The NOK942.4bn (E115.6bn) Petroleum Fund’s new advisory council on ethics was set up by royal decree, the Ministry of Finance said.
It will advise on screening companies involved in weapons production, human rights abuses, severe environmental degradation and corruption.
The five-member council was established as part of the implementation of the ethical guidelines for the fund, based on a proposal from the Graver Committee, which presented its report in June 2003.
The mandate of the council is to advise the Ministry of Finance on screening and exclusion of companies whose activities may be inconsistent with the ethical guidelines for the fund. The council will be chaired by Gro Nystuen.