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In mid‑October, the Gjedrem committee released a report on the ethical framework of the Norwegian Government Pension Fund Global (the Oil Fund). The study examines how the fund should exercise ethical oversight and the role of the Ethics Council. It also documents reactions to the fund’s corporate exclusions. The report highlights the September 2025 exclusion of the French mining company Eramet. Eramet is a major shareholder of the French state, and the Ethics Council had argued that the company should be excluded because of an “unacceptable risk that it contributes to or is responsible for serious environmental damage and gross violations of the human rights of uncontacted indigenous peoples.” The committee notes that the exclusion may have had significant consequences for Norway. It points out that the decision was announced at a time when Norway was actively lobbying to keep European Economic Area (EEA) and European Free Trade Association (EFTA) countries out of the European Union’s protective measures. In mid‑November of the previous year, the European Commission imposed tariffs on so‑called ferrous alloys—metal blends used in steel production—affecting several Norwegian firms. About 2,500 employees work in this sector in Norway. Norsk Industri described the decision as “very serious.” Norway had worked hard to keep the country inside the tariff “wall,” but ultimately failed and was left outside. France, which supported the tariff measure, voted for Norway to be excluded. The Gjedrem committee speculates that the exclusion of Eramet might have influenced France’s position, though it admits that no clear evidence links the two events. The committee states, “There are no clear points of reference that the withdrawal affected the French government’s stance, but the temporal coincidence cannot be ruled out.” The ferrous‑alloy case is one of several examples the committee cites when discussing reactions to the fund’s exclusions. It also references the Ethics Council’s exclusion of the American construction equipment manufacturer Caterpillar, noting that the move triggered extensive reactions in the United States. Nils Hermann Ranum, a special adviser at the Forest Fund, reacted to the committee’s speculation on LinkedIn, calling the allegations “gross accusations against France” and arguing that such speculation is inappropriate for a national official report (NOU). He said, “It is disconcerting that a public committee would accuse France of retaliation while admitting it has no clear evidence.” The French embassy declined to comment on the matter. The committee’s chair, Svein Gjedrem, responded to the criticism via a text message to the news outlet E24, stating, “We do not make any accusations against anyone, but we point out the temporal coincidence.” The report, which is part of a broader review of the Oil Fund’s ethical guidelines, remains a key document for understanding the fund’s investment decisions and the political ramifications of its corporate exclusions. Article source: Verdens Gang | Image credit: Verdens Gang
In mid‑October, the Gjedrem committee released a report on the ethical framework of the Norwegian Government Pension Fund Global (the Oil Fund). The study examines how the fund should exercise ethical oversight and the role of the Ethics Council. It also documents reactions to the fund’s corporate exclusions. The report highlights the September 2025 exclusion of the French mining company Eramet. Eramet is a major shareholder of the French state, and the Ethics Council had argued that the company should be excluded because of an “unacceptable risk that it contributes to or is responsible for serious environmental damage and gross violations of the human rights of uncontacted indigenous peoples.” The committee notes that the exclusion may have had significant consequences for Norway. It points out that the decision was announced at a time when Norway was actively lobbying to keep European Economic Area (EEA) and European Free Trade Association (EFTA) countries out of the European Union’s protective measures. In mid‑November of the previous year, the European Commission imposed tariffs on so‑called ferrous alloys—metal blends used in steel production—affecting several Norwegian firms. About 2,500 employees work in this sector in Norway. Norsk Industri described the decision as “very serious.” Norway had worked hard to keep the country inside the tariff “wall,” but ultimately failed and was left outside. France, which supported the tariff measure, voted for Norway to be excluded. The Gjedrem committee speculates that the exclusion of Eramet might have influenced France’s position, though it admits that no clear evidence links the two events. The committee states, “There are no clear points of reference that the withdrawal affected the French government’s stance, but the temporal coincidence cannot be ruled out.” The ferrous‑alloy case is one of several examples the committee cites when discussing reactions to the fund’s exclusions. It also references the Ethics Council’s exclusion of the American construction equipment manufacturer Caterpillar, noting that the move triggered extensive reactions in the United States. Nils Hermann Ranum, a special adviser at the Forest Fund, reacted to the committee’s speculation on LinkedIn, calling the allegations “gross accusations against France” and arguing that such speculation is inappropriate for a national official report (NOU). He said, “It is disconcerting that a public committee would accuse France of retaliation while admitting it has no clear evidence.” The French embassy declined to comment on the matter. The committee’s chair, Svein Gjedrem, responded to the criticism via a text message to the news outlet E24, stating, “We do not make any accusations against anyone, but we point out the temporal coincidence.” The report, which is part of a broader review of the Oil Fund’s ethical guidelines, remains a key document for understanding the fund’s investment decisions and the political ramifications of its corporate exclusions.
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