <a href="/wiki/Syria" title="Syria">Syria</a>, and <a href="/wiki/Burma" class="mw-redirect" title="Burma">Burma</a>. Although surveillance tech is not the primary activity of all the 15 companies, they have all had or still have some kind of connection to such technology. The Ministry of Finance in Norway stated that it would not withdraw investing in these companies or discuss an eventual exclusion of surveillance industry companies from its investments. On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.<a href="#cite_note-fin100119-29">[29]</a> The total divestment from these companies was $2 billion (NOK 14.2 billion), making it the largest divestment caused by ethical recommendations in the history of the fund.<a href="#cite_note-30">[30]</a> In March 2014, as the result of both domestic and international pressure, the parliament appointed a panel to investigate whether the fund should divest its coal assets in line with its ethical investment mandate. The panel released its recommendations in December 2014, recommending the fund follow a strategy of corporate engagement rather than divestment. The parliament was set to make its decision early in 2015. In the event, the fund will be required to divest from companies that derive at least 30% of their business from coal.<a href="#cite_note-gmalb-9">[9]</a> In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among them <a href="/wiki/Peabody_Energy" title="Peabody Energy">Peabody Energy</a>, <a href="/wiki/Arch_Coal" class="mw-redirect" title="Arch Coal">Arch Coal</a>, and <a href="/wiki/Alpha_Natural_Resources" title="Alpha Natural Resources">Alpha Natural Resources</a>), 13 companies in India (including <a href="/wiki/Coal_India" title="Coal India">Coal India</a>) and 3 companies in China.<a href="#cite_note-31">[31]</a> As a result, the total value of the fund's coal holdings fell by 5% to $9.7 billion.<a href="#cite_note-Damian_Carrington,_the_Guardian-32">[32]</a> In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.<a href="#cite_note-Damian_Carrington,_the_Guardian-32">[32]</a> On 8 March 2019, the Ministry of Finance<a href="#cite_note-33">[33]</a> recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017 <a href="/wiki/Lofoten_Declaration" title="Lofoten Declaration">Lofoten Declaration</a> which demanded leadership in a global <a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">fossil fuel phase-out</a> from the countries that can most afford to act, such as Norway.<a href="#cite_note-34">[34]</a> Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.<a href="#cite_note-35">[35]</a> In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.<a href="#cite_note-36">[36]</a> In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor from <a href="/wiki/Xinjiang_internment_camps" title="Xinjiang internment camps">Xinjiang internment camps</a>.<a href="#cite_note-37">[37]</a> On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, told <a href="/wiki/Reuters" title="Reuters">Reuters</a> that companies in its portfolio will be asked to take more specific action on climate change.<a href="#cite_note-38">[38]</a> <div class="mw-heading mw-heading3"><h3 id="Excluded_companies">Excluded companies</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=8" title="Edit section: Excluded companies">edit</a>]</div> The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:<a href="#cite_note-39">[39]</a> <table class="wikitable sortable" style="font-size: 85%; border: gray solid 1px; border-collapse: collapse; text-align: center;"> <tbody><tr> <th>Company </th> <th>HQ </th> <th>Date of exclusion </th> <th>Reason </th> <th data-sort-type="number">Divestment (Millions <a href="/wiki/USD" class="mw-redirect" title="USD">USD</a>) </th></tr> <tr> <td><a href="/wiki/Africa_Israel_Investments" title="Africa Israel Investments">Africa Israel Investments</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /> Israel </td> <td>24 August 2010 </td> <td>Violation of international humanitarian law in <a href="/wiki/Occupied_Palestinian_territory" class="mw-redirect" title="Occupied Palestinian territory">occupied Palestinian territory</a> by being involved in developing settlements<a href="#cite_note-samling-40">[40]</a> </td> <td>1.2 </td></tr> <tr> <td><a href="/wiki/Alliance_One_International,_Inc." class="mw-redirect" title="Alliance One International, Inc.">Alliance One International, Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>0.9 </td></tr> <tr> <td><a href="/wiki/Alliant_Techsystems" title="Alliant Techsystems">Alliant Techsystems Inc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jun 2005 </td> <td>Production of components for cluster munitions.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td></tr> <tr> <td><a href="/wiki/Altria_Group_Inc." class="mw-redirect" title="Altria Group Inc.">Altria Group Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>131 </td></tr> <tr> <td><a href="/wiki/Barrick_Gold" title="Barrick Gold">Barrick Gold Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /> Canada </td> <td>30 Jan 2009 </td> <td>Extensive environmental degradation related to the <a href="/wiki/Porgera_Gold_Mine" title="Porgera Gold Mine">Porgera Gold Mine</a> in <a href="/wiki/Papua_New_Guinea" title="Papua New Guinea">Papua New Guinea</a><a href="#cite_note-Barrick-43">[42]</a> </td> <td>245 </td></tr> <tr> <td><a href="/wiki/Babcock_%26_Wilcox" title="Babcock & Wilcox">Babcock & Wilcox</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 January 2013 </td> <td>Production of nuclear arms </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Boeing" title="Boeing">Boeing Company</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 Oct 2005 </td> <td>Maintenance of <a href="/wiki/ICBMs" class="mw-redirect" title="ICBMs">ICBMs</a> for the U.S. Air Force.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td></tr> <tr> <td><a href="/wiki/British_American_Tobacco" title="British American Tobacco">British American Tobacco BHD</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Malaysia </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>9.4 </td></tr> <tr> <td><a href="/wiki/British_American_Tobacco" title="British American Tobacco">British American Tobacco Plc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>683 </td></tr> <tr> <td>Danya Cebus </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /> Israel </td> <td>24 August 2010 </td> <td>Violation of the <a href="/wiki/Geneva_Convention" class="mw-redirect" title="Geneva Convention">Geneva Convention</a> in <a href="/wiki/Occupied_Palestinian_territory" class="mw-redirect" title="Occupied Palestinian territory">occupied Palestinian territory</a> by being involved in developing settlements<a href="#cite_note-samling-40">[40]</a> </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Dongfeng_Motor_Group" title="Dongfeng Motor Group">Dongfeng Motor Group</a> Co Ltd. </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> China </td> <td>28 February 2009 </td> <td>Sale of weapons and military material to Burma<a href="#cite_note-46">[44]</a><a href="#cite_note-47">[45]</a> </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Duke_Energy" title="Duke Energy">Duke Energy</a> +3 subsidiaries </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>7 September 2016 </td> <td>Risk of severe environmental damage<a href="#cite_note-48">[46]</a> </td> <td>300 (or