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Through the Government Pension Fund (hereby referred
to as The Fund) income from the Norwegian oil activities
is invested in foreign security. There is a broad political
consensus on how The Fund is managed and the fundamental
goal is to achieve the largest possible return at a
moderate risk. Growth in the Fund has been remarkable.
Oil revenue is growing, the number of companies The
Fund invests in is proliferating, and the number of shares
in many companies has increased. This report will
examine how the ethical guidelines for The Fund’s
investments in companies are currently observed, focusing
on companies involved in extensive dam projects.