The Management Board of Norges Bank has decided to place Polski Koncern Naftowy Orlen SA under observation for a period of three years due to the unacceptable risk that the company contributes to serious human rights violations. The guidelines concern the observation and also the possible exclusion of companies from the Norwegian Governmental Global Pension Fund. The decision is based on the recommendation of the Norwegian Ethics Board of October 24, 2022.
The Ethics Council recommends placing Polski Koncern Naftowy Orlen SA under observation due to the unacceptable risk that the company contributes to the violation of human rights in Poland. This recommendation is based on Orlen's takeover of the Polska Press publishing group and its consequences for press freedom, and thus freedom of expression in Poland.
Also read: The government introduces changes in the electricity subsidy system
Orlen is an energy company controlled by the Polish state. The acquisition of Polska Press gives Orlen control over the majority of Polish regional newspapers, in addition to a large number of local media houses and Internet portals. Many editors have been named since the takeover and it is alleged that Orlen interfered in editorial decisions.
Many key commentators have pointed out that the state-owned Orlen may exercise political influence through Polska Press. Thus, the acquisition has a negative impact on freedom of expression. The risk of political influence is particularly serious in connection with elections. However, to what extent this risk may materialize is uncertain. The Council therefore recommends placing the company under observation.
The Ethics Board issued its recommendation on October 24, 2022. Norges Bank announced its decision to place the company under surveillance on February 22, 2023.
Like us on Facebook and share our post with others. Thank you.
Source: Norges Bank, Ethics Council
Read and learn more: The history of Norwegian oil in 5 minutes