more)<a href="#cite_note-49">[47]</a> </td></tr> <tr> <td><a href="/wiki/Airbus" title="Airbus">Airbus</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> France <img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /> Germany <img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /> Netherlands <img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /> Spain </td> <td>30 Jun 2005 </td> <td>Production of nuclear missiles for the French Air Force through the company <a href="/wiki/MBDA" title="MBDA">MBDA</a><a href="#cite_note-50">[48]</a><a href="#cite_note-51">[nb 3]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td></tr> <tr> <td><a href="/wiki/Elbit_Systems" title="Elbit Systems">Elbit Systems</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /> Israel </td> <td>3 Sep 2009 </td> <td>Supply of surveillance systems for the <a href="/wiki/Israeli_West_Bank_barrier" class="mw-redirect" title="Israeli West Bank barrier">Israeli West Bank barrier</a><a href="#cite_note-52">[49]</a><a href="#cite_note-53">[50]</a><a href="#cite_note-ShowFull&cid=1251804480041-54">[51]</a> </td> <td>5.0 </td></tr> <tr> <td><a href="/wiki/Freeport-McMoRan" title="Freeport-McMoRan">Freeport McMoRan Copper & Gold Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>28 Mar 2006 </td> <td>Serious environmental damage.<a href="#cite_note-Norwegian_Ministry_of_Finance-55">[52]</a> </td> <td>17.2 </td></tr> <tr> <td><a href="/wiki/G4S" title="G4S">G4S</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> UK </td> <td>14 November 2019 </td> <td>Serious or systematic human rights violations<a href="#cite_note-56">[53]</a> </td> <td>N/A </td></tr> <tr> <td>GenCorp, Inc. (now <a href="/wiki/Aerojet_Rocketdyne_Holdings" class="mw-redirect" title="Aerojet Rocketdyne Holdings">Aerojet Rocketdyne Holdings, Inc.</a>) </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>15 Nov 2007 </td> <td>Production of nuclear weapons.<a href="#cite_note-vapen-57">[54]</a> </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/General_Dynamics" title="General Dynamics">General Dynamics Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jun 2005 </td> <td>Production of components for cluster munitions.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td></tr> <tr> <td><a href="/wiki/Grupo_Carso" title="Grupo Carso">Grupo Carso</a> SAB de CV </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/23px-Flag_of_Mexico.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/35px-Flag_of_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/46px-Flag_of_Mexico.svg.png 2x" data-file-width="980" data-file-height="560" /> Mexico </td> <td>15 Feb 2011 </td> <td>Production of tobacco.<a href="#cite_note-58">[55]</a> </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Gudang_Garam" title="Gudang Garam">Gudang Garam tbk pt</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /> Indonesia </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>0 </td></tr> <tr> <td><a href="/wiki/Hanwha" class="mw-redirect" title="Hanwha">Hanwha Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /> South Korea </td> <td>15 May 2007 </td> <td>Production of cluster munitions.<a href="#cite_note-vapen-57">[54]</a> </td> <td>1.2<a href="#cite_note-hanwha-59">[56]</a> </td></tr> <tr> <td><a href="/wiki/Honeywell" title="Honeywell">Honeywell International Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 Oct 2005 </td> <td>Simulations of nuclear explosions.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td></tr> <tr> <td>Huabao International Holdings Limited </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/23px-Flag_of_Hong_Kong.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/35px-Flag_of_Hong_Kong.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/45px-Flag_of_Hong_Kong.svg.png 2x" data-file-width="900" data-file-height="600" /> Hong Kong </td> <td>8 May 2013 </td> <td>Production of tobacco </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Imperial_Tobacco" class="mw-redirect" title="Imperial Tobacco">Imperial Tobacco Group Plc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>347 </td></tr> <tr> <td><a href="/wiki/ITC_Limited" title="ITC Limited">ITC Ltd.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /> India </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>48 </td></tr> <tr> <td><a href="/wiki/Japan_Tobacco" title="Japan Tobacco">Japan Tobacco Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/23px-Flag_of_Japan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/35px-Flag_of_Japan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/45px-Flag_of_Japan.svg.png 2x" data-file-width="900" data-file-height="600" /> Japan </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>210 </td></tr> <tr> <td><a href="/wiki/Jacobs_Engineering_Group" class="mw-redirect" title="Jacobs Engineering Group">Jacobs Engineering Group</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 January 2013 </td> <td>Production of nuclear arms </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/KT%26G" class="mw-redirect" title="KT&G">KT&G Corp.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /> South Korea </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>16 </td></tr> <tr> <td>Lingui Development Berhad Ltd. </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Malaysia </td> <td>16 February 2011 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Li-Ning" title="Li-Ning">Li-Ning</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> China </td> <td>8 March 2022 </td> <td>Human rights abuse<a href="#cite_note-60">[57]</a> </td> <td> </td></tr> <tr> <td><a href="/wiki/Lockheed_Martin" title="Lockheed Martin">Lockheed Martin Corp</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jun 2005 </td> <td>Production of components for cluster munitions.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td></tr> <tr> <td><a href="/wiki/Lorillard_Tobacco_Company" title="Lorillard Tobacco Company">Lorillard Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>42 </td></tr> <tr> <td><a href="/w/index.php?title=Madras_Aluminium&action=edit&redlink=1" class="new" title="Madras Aluminium (page does not exist)">Madras Aluminium</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom </td> <td>31 October 2007 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Norilsk_Nickel" title="Norilsk Nickel">Norilsk Nickel</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /> Russia </td> <td>31 October 2009 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Northrop_Grumman" title="Northrop Grumman">Northrop Grumman Corp.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 Oct 2005 </td> <td>Maintenance of ICBMs for the U.S. Air Force.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td></tr> <tr> <td><a href="/wiki/Philip_Morris_International" title="Philip Morris International">Philip Morris International Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>476 </td></tr> <tr> <td>Philip Morris ČR a.s. (a subsidiary of <a href="/wiki/Philip_Morris_International" title="Philip Morris International">Philip Morris International</a>) </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /> Czech Republic </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>2.7 </td></tr> <tr> <td><a href="/wiki/Poongsan_Corporation" title="Poongsan Corporation">Poongsan Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /> South Korea </td> <td>30 Sep 2006 </td> <td>Production of cluster munition.