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Norway’s central bank excluded Adani Ports and Special Economic Zone Ltd (APSEZ) from the Government Pension Fund Global on 15 May 2024, citing an “unacceptable risk” that the company contributed to serious rights violations in situations of war or conflict. The case centered on APSEZ’s former Myanmar port business and unresolved questions about who bought it and whether links remained. The fund’s official register, last updated 11 August 2026, still lists APSEZ as excluded.
Why did Norway exclude Adani Ports?
The decision concerned APSEZ’s business association with Myanmar’s armed forces in developing Ahlon International Port Terminal in Yangon. Norges Bank’s Executive Board acted under the Government Pension Fund Global’s conduct-based criterion for serious violations of individuals’ rights in situations of war or conflict.
The Council on Ethics recommended exclusion on 21 November 2023. It said APSEZ had disclosed selling its Myanmar port-related operations to Solar Energy Ltd in May 2023, but did not identify the buyer, citing confidentiality. APSEZ’s auditor also lacked enough information to assess whether the sale was between related parties. As a result, the Council said it could not establish whether APSEZ retained links to the enterprise concerned. In the context of what it described as extremely serious norm violations, the Council considered that uncertainty an “unacceptable risk.”
This was a risk-based investment decision, not a court finding that APSEZ directly committed human-rights abuses. The Council’s published summary explains its conclusion but does not reproduce the complete evidentiary record.
How the decision unfolded
| Date | Event |
|---|---|
| 2019 | An APSEZ subsidiary signed an agreement with Myanmar Economic Corporation to develop Ahlon International Port Terminal in Yangon. |
| March 2022 | Norges Bank placed APSEZ under observation because of the Myanmar business association; APSEZ had said it planned to leave Myanmar, but uncertainty remained about whether and when it could complete its exit. |
| May 2023 | APSEZ disclosed the sale of its Myanmar port-related operations to Solar Energy Ltd. |
| 21 November 2023 | The Council on Ethics issued its recommendation to exclude APSEZ. |
| 15 May 2024 | Norges Bank’s Executive Board decided to exclude APSEZ, ending its observation status. |
| 11 August 2026 | The official exclusion register’s stated last-update date; it continued to list APSEZ as excluded. |
Who made the decision, and under what rule?
The Council on Ethics assesses companies and recommends action; Norges Bank’s Executive Board makes decisions about observation and exclusion. In this case, the Board’s published decision invoked section 4(b) of the fund’s Guidelines for Observation and Exclusion. The Ministry of Finance’s overview says Norges Bank considers whether measures other than exclusion could reduce the risk of continued violations or be more appropriate.
The Board’s decision described the basis as “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict.” The Council’s recommendation similarly described an unacceptable risk of contributing to serious violations of individuals’ rights in such situations.
Is Adani Ports still excluded?
Yes. The Government Pension Fund Global’s official exclusion register lists APSEZ as excluded under the war-or-conflict criterion. The register page states it was last updated on 11 August 2026; the status is therefore current as of that published update, not a guarantee against later changes.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What was Norway’s stake in APSEZ?
The Council on Ethics’ 2024 report recorded that the fund held 0.3% of APSEZ’s shares, worth approximately USD 63.4 million at the close of 2022. This is a historical holding and valuation, not a current position or value.
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Sources and further reading
- Norges Bank Investment Management: exclusion decision and company register
- Council on Ethics: recommendation and 2024 report
- Norwegian Ministry of Finance: ethical guidelines overview
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