{
  "id": 14781062,
  "title": "– Noen helt åpenbare dilemmaer",
  "url": "https://urgent.news/2026/10/15/noen-helt-apenbare-dilemmaer",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-15T20:00:28.000Z",
  "source": {
    "name": "E24 Norway",
    "slug": "e24-norway",
    "url": "https://e24.no/boers-og-finans/i/8G9jgG/noen-helt-aapenbare-dilemmaer"
  },
  "original_language": "en",
  "account": "On Thursday, a panel led by former central bank chief Svein Gjedrem presented an overview of the fund's ethical guidelines. Among the proposals is allowing investments in the production of nuclear weapons in allied nations and limiting the fund's ability to exclude the largest companies. The fund's primary tool will be to engage in dialogue with companies through so-called ownership expansion, suggests the panel's leader, Gjedrem. Gjedrem emphasized that the key is to place significant emphasis on ownership tracking, stating that this will, in any case, result in fewer exclusions over a period. If ownership expansion with these companies does not lead to exclusions, then exclusions will come later. The panel's two ethical obligations, according to the report, are to balance them properly. This balance contributes to a proper balance, says Gjedrem. The report explains that the Oil Fund should be a broad, global fund with a goal of achieving the highest possible return at acceptable risk. The report highlights that the fund's constitution should allow for the growth and longevity of the fund's value. During a press conference on Thursday, Gjedrem was asked whether this means the fund will no longer be able to exclude the largest companies in the world and that these companies will be shielded. Gjedrem confirmed that the companies will not be shielded from ethical evaluations. Ethical evaluations must remain firm, he replied. However, the fund's investments will not be spread widely over markets if the large companies are excluded, according to Gjedrem. \"Breaking the assumption that they should be broadly diversified,\" he said. Gjedrem noted that long lists of companies that the fund should exclude during the Gaza conflict were created, and if all of them had been removed, the fund would not have been a broadly diversified, global fund. The panel suggests that the emphasis on broad diversification should be incorporated into the Oil Fund's mandate. The fund's mandate should also include a high threshold for excluding companies from the fund, the panel believes. The panel believes that the central bank should decide which tools to use against companies. The central bank currently proposes that companies be excluded. \"As a general rule,\" the panel states, \"the bank should engage in ownership expansion when there is a risk of norm violations. This means continuing to own the shares if there are reasonable prospects of reducing the risk.\" The panel believes it is ethically justified to continue owning shares if there are reasonable prospects of reducing risk, writes Gjedrem. If the impact does not lead to an increase, the fund should no longer invest in the company. However, if this goes beyond the fund's ability to remain a \"broadly diversified, global fund,\" the fund should not sell shares in the company. Selling shares in large companies could potentially make it difficult for the fund to deviate significantly from the broader market, the panel writes in its report. This could potentially make it difficult for the fund to sell shares in the largest technology companies in the world. Other tools previously used by the fund include placing companies under observation or excluding them from the fund. The central bank has stated that it has not yet made any recommendations on what Norway should do. The Storting will be presented with the issue before 2027. Finance Minister Jens Stoltenberg (Ap) stressed that he has been focusing on sparking a debate about obvious dilemmas we face, as this fund is so important. He pointed out that the increased concentration in global stock markets means that the exclusion of a few very large companies can have a significant impact on the fund and change its character. The Oil Fund now finances more than a quarter of the state budget, according to Stoltenberg. \"And the Storting has set that the return from the Oil Fund is an ethical consideration,\" he said. Often, there will not be a conflict between maximizing returns and ethical standards, but sometimes there can be. If we exclude the largest companies in the world, we will see that it is a deviation we must be aware of that we are making, he said. Mads Harlem of Redd Barna expressed concern that the Oil Fund should not be able to exclude companies solely because they are large. \"This is serious. It is not in line with international guidelines for responsible business and Norway's international obligations under international humanitarian law,\" he said. Harlem criticized the focus on maximizing returns as an ethical standard. \"We must make our assessments around international law independent of how many kroner in returns we may lose,\" he said. The panel's review of the fund was ordered by Stoltenberg last autumn. \"More war and conflict puts the fund on new tests,\" said the finance minister during a press conference on Thursday. \"Individual situations are increasingly requiring sharp investment and faster reactions.\" At the same time, the Russian war against Ukraine reminds us of the need for a strong defense industry. The paradox is that the Norwegian pension fund cannot invest in companies that are crucial to Norway's security, he said. The finance minister emphasized that some companies deliver parts for both military and civilian purposes. \"The line between what is military and what is civilian becomes less clear,\" he added.",
  "summary": "Gjedrem-utvalget vil at Oljefondet skal velge dialog foran utestenging, og vil gjøre det vanskelig…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}