- The Gjedrem Committee submitted its review of Norges Bank's ethical guidelines to the Norwegian Ministry of Finance on Thursday, October 15, 2026.
- The fund is currently barred from investing in Boeing, Lockheed Martin, BAE Systems, Airbus, BWX Technologies and Lockheed Martin-linked nuclear weapons component makers.
- The proposed change would limit the nuclear-weapons exclusion to companies not domiciled in an allied NPT nuclear-weapon state, reincluding several European and American component producers.
- The committee also proposes allowing investment in companies producing weapons Norway needs for its own defense and removing the end-use assessment for arms makers.
- Norway will consult on the proposals before the government sets a new ethics framework, with a parliamentary vote expected in mid-2027.
- The fund holds a 2.3% stake in Rheinmetall and a 1.5% stake in Leonardo under current rules.
Quotes
“Norges Bank must be prepared for situations where conflicts escalate into war.”
“its scope should change.”
“timely to reassess the ethical framework.”