<a href="#cite_note-61">[58]</a> </td> <td>1.2 </td></tr> <tr> <td><a href="/wiki/Potash_Corporation_of_Saskatchewan" class="mw-redirect" title="Potash Corporation of Saskatchewan">Potash Corporation of Saskatchewan</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /> Canada </td> <td>30 Sep 2011 </td> <td>Production of phosphate in the occupied territories of <a href="/wiki/Western_Sahara" title="Western Sahara">Western Sahara</a>.<a href="#cite_note-dec2011-62">[59]</a> </td> <td>274 </td></tr> <tr> <td><a href="/wiki/Raytheon" title="Raytheon">Raytheon Company</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jun 2005 </td> <td>Production of components for cluster munitions.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td></tr> <tr> <td><a href="/wiki/Reynolds_American" title="Reynolds American">Reynolds American Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>36 </td></tr> <tr> <td><a href="/wiki/Rio_Tinto_Group" class="mw-redirect" title="Rio Tinto Group">Rio Tinto Group</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom <img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/23px-Flag_of_Australia_%28converted%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/35px-Flag_of_Australia_%28converted%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/46px-Flag_of_Australia_%28converted%29.svg.png 2x" data-file-width="1280" data-file-height="640" /> Australia </td> <td>28 Apr 2008 </td> <td>Severe environmental damage<a href="#cite_note-63">[60]</a> </td> <td>882 </td></tr> <tr> <td><a href="/w/index.php?title=Samling_Global_Ltd.&action=edit&redlink=1" class="new" title="Samling Global Ltd. (page does not exist)">Samling Global Ltd.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Malaysia </td> <td>23 Aug 2010 </td> <td>Illegal logging and severe environmental damage<a href="#cite_note-samling-40">[40]</a> </td> <td>1.4 </td></tr> <tr> <td><a href="/wiki/Safran" title="Safran">SAFRAN SA</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> France </td> <td>11 Oct 2005 </td> <td>Production of nuclear missiles for the French Navy.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td></tr> <tr> <td><a href="/wiki/Serco" title="Serco">Serco Group plc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom </td> <td>15 Nov 2007 </td> <td>Maintenance of <a href="/wiki/British_nuclear_weapons" class="mw-redirect" title="British nuclear weapons">British nuclear weapons</a> through the <a href="/wiki/Atomic_Weapons_Establishment" title="Atomic Weapons Establishment">Atomic Weapons Establishment</a>.<a href="#cite_note-vapen-57">[54]</a> </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Sesa_Sterlite_Limited" class="mw-redirect" title="Sesa Sterlite Limited">Sesa Sterlite Limited</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /> India </td> <td>30 January 2014 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td>Schweitzer-Mauduit International Inc. </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>8 May 2013 </td> <td>Production of tobacco </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Shanghai_Industrial_Holdings" title="Shanghai Industrial Holdings">Shanghai Industrial Holdings</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> China </td> <td>15 March 2011 </td> <td>Production of tobacco </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Shikun_UVinui" class="mw-redirect" title="Shikun UVinui">Shikun UVinui</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /> Israel </td> <td>17 June 2012 </td> <td>Violation of the <a href="/wiki/Geneva_Convention" class="mw-redirect" title="Geneva Convention">Geneva Convention</a> in <a href="/wiki/Occupied_Palestinian_territory" class="mw-redirect" title="Occupied Palestinian territory">occupied Palestinian territory</a> by being involved in developing settlements<a href="#cite_note-GPFN_to_exclude_Shikun_&_Binui-64">[61]</a> </td> <td>1.4 </td></tr> <tr> <td><a href="/wiki/Souza_Cruz_S/A" class="mw-redirect" title="Souza Cruz S/A">Souza Cruz SA</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /> Brazil </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>7.4 </td></tr> <tr> <td><a href="/wiki/Sterlite_Industries" class="mw-redirect" title="Sterlite Industries">Sterlite Industries</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /> India </td> <td>31 October 2007 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Swedish_Match" title="Swedish Match">Swedish Match AB</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /> Sweden </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>75 </td></tr> <tr> <td>Ta Ann Holdings Berhad </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Malaysia </td> <td>14 October 2013 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Textron" title="Textron">Textron Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jan 2009 </td> <td>Production of components for cluster munitions.<a href="#cite_note-Textron-65">[62]</a> </td> <td>36 </td></tr> <tr> <td><a href="/wiki/Universal_Corporation" title="Universal Corporation">Universal Corp VA</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>3 </td></tr> <tr> <td>WTK Holdings Berhad </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Malaysia </td> <td>14 October 2013 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/wiki/Vector_Group" title="Vector Group">Vector Group Ltd.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>19 Jan 2010 </td> <td>Production of tobacco.<a href="#cite_note-fin100119-29">[29]</a> </td> <td>2.1 </td></tr> <tr> <td><a href="/wiki/Vedanta_Resources" title="Vedanta Resources">Vedanta Resources Plc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> UK </td> <td>28 Aug 2007 </td> <td>Environmental and human rights abuses.<a href="#cite_note-66">[63]</a> </td> <td>12 </td></tr> <tr> <td><a href="/wiki/Volcan_(mining_company)" title="Volcan (mining company)">Volcan (mining company)</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/23px-Flag_of_Peru.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/35px-Flag_of_Peru.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/45px-Flag_of_Peru.svg.png 2x" data-file-width="900" data-file-height="600" /> Peru </td> <td>14 October 2013 </td> <td>Severe environmental damages </td> <td>7.5 </td></tr> <tr> <td><a href="/wiki/Walmart" title="Walmart">Wal-Mart Stores Inc.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>28 Mar 2006 </td> <td>Breach of human rights and labour rights.<a href="#cite_note-Norwegian_Ministry_of_Finance-55">[52]</a> </td> <td>372 </td></tr> <tr> <td><a href="/wiki/Zijin_Mining" title="Zijin Mining">Zijin Mining</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> China </td> <td>14 October 2013 </td> <td>Severe environmental damages </td> <td>N/A </td></tr> <tr> <td><a href="/w/index.php?title=Zuari_Agro_Chemicals_Ltd.&action=edit&redlink=1" class="new" title="Zuari Agro Chemicals Ltd. (page does not exist)">Zuari Agro Chemicals Ltd.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /> India </td> <td>14 October 2013 </td> <td>Serious or systematic human rights violations </td> <td>N/A </td></tr></tbody></table> 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.<a href="#cite_note-67">[64]</a> In 2016, Norges Bank decided to exclude 52 coal companies from the fund.