Norges Bank has decided to exclude three companies from the Norwegian Pension Fund Global for their role in Israel's illegal settlement enterprise in the occupied Palestinian West Bank, Norges Bank said in a press statement on Thursday.

It said that the Executive Board has decided to exclude the companies Elco Ltd, Ashtrom Group Ltd, and Electra Ltd due to unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations of war or conflict based on the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global.

The decision is based on recommendations from the Council on Ethics of 15 March 2021, which has recommended Norges Bank to exclude the companies based on the companies’ activities associated with Israeli settlements on the West Bank, said the statement.