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  • Overall approach
    8/10
    • Overarching commitment on deforestation
      6/6
      Conversion-free commitment or a deforestation-free commitment that explicitly includes all other natural ecosystems
      6/6
      "Companies' strategy for managing significant biodiversity and ecosystem impacts should be based on the mitigation hierarchy. Where relevant, they should adopt �no deforestation, no peat, no exploitation� policies or no conversion commitments. [....] Companies should disclose their processes to identify, and manage risks related to deforestation and other land use changes in their own operations or supply chains. They should adopt industry standards and best practices for avoiding deforestation and land degradation, including protection of high carbon-stock landscapes and high conservation value areas."
      Open source document
    • Deforestation as a business risk
      0/2
    • Target to reduce emissions in scope 1/2
    • Company must have anti-corruption policy
      2/2
      Yes, both an anti-corruption policy and a policy on prohibiting abusive tax arrangements
      2/2
      "We expect companies to identify and manage corruption risk, including the risk of laundering money derived from corrupt activity, and to report publicly on their anti-corruption efforts... Boards should ensure that companies establish anti-corruption policies and procedures to prevent, identify and address corruption in the organisation. Anticorruption policies should be informed by a comprehensive risk assessment relating to the potential for corruption in all aspects of business operations."; "We expect companies to adopt appropriate and prudent tax policies and be transparent about where they generate economic value... Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure."  
      Open source document Open source document
  • Commodity score
    31/90
    • Beef & Leather
      14/90
      • Commitment Strength
        5/31
        • Commodity-specific deforestation financing policy
          0/9.6
          • Commitment details
            No commitment
            0/8
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must be legally operated
          3.1/4.6
          • Commitment details
            Companies own operations - Required
            1.5/3
            Commitment details
            Companies own operations - Required
            1.5/3
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
        • Companies must monitor operations
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must conduct risk assessments
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should disclose their processes to identify, and manage risks related to deforestation and other land use changes in their own operations or supply chains" [...] "In addition to this broad mapping in high-risk industries, we have tools for monitoring companies associated with serious sustainability incidents. These might be breaches of laws, regulations or norms, or accidents caused by negligence. We identified 114 negative incidents in 2020 . We looked particularly at incidents such as alleged pollution, deforestation"
            Open source document Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must specify a cut-off date
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Social Considerations
        9/28
        • Company must ensure Free, Prior and Informed Consent
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should respect the rights of indigenous people and local communities, including the right to free, prior and informed consent."
            Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must have a grievance mechanism
          3.6/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
        • Company must respect labour rights
          3.6/5.6
          • Commitment details
            Companies own operations - Required
            2/4
            Commitment details
            Companies own operations - Required
            2/4
            Does the financial institution ask the company to protect the health and safety of its own operations or its supply chain workers?: Yes

            Type of policy: ILO; UNGP; UN Declaration of HR; Discrimination; Forced Labour; Child Labour
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
        • Company must address gender equality issues
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must encourage the inclusion of small-scale farmers
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must resolve land conflicts
          0/1.6
          • Commitment details
            No
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Reporting and Implementation
        0/31
        • Commitments must be timebound
          No
          0/5
        • Companies must disclose subsidiaries in commodity supply chains
          No
          0/4
        • Companies must disclose locations
          No
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          No
          0/5
        • Engagement with non-compliant companies
          No
          0/5
        • Reporting on implementation of the policy
          No
          0/6
        • Ethical product in portfolio
          No
    • Palm oil
      40/90
      • Commitment Strength
        14/31
        • Commodity-specific deforestation financing policy
          5.4/9.6
          • Commitment details
            Certification
            4/8
            Commitment details
            Certification
            4/8
            "There is a broad consensus that the production of palm oil is a significant contributor to tropical deforestation. When considering companies for divestment, we focus on those that operate palm oil plantations in Malaysia and Indonesia, and have palm oil production as a significant part of their business. We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified." 
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            Location specific: "There is a broad consensus that the production of palm oil is a significant contributor to tropical deforestation. When considering companies for divestment, we focus on those that operate palm oil plantations in Malaysia and Indonesia, and have palm oil production as a significant part of their business. We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified." 
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "There is a broad consensus that the production of palm oil is a significant contributor to tropical deforestation. When considering companies for divestment, we focus on those that operate palm oil plantations in Malaysia and Indonesia, and have palm oil production as a significant part of their business. We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified." 
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "There is a broad consensus that the production of palm oil is a significant contributor to tropical deforestation. When considering companies for divestment, we focus on those that operate palm oil plantations in Malaysia and Indonesia, and have palm oil production as a significant part of their business. We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified." 
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors
            0.2/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors
            0.2/0.4
            "There is a broad consensus that the production of palm oil is a significant contributor to tropical deforestation. When considering companies for divestment, we focus on those that operate palm oil plantations in Malaysia and Indonesia, and have palm oil production as a significant part of their business. We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified." 
            Open source document
        • Companies must be legally operated
          3.1/4.6
          • Commitment details
            Companies own operations - Required
            1.5/3
            Commitment details
            Companies own operations - Required
            1.5/3
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
        • Companies must monitor operations
          3.4/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            Type of policy: Assurance mechanism