<a href="#cite_note-68">[65]</a> <div class="mw-heading mw-heading3"><h3 id="Reinstated_companies">Reinstated companies</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=9" title="Edit section: Reinstated companies">edit</a>]</div> Several previously excluded companies have later been reinstated to the fund because the companies were no longer involved in the activities that had led to their exclusion. <table class="wikitable sortable" style="font-size:95%;"> <tbody><tr> <th>Company </th> <th>HQ </th> <th>Date of exclusion </th> <th>Reason </th> <th data-sort-type="number">Divestment (Millions <a href="/wiki/USD" class="mw-redirect" title="USD">USD</a>) </th> <th>Date of reinstatement </th></tr> <tr> <td><a href="/wiki/ST_Engineering" title="ST Engineering">ST Engineering</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /> Singapore </td> <td>26 Apr 2002<a href="#cite_note-69">[66]</a> </td> <td>Design, mass production and stockpile of <a href="/wiki/Land_mine" title="Land mine">land mines</a>, <a href="/wiki/Dual-purpose_improved_conventional_munition" title="Dual-purpose improved conventional munition">dual-purpose improved conventional munition (DPICM) mortar shells containing 25 bomblets</a>, <a href="/wiki/Bomblets" class="mw-redirect" title="Bomblets">artillery shells containing 64 DPICM bomblets</a>, <a href="/wiki/Cluster_bombs" class="mw-redirect" title="Cluster bombs">air-delivered cluster bombs with 650 bomblets</a> <a href="#cite_note-70">[67]</a><a href="#cite_note-71">[68]</a> </td> <td>N/A </td> <td>30 Sep 2016<a href="#cite_note-72">[69]</a> </td></tr> <tr> <td><a href="/wiki/BAE_Systems" title="BAE Systems">BAE Systems plc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> United Kingdom </td> <td>11 Oct 2005 </td> <td>Production of nuclear missiles for the <a href="/wiki/French_Air_and_Space_Force" title="French Air and Space Force">French Air Force</a> through the company <a href="/wiki/MBDA" title="MBDA">MBDA</a>.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td> <td>11 Jan 2013<a href="#cite_note-drd_reinstated_1-73">[70]</a> </td></tr> <tr> <td><a href="/w/index.php?title=DRD_Gold_Limited&action=edit&redlink=1" class="new" title="DRD Gold Limited (page does not exist)">DRD Gold Limited</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/23px-Flag_of_South_Africa.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/35px-Flag_of_South_Africa.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/45px-Flag_of_South_Africa.svg.png 2x" data-file-width="900" data-file-height="600" /> South Africa </td> <td>29 Jan 2007 </td> <td>Serious environmental damage.<a href="#cite_note-74">[71]</a> </td> <td>0.6 </td> <td>3 Sep 2009<a href="#cite_note-drd_reinstated_2-75">[72]</a><a href="#cite_note-76">[73]</a> </td></tr> <tr> <td><a href="/wiki/Finmeccanica" class="mw-redirect" title="Finmeccanica">Finmeccanica S.p.A.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /> Italy </td> <td>11 Oct 2005 </td> <td>Production of nuclear missiles for the <a href="/wiki/French_Air_and_Space_Force" title="French Air and Space Force">French Air and Space Force</a> through the company <a href="/wiki/MBDA" title="MBDA">MBDA</a>.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td> <td>11 Jan 2013<a href="#cite_note-drd_reinstated_1-73">[70]</a> </td></tr> <tr> <td><a href="/wiki/FMC_Corporation" title="FMC Corporation">FMC Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Sep 2011 </td> <td>Production of phosphate in the occupied territories of <a href="/wiki/Western_Sahara" title="Western Sahara">Western Sahara</a>.<a href="#cite_note-dec2011-62">[59]</a> </td> <td>52 </td> <td>11 Jan 2013<a href="#cite_note-drd_reinstated_3-77">[74]</a> </td></tr> <tr> <td><a href="/wiki/Kerr-McGee" title="Kerr-McGee">Kerr-McGee Corporation</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>29 Apr 2005 </td> <td>Petroleum surveying in occupied <a href="/wiki/Western_Sahara" title="Western Sahara">Western Sahara</a><a href="#cite_note-78">[75]</a> </td> <td>54 </td> <td>30 Jun 2006<a href="#cite_note-79">[76]</a> </td></tr> <tr> <td><a href="/wiki/L-3_Communications" class="mw-redirect" title="L-3 Communications">L3 Communications Holdings Inc</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>30 Jun 2005 </td> <td>Production of components for <a href="/wiki/Cluster_munition" title="Cluster munition">cluster munitions</a>.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td> <td>31 August 2005<a href="#cite_note-80">[77]</a> </td></tr> <tr> <td><a href="/wiki/Thales_Group" title="Thales Group">Thales SA</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> France </td> <td>30 Jun 2005 </td> <td>Production of components for <a href="/wiki/Cluster_munition" title="Cluster munition">cluster munitions</a>.<a href="#cite_note-eight-41">[41]</a> </td> <td>N/A<a href="#cite_note-Alliant-42">[nb 1]</a> </td> <td>3 Sep 2009<a href="#cite_note-81">[78]</a> </td></tr> <tr> <td><a href="/wiki/United_Technologies_Corporation" class="mw-redirect" title="United Technologies Corporation">United Technologies Corp.</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> USA </td> <td>11 Oct 2005 </td> <td>Production of engines for <a href="/wiki/Intercontinental_ballistic_missile" title="Intercontinental ballistic missile">ICBMs</a> in the U.S. Air Force.<a href="#cite_note-uttrekk-44">[43]</a> </td> <td>N/A<a href="#cite_note-BAE-45">[nb 2]</a> </td> <td>2 March 2013<a href="#cite_note-drd_reinstated_4-82">[79]</a> </td></tr> <tr> <td><a href="/wiki/Dongfeng_Group" class="mw-redirect" title="Dongfeng Group">Dongfeng Group</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> China </td> <td>March 2009 </td> <td>Sale of military vehicles to <a href="/wiki/Myanmar" title="Myanmar">Myanmar</a><a href="#cite_note-:0-83">[80]</a> </td> <td>N/A </td> <td>Dec 2014<a href="#cite_note-84">[81]</a> </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Companies_"under_observation"">Companies "under observation"</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=10" title="Edit section: Companies "under observation"">edit</a>]</div> As an alternative to full exclusion from the fund, companies may be placed "under observation" to help put pressure on the company to improve. <table class="wikitable" style="font-size:95%;"> <tbody><tr> <th>Company </th> <th>HQ </th> <th>Date of warning </th> <th>Reason </th> <th>Shares </th></tr> <tr> <td><a href="/wiki/Alstom" title="Alstom">Alstom</a> </td> <td><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> France </td> <td>6 Dec 2011 </td> <td>Risk of gross corruption<a href="#cite_note-85">[82]</a> </td> <td>N/A </td></tr> </tbody></table> It was proposed that one more company, <a href="/wiki/Goldcorp" title="Goldcorp">Goldcorp</a>, should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.<a href="#cite_note-86">[83]</a> <div class="mw-heading mw-heading3"><h3 id="Currency_portfolio">Currency portfolio</h3>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=11" title="Edit section: Currency portfolio">edit</a>]</div> In October 2010 the fund spent NOK 600 million ($136.4 million as of October 2010) daily buying foreign currencies. That figure would be increased to 800 million kroner daily in November.<a href="#cite_note-87">[84]</a> This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.