Yunnan Baiyao and Mafrig Global Added to Norway SWF Blacklist
Posted on 12/24/2021
Norges Bank has decided to exclude a company from Norway Government Pension Fund Global, as well as to place one company under observation. The Executive Board has decided to exclude Chinese pharmaceutical firm Yunnan Baiyao Group Co Ltd due to the unacceptable risk that the company contributes to serious environmental damage (opinion of the Executive Board). The decision is based on a recommendation from the Council on Ethics of May 27, 2021. Yunnan Baiyao Group uses and sells body parts from pangolins, an endangered species.
The Executive Board has also decided to place the company Marfrig Global Foods SA under observation due to risk that the company contributes to serious environmental damage (opinion of the Executive Board). The decision is based on a recommendation from the Council on Ethics of September 30, 2021. Marfrig Global Foods is one of Brazil’s largest producers of beef.
The Executive Board has not conducted an independent assessment of all aspects of the recommendations but is satisfied that the exclusion criteria have been fulfilled. Before deciding to exclude a company, Norges Bank shall consider whether the use of other measures, including the exercise of ownership rights, may be better suited. The Executive Board concludes that it is not appropriate to use other measures in these cases.
Companies
Yunnan Baiyao Group Co Ltd
Marfrig Global Foods SA