            Certification scheme (if applicable): RSPO
            "We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified."
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified."
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified."
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified."
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors
            0.2/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors
            0.2/0.4
            "We also look at whether companies have been certified by the Roundtable on Sustainable Palm Oil, or plan to become certified."
            Open source document
        • Companies must conduct risk assessments
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should disclose their processes to identify, and manage risks related to deforestation and other land use changes in their own operations or supply chains" [...] "In addition to this broad mapping in high-risk industries, we have tools for monitoring companies associated with serious sustainability incidents. These might be breaches of laws, regulations or norms, or accidents caused by negligence. We identified 114 negative incidents in 2020 . We looked particularly at incidents such as alleged pollution, deforestation"
            Open source document Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must specify a cut-off date
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Social Considerations
        9/28
        • Company must ensure Free, Prior and Informed Consent
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should respect the rights of indigenous people and local communities, including the right to free, prior and informed consent."
            Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must have a grievance mechanism
          3.6/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
        • Company must respect labour rights
          3.6/5.6
          • Commitment details
            Companies own operations - Required
            2/4
            Commitment details
            Companies own operations - Required
            2/4
            Type of policy: ILO; UNGP; UN Declaration of HR; Discrimination; Forced Labour; Child Labour; Freedom of Association

            Does the financial institution ask the company to protect the health and safety of its own operations or its supply chain workers?: Yes
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
        • Company must address gender equality issues
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must encourage the inclusion of small-scale farmers
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must resolve land conflicts
          0/1.6
          • Commitment details
            No
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Reporting and Implementation
        17/31
        • Commitments must be timebound
          Required
          5/5
          Commitments must be timebound
          Required
          5/5
          What is the length of time the portfolio companies are given to meet their time-bound plans?: not specified
          "In 2019, we reviewed current investments in, and previous divestments from,  companies exposed to palm oil production. No further divestment decisions were made on the basis of this analysis in 2019"
          Open source document
        • Companies must disclose subsidiaries in commodity supply chains
          No
          0/4
        • Companies must disclose locations
          No
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          "We constantly monitor the companies in our portfolio in order to pick up incidents that might indicate failures in the management of environmental, social and governance risks. In 2019, we identified 141 incidents related to environmental and social issues of which 42 were analysed in greater depth in incident briefs. We looked particularly at incidents such as alleged corruption, fraud, pollution, deforestation, health and safety violations, and negative impacts on local communities. In addition, we keep a close eye on our largest investments and prepare separate reports when our holding in a company exceeds 5 percent. "
          Open source document
        • Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          "Our analysis may lead us to engage with the company to understand better how it approaches relevant risks and to encourage better reporting. In some cases, we may also divest from the company to reduce the fund’s exposure to unacceptable risks. "
          Open source document
        • Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Proportion of $/portfolio: 76.2% of portfolio