<a href="#cite_note-88">[85]</a> <div class="mw-heading mw-heading2"><h2 id="Government_Pension_Fund_–_Norway">Government Pension Fund – Norway</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=12" title="Edit section: Government Pension Fund – Norway">edit</a>]</div> The Government Pension Fund – Norway (Statens pensjonsfond Norge, SPN) was established by the National Insurance Act (Folketrygdloven) in 1967 under the name National Insurance Scheme Fund (Folketrygdfondet). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still named Folketrygdfondet. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on the <a href="/wiki/Oslo_Stock_Exchange" title="Oslo Stock Exchange">Oslo Stock Exchange</a>. The Fund is not allowed to own more than a 15% interest in any single Norwegian company.<a href="#cite_note-89">[86]</a> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=13" title="Edit section: Notes">edit</a>]</div> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Alliant-42">^ <a href="#cite_ref-Alliant_42-0">a</a> <a href="#cite_ref-Alliant_42-1">b</a> <a href="#cite_ref-Alliant_42-2">c</a> <a href="#cite_ref-Alliant_42-3">d</a> <a href="#cite_ref-Alliant_42-4">e</a> <a href="#cite_ref-Alliant_42-5">f</a> <a href="#cite_ref-Alliant_42-6">g</a> The total divestment from the seven companies <a href="/wiki/Alliant_Techsystems" title="Alliant Techsystems">Alliant Techsystems</a> Inc, EADS Co (<a href="/wiki/European_Aeronautic_Defence_and_Space_Company" class="mw-redirect" title="European Aeronautic Defence and Space Company">European Aeronautic Defence and Space Company</a>), <a href="/wiki/General_Dynamics_Corporation" class="mw-redirect" title="General Dynamics Corporation">General Dynamics Corporation</a>, <a href="/wiki/L3_Communications" class="mw-redirect" title="L3 Communications">L3 Communications</a> Holdings Inc, <a href="/wiki/Lockheed_Martin_Corp" class="mw-redirect" title="Lockheed Martin Corp">Lockheed Martin Corp</a>, <a href="/wiki/Raytheon" title="Raytheon">Raytheon</a> Co and <a href="/wiki/Thales_SA" class="mw-redirect" title="Thales SA">Thales SA</a> was approx. $340 million.<a href="#cite_note-eight-41">[41]</a> </li> <li id="cite_note-BAE-45">^ <a href="#cite_ref-BAE_45-0">a</a> <a href="#cite_ref-BAE_45-1">b</a> <a href="#cite_ref-BAE_45-2">c</a> <a href="#cite_ref-BAE_45-3">d</a> <a href="#cite_ref-BAE_45-4">e</a> <a href="#cite_ref-BAE_45-5">f</a> <a href="#cite_ref-BAE_45-6">g</a> The total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx. 500 million USD.<a href="#cite_note-uttrekk-44">[43]</a> </li> <li id="cite_note-51"><a href="#cite_ref-51">^</a> EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles. </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=14" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><a href="/wiki/File:Crystal_energy.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/29px-Crystal_energy.svg.png" decoding="async" width="29" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/44px-Crystal_energy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/59px-Crystal_energy.svg.png 2x" data-file-width="130" data-file-height="124" /></a><a href="/wiki/Portal:Energy" title="Portal:Energy">Energy portal</a></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/The_budgetary_rule" title="The budgetary rule">The budgetary rule</a> – concerning the usage of capital gains from The Government Pension Fund – Global</li> <li><a href="/wiki/Pensions_in_Norway" title="Pensions in Norway">Pensions in Norway</a></li> <li><a href="/wiki/Economy_of_Norway" title="Economy of Norway">Economy of Norway</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li> <li><a href="/wiki/Economy_of_Norway#Energy_Resources" title="Economy of Norway">Energy Resources of Norway</a>[<a href="/wiki/MOS:BROKENSECTIONLINKS" class="mw-redirect" title="MOS:BROKENSECTIONLINKS">broken anchor</a>]</li> <li><a href="/wiki/Ethical_investing" class="mw-redirect" title="Ethical investing">Ethical investing</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=15" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af">"Norway Government Pension Fund Global (Norway GPFG) – Sovereign Wealth Fund, Norway – SWFI"</a>. swfinstitute.org. 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Retrieved 7 September 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TheStreet&rft.atitle=World%27s+Biggest+Sovereign+Fund+Dumps+Duke&rft.date=2016-09-07&rft_id=https%3A%2F%2Fwww.thestreet.com%2Fstory%2F13696134%2F1%2Fworld-s-biggest-sovereign-fund-dumps-duke.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-50"><a href="#cite_ref-50">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThe_Ethical_Council_of_the_Government_Pension_Fund_of_Norway2006" class="citation web cs1 cs1-prop-foreign-lang-source">The Ethical Council of the Government Pension Fund of Norway (18 April 2006). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/en/dep/fin/tema/statens_pensjonsfond/etiske-retningslinjer/tilradninger-og-brev-fra-etikkradet/tilradning-18-april-2006.html?id=91821">"Tilrådning 18. april 2006"</a> (in Norwegian).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Tilr%C3%A5dning+18.+april+2006&rft.date=2006-04-18&rft.au=The+Ethical+Council+of+the+Government+Pension+Fund+of+Norway&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2Ftema%2Fstatens_pensjonsfond%2Fetiske-retningslinjer%2Ftilradninger-og-brev-fra-etikkradet%2Ftilradning-18-april-2006.html%3Fid%3D91821&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-52"><a href="#cite_ref-52">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2009" class="citation web cs1"><a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a> (4 September 2009). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/en/dep/fin/press-center/Press-releases/2009/supplier-of-surveillance-equipment-for-t.html?id=575444">"Supplier of surveillance equipment for the separation barrier in the West Bank excluded from the Government Pension Fund – Global"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Supplier+of+surveillance+equipment+for+the+separation+barrier+in+the+West+Bank+excluded+from+the+Government+Pension+Fund+%E2%80%93+Global&rft.date=2009-09-04&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2Fpress-center%2FPress-releases%2F2009%2Fsupplier-of-surveillance-equipment-for-t.html%3Fid%3D575444&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-53"><a href="#cite_ref-53">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEthical_Council_of_the_Government_Pension_Fund_of_Norway2009" class="citation web cs1">Ethical Council of the Government Pension Fund of Norway (4 September 2009). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/en/dep/fin/Selected-topics/The-Government-Pension-Fund/Ethical-Guidelines-for-the-Government-Pension-Fund---Global-/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/the-council-on-ethics-recommends-that-th.html?id=575451">"Recommendation on the exclusion of the company Elbit Systems Ltd"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Recommendation+on+the+exclusion+of+the+company+Elbit+Systems+Ltd&rft.date=2009-09-04&rft.au=Ethical+Council+of+the+Government+Pension+Fund+of+Norway&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2FSelected-topics%2FThe-Government-Pension-Fund%2FEthical-Guidelines-for-the-Government-Pension-Fund---Global-%2FRecommendations-and-Letters-from-the-Advisory-Council-on-Ethics%2Fthe-council-on-ethics-recommends-that-th.html%3Fid%3D575451&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-ShowFull&cid=1251804480041-54"><a href="#cite_ref-ShowFull&cid=1251804480041_54-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHerb_Keinon_and_Yaakov_Katz2009" class="citation web cs1">Herb Keinon and Yaakov Katz (3 September 2009). <a rel="nofollow" class="external text" href="http://fr.jpost.com/servlet/Satellite?pagename=JPost/JPArticle/ShowFull&cid=1251804480041">"Norway envoy summoned on divestment"</a>. The Jerusalem Post.