Reuters · October 15, 2026

Norway Commission Findings on Wealth Fund Ethical Rules Due; Government White Paper Expected Spring 2027

• Norway's wealth fund is valued at $2.3 trillion, according to the report, and finances a quarter of the country's public spending.
• Findings of a state-appointed commission reviewing the fund's ethical rules are due at 0700 GMT on Thursday, and the commission's proposals will form the basis for a government white paper expected in spring 2027, according to the report.
• Parliament voted to pause ethics-based divestments pending the review, according to the report. Before the suspension, recommendations from the Council on Ethics went to the board of the central bank; since the suspension, recommendations have gone to Norges Bank Investment Management and no divestments have been made, according to the report.
• The United States protested the fund's divestment from Caterpillar shares over the use of the company's bulldozers in Gaza and the occupied West Bank, according to the report. The government denied that the pause was motivated by concerns over consequences of upsetting the United States, according to the report.
• Finance Minister Jens Stoltenberg said his priority was for the fund to remain broadly invested and to have an ethical framework, according to the report.
• The fund's exclusion list currently cites 14 companies in connection with a ban on investing in companies making nuclear weapons or key components, according to the report. Civil society groups, including the Norwegian Red Cross in its submission to the commission, raised concerns about changes to that ban and about transparency, according to the report.

Fund value, commission timing, divestment process, United States protest, government denial, ministerial statement and exclusion list via Reuters, cited in the original report. This card is based on the accessible portion only. Original headline: "Norway's wealth fund set to overhaul ethical rules after US scrutiny".