          Type of reporting: reports number of companies assessed based on expectation documents
          "In 2019, we reviewed current investments in, and previous divestments from, companies exposed to palm oil production. No further divestment decisions were made on the basis of this analysis in 2019."  "In 2019, we conducted a total of 3,941 assessments of companies’ reporting against our published expectations. We assessed the reporting of 1,500 companies on climate change, 500 on children’s rights and human rights respectively, 493 on water management, 250 on anti-corruption, 249 on deforestation and ocean sustainability respectively, and 200 on tax.The companies assessed accounted for 76.2 percent of the equity portfolio’s market value at the end of the year. We have been assessing companies’ reporting on environmental and social issues since 2008".
          Open source document Open source document
        • Ethical product in portfolio
          No
    • Soy
      38/90
      • Commitment Strength
        14/31
        • Commodity-specific deforestation financing policy
          5.6/9.6
          • Commitment details
            Certification
            4/8
            Commitment details
            Certification
            4/8
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
        • Companies must be legally operated
          3.1/4.6
          • Commitment details
            Companies own operations - Required
            1.5/3
            Commitment details
            Companies own operations - Required
            1.5/3
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
        • Companies must monitor operations
          3.6/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            Certification scheme (if applicable): RTRS

            Type of policy: Assurance mechanism
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "When assessing companies, we consider the geographical footprint of their operations, the percentage of the business linked to the production of soy and other agricultural commodities, documented land conversion activities and the percentage of their operations certified by the Round Table. Our analysis resulted in the divestment from one company in 2017."
            Open source document
        • Companies must conduct risk assessments
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should disclose their processes to identify, and manage risks related to deforestation and other land use changes in their own operations or supply chains" [...] "In addition to this broad mapping in high-risk industries, we have tools for monitoring companies associated with serious sustainability incidents. These might be breaches of laws, regulations or norms, or accidents caused by negligence. We identified 114 negative incidents in 2020 . We looked particularly at incidents such as alleged pollution, deforestation"
            Open source document Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must specify a cut-off date
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Social Considerations
        11/28
        • Company must ensure Free, Prior and Informed Consent
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should respect the rights of indigenous people and local communities, including the right to free, prior and informed consent."
            Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must have a grievance mechanism
          5.6/5.6
          • Commitment details
            Required
            4/4
            Commitment details
            Required
            4/4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
        • Company must respect labour rights
          3.6/5.6
          • Commitment details
            Companies own operations - Required
            2/4
            Commitment details
            Companies own operations - Required
            2/4
            Type of policy: ILO; UNGP; UN Declaration of HR; Discrimination; Forced Labour; Child Labour