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Jerusalem+Post&rft.atitle=Norway+envoy+summoned+on+divestment&rft.date=2009-09-03&rft.au=Herb+Keinon+and+Yaakov+Katz&rft_id=http%3A%2F%2Ffr.jpost.com%2Fservlet%2FSatellite%3Fpagename%3DJPost%2FJPArticle%2FShowFull%26cid%3D1251804480041&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-Norwegian_Ministry_of_Finance-55">^ <a href="#cite_ref-Norwegian_Ministry_of_Finance_55-0">a</a> <a href="#cite_ref-Norwegian_Ministry_of_Finance_55-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2006" class="citation web cs1 cs1-prop-foreign-lang-source"><a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a> (6 June 2006). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/To-selskaper---Wal-Mart-og-Freeport---trekkes-ut-av-Statens-pensjonsfond---Utland.html?id=104384&epslanguage=NO">"To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland"</a> (in Norwegian).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=To+selskaper+%E2%80%93+Wal-Mart+og+Freeport+%E2%80%93+trekkes+ut+av+Statens+pensjonsfond+%E2%80%93+Utland&rft.date=2006-06-06&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fnb%2Fdep%2Ffin%2Fpressesenter%2Fpressemeldinger%2F2006%2FTo-selskaper---Wal-Mart-og-Freeport---trekkes-ut-av-Statens-pensjonsfond---Utland.html%3Fid%3D104384%26epslanguage%3DNO&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> <a rel="nofollow" class="external text" href="https://www.nbim.no/en/the-fund/news-list/2019/decision-to-exclude-company-from-the-government-pension-fund-global2/">Decision to exclude company from the Government Pension Fund Global</a> </li> <li id="cite_note-vapen-57">^ <a href="#cite_ref-vapen_57-0">a</a> <a href="#cite_ref-vapen_57-1">b</a> <a href="#cite_ref-vapen_57-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2008" class="citation web cs1"><a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a> (11 January 2008). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/One-producer-of-cluster-munitions-and-tw.html?id=496485">"One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund – Global"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=One+producer+of+cluster+munitions+and+two+producers+of+nuclear+weapons+excluded+from+the+Government+Pension+Fund+%E2%80%93+Global&rft.date=2008-01-11&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2FPress-Center%2FPress-releases%2F2008%2FOne-producer-of-cluster-munitions-and-tw.html%3Fid%3D496485&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-58"><a href="#cite_ref-58">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThe_Council_on_Ethics2011" class="citation web cs1 cs1-prop-foreign-lang-source">The Council on Ethics (15 February 2011). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/Upload/FIN/Statens%20pensjonsfond/2011/spu/carso2011.pdf">"Til Finansdepartementet"</a> (PDF) (in Norwegian). <a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a>. Retrieved 19 August 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Til+Finansdepartementet&rft.pub=Norwegian+Ministry+of+Finance&rft.date=2011-02-15&rft.au=The+Council+on+Ethics&rft_id=http%3A%2F%2Fwww.regjeringen.no%2FUpload%2FFIN%2FStatens%2520pensjonsfond%2F2011%2Fspu%2Fcarso2011.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-hanwha-59"><a href="#cite_ref-hanwha_59-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThe_Council_on_Ethics2008" class="citation web cs1">The Council on Ethics (11 January 2008). <a rel="nofollow" class="external text" href="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-exclusion-of-the-compa-2.html?id=496492">"Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Recommendation+on+exclusion+of+the+companies+Rheinmetall+AG+and+Hanwha+Corp&rft.date=2008-01-11&rft.au=The+Council+on+Ethics&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2FSelected-topics%2Fandre%2FEthical-Guidelines-for-the-Government-Pension-Fund---Global-%2FRecommendations-and-Letters-from-the-Advisory-Council-on-Ethics%2FRecommendation-on-exclusion-of-the-compa-2.html%3Fid%3D496492&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-60"><a href="#cite_ref-60">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nbim.no/en/the-fund/news-list/2022/decisions-on-observation-and-exclusion/">"Decisions on observation and exclusion"</a>. Norges Bank Investment Management. 7 March 2022. Retrieved 18 April 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Norges+Bank+Investment+Management&rft.atitle=Decisions+on+observation+and+exclusion&rft.date=2022-03-07&rft_id=https%3A%2F%2Fwww.nbim.no%2Fen%2Fthe-fund%2Fnews-list%2F2022%2Fdecisions-on-observation-and-exclusion%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-61"><a href="#cite_ref-61">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2006" class="citation web cs1 cs1-prop-foreign-lang-source"><a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a> (6 December 2006). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2006/Sorkoreansk-klasevapenprodusent-utelukket-fra-Statens-pensjonsfond-Utland.html?id=437728&epslanguage=NO">"Sørkoreansk klasevåpenprodusent utelukket fra Statens pensjonsfond – Utland"</a> (in Norwegian).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=S%C3%B8rkoreansk+klasev%C3%A5penprodusent+utelukket+fra+Statens+pensjonsfond+%E2%80%93+Utland&rft.date=2006-12-06&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fnb%2Fdep%2Ffin%2Fpressesenter%2Fpressemeldinger%2F2006%2FSorkoreansk-klasevapenprodusent-utelukket-fra-Statens-pensjonsfond-Utland.html%3Fid%3D437728%26epslanguage%3DNO&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-dec2011-62">^ <a href="#cite_ref-dec2011_62-0">a</a> <a href="#cite_ref-dec2011_62-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.regjeringen.no/nb/dep/fin/pressesenter/pressemeldinger/2011/statens-pensjonsfond-utland-nye-beslutni/statens-pensjonsfond-utland-to-selskaper.html?id=665637">"Statens pensjonsfond utland: To selskaper utelukkes fra fondets investeringsunivers"</a> (in Norwegian). 6 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Statens+pensjonsfond+utland%3A+To+selskaper+utelukkes+fra+fondets+investeringsunivers&rft.date=2011-12-06&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fnb%2Fdep%2Ffin%2Fpressesenter%2Fpressemeldinger%2F2011%2Fstatens-pensjonsfond-utland-nye-beslutni%2Fstatens-pensjonsfond-utland-to-selskaper.html%3Fid%3D665637&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-63"><a href="#cite_ref-63">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2008" class="citation web cs1"><a href="/wiki/Norwegian_Ministry_of_Finance" class="mw-redirect" title="Norwegian Ministry of Finance">Norwegian Ministry of Finance</a> (9 September 2008). <a rel="nofollow" class="external text" href="http://www.regjeringen.no/en/dep/fin/Press-Center/Press-releases/2008/the-government-pension-fund-divests-its-.html?id=526030">"The Government Pension Fund divests its holdings in mining company"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Government+Pension+Fund+divests+its+holdings+in+mining+company&rft.date=2008-09-09&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fen%2Fdep%2Ffin%2FPress-Center%2FPress-releases%2F2008%2Fthe-government-pension-fund-divests-its-.html%3Fid%3D526030&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-GPFN_to_exclude_Shikun_&_Binui-64"><a href="#cite_ref-GPFN_to_exclude_Shikun_&_Binui_64-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.timesofisrael.com/massive-norwegian-state-fund-to-divest-from-israeli-company/">"Massive Norwegian state fund to divest from Israeli company"</a>. <a href="/wiki/The_Times_of_Israel" title="The Times of Israel">The Times of Israel</a>. 