Norges Bank’s Executive Board has decided to exclude the Israeli company Paz Retail and Energy Ltd. (Paz) and the Mexican company Petroleos Mexicanos from the Government Pension Fund Global, on the recommendation of the Ethics Council. The former is excluded due to an unacceptable risk of the company contributing to serious violations of individuals’ rights in war or conflict situations. – By conducting infrastructure for the supply of fuel to Israeli settlements in the West Bank, Paz contributes to maintaining the settlements there. The settlements are established in violation of international law, and their maintenance constitutes an ongoing violation of international law, the Council on Ethics writes in its justification. Petroleos Mexicanos is excluded due to unacceptable risk of the company contributing to or itself being responsible for serious corruption, Norges Bank says. The Executive Board has also chosen to repeal the exclusion of German Rwe AG (RWE) and instead put the company for observation.
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