            Does the financial institution ask the company to protect the health and safety of its own operations or its supply chain workers?: Yes
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
        • Company must address gender equality issues
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must encourage the inclusion of small-scale farmers
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must resolve land conflicts
          0/1.6
          • Commitment details
            No
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Reporting and Implementation
        12/31
        • Commitments must be timebound
          No
          0/5
        • Companies must disclose subsidiaries in commodity supply chains
          No
          0/4
        • Companies must disclose locations
          No
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          "We constantly monitor the companies in our portfolio in order to pick up incidents that might indicate failures in the management of environmental, social and governance risks. In 2019, we identified 141 incidents related to environmental and social issues of which 42 were analysed in greater depth in incident briefs. We looked particularly at incidents such as alleged corruption, fraud, pollution, deforestation, health and safety violations, and negative impacts on local communities. In addition, we keep a close eye on our largest investments and prepare separate reports when our holding in a company exceeds 5 percent. "
          Open source document
        • Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          "Our analysis may lead us to engage with the company to understand better how it approaches relevant risks and to encourage better reporting. In some cases, we may also divest from the company to reduce the fund’s exposure to unacceptable risks"
          Open source document
        • Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          "In 2019, we reviewed current investments in, and previous divestments from, companies exposed to palm oil production. No further divestment decisions were made on the basis of this analysis in 2019."  "In 2019, we conducted a total of 3,941 assessments of companies’ reporting against our published expectations. We assessed the reporting of 1,500 companies on climate change, 500 on children’s rights and human rights respectively, 493 on water management, 250 on anti-corruption, 249 on deforestation and ocean sustainability respectively, and 200 on tax.The companies assessed accounted for 76.2 percent of the equity portfolio’s market value at the end of the year. We have been assessing companies’ reporting on environmental and social issues since 2008".
          Open source document Open source document
        • Ethical product in portfolio
          No
    • Timber, Pulp & Paper
      32/90
      • Commitment Strength
        11/31
        • Commodity-specific deforestation financing policy
          5.6/9.6
          • Commitment details
            Certification
            4/8
            Commitment details
            Certification
            4/8
            "Another assessment of risk related to deforestation dealt with paper production, with the focus on sustainable forestry practices and certification schemes. When considering companies for divestment we focused on those with activities in high-risk countries. We also considered the FSC certification status of the companies. FSC certification ensures that products come from responsibly managed forests that provide environmental, social and economic benefits. As a result of our assessment of this sector, we divested from four companies in 2015."
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "Another assessment of risk related to deforestation dealt with paper production, with the focus on sustainable forestry practices and certification schemes. When considering companies for divestment we focused on those with activities in high-risk countries. We also considered the FSC certification status of the companies. FSC certification ensures that products come from responsibly managed forests that provide environmental, social and economic benefits. As a result of our assessment of this sector, we divested from four companies in 2015."
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "Another assessment of risk related to deforestation dealt with paper production, with the focus on sustainable forestry practices and certification schemes. When considering companies for divestment we focused on those with activities in high-risk countries. We also considered the FSC certification status of the companies. FSC certification ensures that products come from responsibly managed forests that provide environmental, social and economic benefits. As a result of our assessment of this sector, we divested from four companies in 2015."
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "Another assessment of risk related to deforestation dealt with paper production, with the focus on sustainable forestry practices and certification schemes. When considering companies for divestment we focused on those with activities in high-risk countries. We also considered the FSC certification status of the companies. FSC certification ensures that products come from responsibly managed forests that provide environmental, social and economic benefits. As a result of our assessment of this sector, we divested from four companies in 2015."
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "Another assessment of risk related to deforestation dealt with paper production, with the focus on sustainable forestry practices and certification schemes. When considering companies for divestment we focused on those with activities in high-risk countries. We also considered the FSC certification status of the companies. FSC certification ensures that products come from responsibly managed forests that provide environmental, social and economic benefits. As a result of our assessment of this sector, we divested from four companies in 2015."
            Open source document
        • Companies must be legally operated
          3.1/4.6
          • Commitment details
            Companies own operations - Required
            1.5/3
            Commitment details
            Companies own operations - Required
            1.5/3
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "The fund helps develop standards by engaging with regulators and standard setters. We expect companies to comply with applicable laws and regulations in the countries and markets they operate in. Our expectations and principles build on international standards, which place the responsibility for a company’s strategy and operations in the hands of its board and management." The "fund" refers to the "Government Pension Fund Global" which "turns petroleum revenue into financial wealth that will benefit both current and future generations of Norwegians." 
            Open source document
        • Companies must monitor operations
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must conduct risk assessments
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should disclose their processes to identify, and manage risks related to deforestation and other land use changes in their own operations or supply chains" [...] "In addition to this broad mapping in high-risk industries, we have tools for monitoring companies associated with serious sustainability incidents. These might be breaches of laws, regulations or norms, or accidents caused by negligence. We identified 114 negative incidents in 2020 . We looked particularly at incidents such as alleged pollution, deforestation"