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text" href="http://www.regjeringen.no/upload/FIN/etikk/2013/bae_finmec_eng.pdf">"Recommendation to revoke the exclusion of the companies BAE Systems plc. and Finmeccanica S.p.A. from the investment universe of the Government Pension Fund Global"</a> (PDF).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Recommendation+to+revoke+the+exclusion+of+the+companies+BAE+Systems+plc.+and+Finmeccanica+S.p.A.+from+the+investment+universe+of+the+Government+Pension+Fund+Global&rft.date=2012-08-31&rft.au=Norwegian+Ministry+of+Finance&rft_id=http%3A%2F%2Fwww.regjeringen.no%2Fupload%2FFIN%2Fetikk%2F2013%2Fbae_finmec_eng.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-74"><a href="#cite_ref-74">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorwegian_Ministry_of_Finance2007" class="citation web cs1"><a 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Aftenposten. Retrieved 20 February 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%C3%98nsker+%22gult+kort%22+for+gruveselskap&rft.pub=Aftenposten&rft.date=2010-02-20&rft.au=Kristoffer+R%C3%B8nneberg&rft_id=http%3A%2F%2Fwww.aftenposten.no%2Fnyheter%2Furiks%2Farticle3527171.ece&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-87"><a href="#cite_ref-87">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/idUSOSN00479420101029">"Norway c.bank to sell NOK 800 mln daily in Nov"</a>. <a href="/wiki/Reuters" title="Reuters">Reuters</a>. 29 October 2010. 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Retrieved 31 January 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Norway+fund+to+refrain+from+fx+buying+in+Feb&rft.date=2011-01-31&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fnorway-oilfund-idUSOSB01706920110131&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20220106175937/https://www.folketrygdfondet.no/investment-management/category378.html">"Investment management"</a>. Folketrygdfondet. 28 March 2014. Archived from <a rel="nofollow" class="external text" href="https://www.folketrygdfondet.no/investment-management/category378.html">the original</a> on 6 January 2022. Retrieved 6 January 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Folketrygdfondet&rft.atitle=Investment+management&rft.date=2014-03-28&rft_id=https%3A%2F%2Fwww.folketrygdfondet.no%2Finvestment-management%2Fcategory378.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGovernment+Pension+Fund+of+Norway" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Government_Pension_Fund_of_Norway&action=edit&section=16" title="Edit section: External links">edit</a>]</div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100315064711/http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund.html">Norwegian Ministry of Finance: On the Government Pension Fund</a></li> <li><a rel="nofollow" class="external text" href="http://www.ftf.no/">The Government Pension Fund – Norway: Official site</a></li> <li><a rel="nofollow" class="external text" href="http://www.nbim.no/">The Government Pension Fund – Global: Official site</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": 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aria-labelledby="Norway_articles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini 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Ages</a></li> <li><a href="/wiki/Kingdom_of_Norway_(872%E2%80%931397)" title="Kingdom of Norway (872–1397)">Kingdom of Norway (872–1397)</a> <ul><li><a href="/wiki/Hereditary_Kingdom_of_Norway" class="mw-redirect" title="Hereditary Kingdom of Norway">Hereditary Kingdom of Norway</a></li></ul></li> <li><a href="/wiki/Kalmar_Union" title="Kalmar Union">Kalmar Union</a></li> <li><a href="/wiki/Denmark%E2%80%93Norway" title="Denmark–Norway">Denmark–Norway</a></li> <li><a href="/wiki/Kingdom_of_Norway_(1814)" title="Kingdom of Norway (1814)">Kingdom of Norway (1814)</a></li> <li><a href="/wiki/Union_between_Sweden_and_Norway" title="Union between Sweden and Norway">Sweden–Norway</a></li> <li><a href="/wiki/Dissolution_of_the_union_between_Norway_and_Sweden" title="Dissolution of the union between Norway and Sweden">End of the union</a></li> <li><a href="/wiki/German_occupation_of_Norway" title="German occupation of Norway">World War II</a> <ul><li><a href="/wiki/Reichskommissariat_Norwegen" title="Reichskommissariat Norwegen">Reichskommissariat</a></li> <li><a href="/wiki/Quisling_regime" title="Quisling regime">Quisling regime</a></li> <li><a href="/wiki/Norwegian_government-in-exile" class="mw-redirect" title="Norwegian government-in-exile">Norwegian government-in-exile</a></li></ul></li> <li><a href="/wiki/History_of_Norway#Postwar" title="History of Norway">1945–2000</a></li> <li><a href="/wiki/History_of_Norway#21st_century" title="History of Norway">21st century</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><a href="/wiki/Coat_of_arms_of_Norway" title="Coat of arms of Norway"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Coat_of_arms_of_Norway.svg/80px-Coat_of_arms_of_Norway.svg.png" decoding="async" width="80" height="142" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Coat_of_arms_of_Norway.svg/120px-Coat_of_arms_of_Norway.svg.png 1.5x, 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Norway">Islands</a></li> <li><a href="/wiki/List_of_lakes_of_Norway" title="List of lakes of Norway">Lakes</a></li> <li><a href="/wiki/List_of_mammals_of_Norway" title="List of mammals of Norway">Mammals</a></li> <li><a href="/wiki/List_of_mountains_in_Norway_by_height" title="List of mountains in Norway by height">Mountains</a></li> <li><a href="/wiki/List_of_municipalities_of_Norway" title="List of municipalities of Norway">Municipalities</a></li> <li><a href="/wiki/List_of_towns_and_cities_in_Norway" title="List of towns and cities in Norway">Cities</a></li> <li><a href="/wiki/Protected_areas_of_Norway" title="Protected areas of Norway">Protected areas</a></li> <li><a href="/wiki/List_of_rivers_of_Norway" title="List of rivers of Norway">Rivers</a></li> <li><a href="/wiki/List_of_World_Heritage_Sites_in_Norway" title="List of World Heritage Sites in Norway">World Heritage Sites</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Politics_of_Norway" title="Politics of Norway">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Administrative_divisions_of_Norway" title="Administrative divisions of Norway">Administrative divisions</a></li> <li><a href="/wiki/State_budget_of_Norway" title="State budget of Norway">National budget</a></li> <li><a href="/wiki/Constitution_of_Norway" title="Constitution of Norway">Constitution</a></li> <li><a href="/wiki/Norwegian_Correctional_Service" title="Norwegian Correctional Service">Correctional