11 List of excluded companies by 31. desember 2022

Severe environmental damage

• Barrick Gold Corp
• Beijing Tong Ren Tang Chinese Medicine Co Ltd
• Bharat Heavy Electricals Ltd
• China Traditional Chinese Medicine Holdings Co Ltd
• Duke Energy Corp (including the below wholly-owned subsidiaries)
• Duke Energy Carolinas LLC
• Duke Energy Progress LLC
• Progress Energy Inc
• ElSewedy Electric Co
• Freeport-McMoRan Inc
• Genting Bhd
• Grand Pharmaceutical Group Ltd
• Halcyon Agri Corp Ltd
• MMC Norilsk Nickel PJSC
• NHPC Ltd
• POSCO
• Posco International Corp
• Ta Ann Holdings Bhd
• Tong Ren Tang Technologies Co Ltd
• Vale SA
• Volcan Cia Minera SAA
• WTK Holdings Bhd
• Young Poong Corp
• Yunnan Baiyao Group Co Ltd
• Zijin Mining Group Co Ltd

Severe environmental damage | Serious or systematic human rights violations

• Evergreen Marine Corp Taiwan Ltd
• Korea Line Corp
• Thoresen Thai Agencies PCL
• Vedanta Ltd

Serious violations of the rights of individuals in situations of war or conflict

• Ashtrom Group Ltd
• Danya Cebus Ltd
• Elco Ltd
• Electra Ltd
• Mivne Real Estate KD Ltd
• Oil & Natural Gas Corp Ltd
• PTT Oil and Retail Business PCL
• PTT PCL
• Shapir Engineering and Industry Ltd
• Shikun & Binui Ltd

Other particularly serious violations of fundamental ethical norms

• Elbit Systems Ltd

Gross corruption or other serious financial crime

• JBS SA
• ZTE Corp

Serious or systematic human rights violations

• Centrais Eletricas Brasileiras SA (Eletrobras)
• Cognyte Software Ltd
• Formosa Chemicals & Fibre Corp
• Formosa Taffeta Co Ltd
• Honeys Holdings Co Ltd
• Li Ning Co Ltd
• Luthai Textile Co Ltd
• Page Industries Ltd
• Zuari Agro Chemicals Ltd

Unacceptable greenhouse gas emissions

• Canadian Natural Resources Limited
• Cenovus Energy Inc
• Imperial Oil Limited
• Suncor Energy Inc

Production of nuclear weapons

• Aerojet Rocketdyne Holdings Inc
• Airbus Finance BV
• Airbus SE
• BAE Systems Plc
• Boeing Co
• BWX Technologies Inc
• Fluor Corp
• Honeywell International Inc
• Huntington Ingalls Industries Inc
• Jacobs Engineering Group Inc
• Lockheed Martin Corp
• Northrop Grumman Corp
• Safran SA
• Serco Group Plc

Production of cluster munitions

• Poongsan Corp
• Textron Inc

Production of tobacco

• Altria Group Inc
• British American Tobacco Malaysia Bhd
• British American Tobacco Plc
• Eastern Co SAE
• Gudang Garam tbk pt
• Hanjaya Mandala Sampoerna Tbk PT
• Huabao International Holdings Ltd
• Imperial Brands Plc
• ITC Ltd
• Japan Tobacco Inc
• KT&G Corp
• Mativ Inc
• Philip Morris Cr AS
• Philip Morris International Inc
• Scandinavian Tobacco Group A/S
• Shanghai Industrial Holdings Ltd
• Swedish Match AB
• Universal Corp/VA
• Vector Group Ltd

Production of cannabis for recreational use

• Aurora Cannabis Inc
• Canopy Growth Corp
• Cronos Group Inc
• Tilray Brands Inc

Production of coal or coal-based energy

• AGL Energy Ltd
• Capital Power Corp
• CESC Ltd
• CEZ AS
• China Coal Energy Co Ltd
• China Power International Development Ltd
• China Resources Power Holdings Co Ltd
• China Shenhua Energy Co Ltd
• Chugoku Electric Power Co Inc/The
• CLP Holdings Ltd
• Coal India Ltd
• CONSOL Energy Inc
• Datang International Power Generation Co Ltd
• DMCI Holdings Inc
• DTE Energy Co
• Evergy Inc
• Exxaro Resources Ltd
• FirstEnergy Corp
• Glencore PLC
• NRG Energy Inc
• NTPC Ltd
• RWE AG
• Sasol Ltd
• WEC Energy Group Inc
• Washington H Soul Pattinson & Co Ltd
• Whitehaven Coal Ltd
• Xcel Energy Inc
• Yankuang Energy Group Co Ltd.
• Aboitiz Power Corp
• AES Corp
• AES Gener SA
• ALLETE Inc
• Alliant Energy Corp
• Ameren Corp
• American Electric Power Co Inc
• Electric Power Development Co Ltd
• Electricity Generating PCL
• Emera Inc
• Eneva SA
• Engie Energia Chile SA
• Great River Energy
• Guangdong Electric Power Development Co Ltd
• Gujarat Mineral Development Corp Ltd
• HK Electric Investments & HK Electric Investments Ltd
• Hokkaido Electric Power Co Inc
• Hokuriku Electric Power Co
• Huadian Energy Co Ltd
• Huadian Power International Corp Ltd
• Huaneng Power International Inc
• IDACORP Inc
• Inner Mongolia Yitai Coal Co Ltd
• Jastrzebska Spolka Weglowa SA
• Korea Electric Power Corp
• Lubelski Wegiel Bogdanka SA
• Malakoff Corp Bhd
• MGE Energy Inc
• New Hope Corp Ltd
• Okinawa Electric Power Co Inc/The
• Otter Tail Corp
• PacifiCorp
• Peabody Energy Corp
• PGE Polska Grupa Energetyczna SA
• PNM Resources Inc
• Public Power Corp SA
• Reliance Infrastructure Ltd
• Reliance Power Ltd
• SDIC Power Holdings Co Ltd
• Shikoku Electric Power Co Inc
• Tata Power Co Ltd/The
• Tenaga Nasional Bhd
• TransAlta Corp
• Tri-State Generation and Transmission Association Inc

11.1 List of companies placed under observation

Serious violations of the rights of individuals in situations of war or conflict

• Adani Ports & Special Economic Zone Ltd
• Kirin Holdings Ltd Co

Severe environmental damage

• Astra International Tbk PT
• Marfrig Global Foods SA

Severe environmental damage | Serious or systematic human rights violations

• Hyundai Glovis Co Ltd
• Pan Ocean Co Ltd

Gross corruption or other serious financial crime

• Bombardier Inc
• Hyundai Engineering & Construction Co Ltd

Serious or systematic human rights violations

• Supermax Corp Bhd

Production of coal or coal-based energy

• Berkshire Hathaway Energy Co
• BHP Group Ltd/BHP Group Plc
• CMS Energy Corp
• Kyushu Electric Power Co Inc
• MidAmerican Energy Co
• NorthWestern Corp
• OGE Energy Corp
• Pinnacle West Capital Corp
• SCANA CORP
• Southern Co/The
• Tohoku Electric Power Co Inc
• Uniper SE
• Vistra Corp

An updated list can be found at https://www.nbim.no/en/the-fund/responsible-investment/exclusion-of-companies/