The proposal would allow the world’s largest sovereign wealth fund to acquire shares in companies including Airbus, Boeing, BAE Systems and Lockheed Martin, potentially opening the way for investments worth tens of billions of dollars. Any change requires political approval and has not yet taken effect.
The commission, chaired by former central bank governor Svein Gjedrem, proposed an exemption for manufacturers based in nuclear-weapon states recognised under the Treaty on the Non-Proliferation of Nuclear Weapons, provided those countries are allies of Norway, a NATO member.
That would cover qualifying businesses based in the United States, Britain and France. Companies associated with nuclear weapons programmes outside the proposed exemption would remain subject to exclusion, while other ethical restrictions could still prevent individual investments.
The commission submitted its review of the Government Pension Fund Global’s ethical framework to Finance Minister Jens Stoltenberg on October 15. Norway’s government is expected to present its response in spring 2027, after consultation, before parliament considers any changes.
The fund currently excludes 14 companies for developing or manufacturing nuclear weapons or their components. Besides the four prominent groups, its exclusion list includes Safran, Thales, Northrop Grumman and General Dynamics, among other businesses involved in the defence industry.
Stoltenberg, a former NATO secretary general, commissioned the review against a changing international security environment and Norway’s reliance on NATO’s nuclear deterrent. The proposed exemption reflects the commission’s distinction between weapons programmes operated by allied nuclear powers and those outside that framework.
The recommendations extend beyond defence investments. The commission proposed changing how ethical concerns are investigated and how decisions to exclude companies are made, giving Norges Bank, which manages the fund, greater responsibility for assessing risks and determining appropriate action.
Under the proposed arrangement, the independent Council on Ethics would continue identifying possible violations and evaluating corporate conduct, but would no longer recommend specific exclusions. The central bank would decide whether to retain holdings, engage with companies or sell investments, and how much information to publish.
Supporters of a revised framework argue that ethical oversight should be integrated more closely with investment management, allowing the fund to respond proportionately to different risks rather than automatically removing companies from its investment universe.
Human rights organisations and other civil society groups challenged the proposals. Amnesty International warned that reducing the council’s independence and limiting disclosure could weaken accountability and make it harder to remove companies linked to serious human rights abuses.
The Norwegian Red Cross also expressed concern about easing restrictions on companies involved in nuclear weapons, arguing that investment decisions carry implications for humanitarian principles and efforts to reduce the threat posed by such weapons.
The debate follows parliament’s decision in November 2025 to suspend new ethics-based divestments while the commission completed its work. The temporary arrangements followed controversy over exclusions involving companies with business activities connected to Israel and the occupied Palestinian territories.
One disputed decision concerned US machinery manufacturer Caterpillar, whose equipment has been used in the occupied territories. Its exclusion drew criticism from officials in Washington, adding a diplomatic dimension to the review of Norway’s investment rules.
The government has maintained that the review concerns the fund’s broader ethical framework rather than any single company or foreign government’s objections. Its mandate covered both the rules governing exclusions and the institutional arrangements used to implement them.
The fund invests Norway’s petroleum revenues in international financial markets and holds stakes in thousands of listed companies. Its scale means that changes to its investment restrictions can affect substantial amounts of capital, although eligibility would not guarantee purchases of any particular shares.
The commission recommended retaining exclusions relating to biological and chemical weapons, anti-personnel mines and cluster munitions. The report also preserves the principle that the fund must balance financial objectives with responsibilities established through the country’s investment guidelines and oversight arrangements.
The proposed nuclear-weapons exemption would therefore operate alongside other grounds for excluding companies, including assessments of corporate conduct. Norges Bank would continue to evaluate individual holdings within the investment mandate set by Norway’s political authorities.
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