Service</a></li> <li><a href="/wiki/Courts_of_justice_of_Norway" class="mw-redirect" title="Courts of justice of Norway">Courts</a></li> <li><a href="/wiki/Elections_in_Norway" title="Elections in Norway">Elections</a></li> <li><a href="/wiki/Foreign_relations_of_Norway" title="Foreign relations of Norway">Foreign relations</a></li> <li><a href="/wiki/List_of_Norwegian_governments" title="List of Norwegian governments">Governments</a></li> <li><a href="/wiki/Incarceration_in_Norway" title="Incarceration in Norway">Incarceration</a></li> <li><a href="/wiki/LGBT_rights_in_Norway" class="mw-redirect" title="LGBT rights in Norway">LGBT rights</a></li> <li><a href="/wiki/Norwegian_Armed_Forces" title="Norwegian Armed Forces">Military</a></li> <li><a href="/wiki/Monarchy_of_Norway" title="Monarchy of Norway">Monarchy</a></li> <li><a href="/wiki/Storting" title="Storting">Parliament</a></li> <li><a href="/wiki/Norwegian_Police_Service" title="Norwegian Police Service">Police</a></li> <li><a href="/wiki/List_of_political_parties_in_Norway" title="List of political parties in Norway">Political parties</a></li> <li><a href="/wiki/Prime_Minister_of_Norway" title="Prime Minister of Norway">Prime Minister</a></li> <li><a href="/wiki/Template:Norway_ties" title="Template:Norway ties">Membership of International organizations</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_Norway" title="Economy of Norway">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Energy_in_Norway" title="Energy in Norway">Energy</a></li> <li><a href="/wiki/Category:Fishing_in_Norway" title="Category:Fishing in Norway">Fisheries</a></li> <li><a class="mw-selflink selflink">Government Pension Fund</a></li> <li><a href="/wiki/Category:Industry_in_Norway" title="Category:Industry in Norway">Industry</a></li> <li><a href="/wiki/Category:Mining_in_Norway" title="Category:Mining in Norway">Mining</a></li> <li><a href="/wiki/Category:Natural_gas_industry_in_Norway" title="Category:Natural gas industry in Norway">Natural gas</a></li> <li><a href="/wiki/Norwegian_krone" title="Norwegian krone">Krone (currency)</a></li> <li><a href="/wiki/Norges_Bank" title="Norges Bank">National bank</a></li> <li><a href="/wiki/Nordic_model" title="Nordic model">Nordic model</a></li> <li><a href="/wiki/Norwegian_paradox" title="Norwegian paradox">Norwegian paradox</a></li> <li><a href="/wiki/Category:Oil_fields_in_Norway" title="Category:Oil fields in Norway">Oil</a></li> <li><a href="/wiki/Renewable_energy_in_Norway" title="Renewable energy in Norway">Renewable energy</a></li> <li><a href="/wiki/Oslo_Stock_Exchange" title="Oslo Stock Exchange">Stock Exchange</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Taxation</a></li> <li><a href="/wiki/Telecommunications_in_Norway" title="Telecommunications in Norway">Telecommunications</a></li> <li><a href="/wiki/Tourism_in_Norway" title="Tourism in Norway">Tourism</a></li> <li><a href="/wiki/Trade_unions_in_Norway" title="Trade unions in Norway">Trade unions</a></li> <li><a href="/wiki/Transport_in_Norway" title="Transport in Norway">Transport</a></li> <li><a href="/wiki/Whaling_in_Norway" title="Whaling in Norway">Whaling</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Society_of_Norway" title="Category:Society of Norway">Society</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change_in_Norway" title="Climate change in Norway">Climate change</a></li> <li><a href="/wiki/Crime_in_Norway" title="Crime in Norway">Crime</a></li> <li><a href="/wiki/Demographics_of_Norway" title="Demographics of Norway">Demographics</a></li> <li><a href="/wiki/Education_in_Norway" title="Education in Norway">Education</a></li> <li><a href="/wiki/Category:Ethnic_groups_in_Norway" title="Category:Ethnic groups in Norway">Ethnic groups</a></li> <li><a href="/wiki/Health_in_Norway" title="Health in Norway">Health</a></li> <li><a href="/wiki/Immigration_to_Norway" title="Immigration to Norway">Immigration</a></li> <li><a href="/wiki/Incarceration_in_Norway" title="Incarceration in Norway">Incarceration</a></li> <li><a href="/wiki/Irreligion_in_Norway" title="Irreligion in Norway">Irreligion</a></li> <li><a href="/wiki/Languages_of_Norway" title="Languages of Norway">Languages</a> <ul><li><a href="/wiki/Norwegian_language_conflict" title="Norwegian language conflict">language conflict</a></li></ul></li> <li><a href="/wiki/Norwegians" title="Norwegians">Norwegians</a></li> <li><a href="/wiki/Pensions_in_Norway" title="Pensions in Norway">Pensions</a></li> <li><a href="/wiki/Poverty_in_Norway" title="Poverty in Norway">Poverty</a></li> <li><a href="/wiki/Religion_in_Norway" title="Religion in Norway">Religion</a></li> <li><a href="/wiki/Women_in_Norway" class="mw-redirect" title="Women in Norway">Women</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Culture_of_Norway" title="Culture of Norway">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Architecture_of_Norway" title="Architecture of Norway">Architecture</a></li> <li><a href="/wiki/Norwegian_art" title="Norwegian art">Art</a></li> <li><a href="/wiki/Bunad" title="Bunad">Bunad (clothing)</a></li> <li><a href="/wiki/Christmas_in_Norway" title="Christmas in Norway">Christmas (season)</a></li> <li><a href="/wiki/Cinema_of_Norway" title="Cinema of Norway">Cinema</a></li> <li><a href="/wiki/Norwegian_cuisine" title="Norwegian cuisine">Cuisine</a></li> <li><a href="/wiki/Law_of_Jante" title="Law of Jante">Jante law</a></li> <li><a href="/wiki/Music_of_Norway" title="Music of Norway">Music</a></li> <li><a href="/wiki/Norwegian_language" title="Norwegian language">Norwegian language</a></li> <li><a href="/wiki/Norwegian_literature" title="Norwegian literature">Literature</a></li> <li><a href="/wiki/Media_of_Norway" class="mw-redirect" title="Media of Norway">Media</a></li> <li><a href="/wiki/Prostitution_in_Norway" title="Prostitution in Norway">Prostitution</a></li> <li><a href="/wiki/Public_holidays_in_Norway" title="Public holidays in Norway">Public holidays</a></li> <li><a href="/wiki/Category:Sport_in_Norway" title="Category:Sport in Norway">Sport</a></li> <li><a href="/wiki/Norwegian_nationalism" title="Norwegian nationalism">Nationalism</a></li> <li><a href="/wiki/Norwegian_romantic_nationalism" title="Norwegian romantic nationalism">Romantic nationalism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Symbols</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ja,_vi_elsker_dette_landet" title="Ja, vi elsker dette landet">Anthem</a></li> <li><a href="/wiki/Coat_of_arms_of_Norway" title="Coat of arms of Norway">Coat of arms</a></li> <li><a href="/wiki/List_of_Norwegian_flags" title="List of Norwegian flags">Flags</a> <ul><li><a href="/wiki/Flag_of_Norway" title="Flag of Norway">national flag</a></li></ul></li> <li><a href="/wiki/Mottos_of_Norwegian_institutions" title="Mottos of Norwegian institutions">Mottos</a></li> <li><a href="/wiki/Name_of_Norway" class="mw-redirect" title="Name of Norway">Name of Norway</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="3" style="font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><a href="/wiki/Outline_of_Norway" title="Outline of Norway">Outline</a></li></ul></div> <ul><li><a href="/wiki/Category:Norway" title="Category:Norway">Category</a></li> <li><a href="/wiki/Portal:Norway" title="Portal:Norway">Portal</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" 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