            Open source document Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must specify a cut-off date
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Social Considerations
        9/28
        • Company must ensure Free, Prior and Informed Consent
          2/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should respect the rights of indigenous people and local communities, including the right to free, prior and informed consent."
            Open source document
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must have a grievance mechanism
          3.6/5.6
          • Commitment details
            Encouraged
            2/4
            Commitment details
            Encouraged
            2/4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "Companies should establish or participate in effective and accessible operational-level grievance mechanisms for individuals and communities that may be adversely impacted by their operations"
            Open source document
        • Company must respect labour rights
          3.6/5.6
          • Commitment details
            Companies own operations - Required
            2/4
            Commitment details
            Companies own operations - Required
            2/4
            Type of policy: ILO; UNGP; UN Declaration of HR; Discrimination; Forced Labour; Child Labour
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all operations and financing
            All financing
            0.4/0.4
            Policy applies to all operations and financing
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all deals
            All financing
            0.4/0.4
            Policy applies to all deals
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all companies
            All financing
            0.4/0.4
            Policy applies to all companies
            All financing
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
          • Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            Policy applies to all stages of the supply chain
            Producers; Processors; Traders; Manufacturers; Retailers
            0.4/0.4
            "We expect companies to follow the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP)."; "The purpose of this document is to broadly set out the ways in which Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices. Our expectations are primarily directed at company boards and intended to serve as a starting point for our interaction with companies on the topic of human rights...  The UN Guiding Principles on Business and Human Rights refer to the responsibility of corporations to respect the human rights expressed in the International Bill of Human Rights1 and the core ILO conventions,2 as a minimum. The core ILO Conventions pertaining to forced labour, child labour, freedom of association and collective bargaining, and discrimination."
            Open source document Open source document
        • Company must address gender equality issues
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must encourage the inclusion of small-scale farmers
          0/5.6
          • Commitment details
            No
            0/4
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
        • Companies must resolve land conflicts
          0/1.6
          • Commitment details
            No
          • Policy applies to all operations and financing
            No
            0/0.4
          • Policy applies to all deals
            No
            0/0.4
          • Policy applies to all companies
            No
            0/0.4
          • Policy applies to all stages of the supply chain
            None
            0/0.4
      • Reporting and Implementation
        12/31
        • Commitments must be timebound
          No
          0/5
        • Companies must disclose subsidiaries in commodity supply chains
          No
          0/4
        • Companies must disclose locations
          No
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          "We constantly monitor the companies in our portfolio in order to pick up incidents that might indicate failures in the management of environmental, social and governance risks. In 2019, we identified 141 incidents related to environmental and social issues of which 42 were analysed in greater depth in incident briefs. We looked particularly at incidents such as alleged corruption, fraud, pollution, deforestation, health and safety violations, and negative impacts on local communities. In addition, we keep a close eye on our largest investments and prepare separate reports when our holding in a company exceeds 5 percent. "
          Open source document
        • Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          Engagement with non-compliant companies
          Engage with non-compliant companies with a time-bound threat of divestment
          5/5
          "Our analysis may lead us to engage with the company to understand better how it approaches relevant risks and to encourage better reporting. In some cases, we may also divest from the company to reduce the fund’s exposure to unacceptable risks"
          Open source document
        • Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          "In 2019, we reviewed current investments in, and previous divestments from, companies exposed to palm oil production. No further divestment decisions were made on the basis of this analysis in 2019."  "In 2019, we conducted a total of 3,941 assessments of companies’ reporting against our published expectations. We assessed the reporting of 1,500 companies on climate change, 500 on children’s rights and human rights respectively, 493 on water management, 250 on anti-corruption, 249 on deforestation and ocean sustainability respectively, and 200 on tax.The companies assessed accounted for 76.2 percent of the equity portfolio’s market value at the end of the year. We have been assessing companies’ reporting on environmental and social issues since 2008".
          Open source document Open source document
        • Ethical product in portfolio
          No
  • Commitment strength
    11/31
    Avg. score
  • Reporting and Implementation
    10/31
    Avg. score
  • Social considerations
    10/28
    Avg. score

Profile

Norges Bank Investment Management are a Norwegian state-owned investment fund. They invest in international equity, fixed-income markets and real estate to provide security for Norway's economy against fluctuating oil prices. Norges Bank Investment Management are among the top shareholders for Forest 500 companies, with shares across a broad range of forest risk sectors.

HQ
HQ 
Norway
Financial institution type
Financial institution type 
Pension Fund

How we assess the Forest 500

Investors and lenders need to adopt and implement strong deforestation policies that ensure their investments are not funding the destruction of forests.

All assessments use policies published on financial institution websites, some links may have changed or been removed since the time of assessment.

Full finance sector performance data Forest 500 assessment methodology

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Disclaimer

This assessment has been carried out following the methodology developed for the Forest 500 project, available here. Please see our disclaimer applicable to all information contained within this site and our terms and conditions for use of data presented on this site.

All assessments use policies published on company and financial institution websites, and while we endeavor to keep them updated some links may have changed or been removed since the time of assessment.

Please contact us with any concerns or feedback about this or other assessments included in the Forest 500.