EADS still excluded from the Government
Pension Fund – Global
The
Ministry of Finance received a recommendation
from the Council on Ethics for the Government Pension Fund – Global on 18 April
2006 concerning EADS (European Aeronautic
Defence and Space Company). EADS was excluded from the Fund autumn 2005 because
of the company’s involvement in the production of cluster munitions. In a
letter to Norges Bank dated 21 March 2006 EADS states that it no longer invests
in the production of cluster munitions. In the same letter, EADS states that it
is involved in the production of nuclear weapons. In light of this new
information, the Council on Ethics has reconsidered the basis for exclusion. The
Council recommends that EADS remains excluded as a consequence of its
involvement in the production of key components to nuclear weapons.
An
excerpt from the recommendation reads: “The
Council on Ethics for the Government Pension Fund – Global finds that the basis
for excluding EADS from investments related to production of cluster munitions
is no longer valid. At the same time, it is clear that the company is involved
in the production of nuclear weapons in a way that render recommendation of
exclusion from the fund. The recommendation to exclude EADS from the Government
Pension Fund – Global is therefore upheld. The basis for the exclusion is that
the company contributes to the production of key components to nuclear
weapons.”
The
Ministry of Finance has decided to follow the recommendation from the Council
to continue exclusion of EADS from the investment universe of the Government
Pensions Fund – Global based on the company’s participation in the production
of key components to nuclear weapons.
