Government Pension Fund Global
Governance structure
The Government Pension Fund Global shall support government saving for future public pension costs and underpin long-term considerations in the use of Norway’s petroleum revenue.
Norway’s parliament laid down the framework for the fund in the Government Pension Fund Act. The Ministry of Finance has formal responsibility for the fund’s management. The operational management is handled by the Norwegian central bank (Norges Bank) through the asset management unit Norges Bank Investment Management (NBIM).
A management agreement regulates the relationship between the Ministry of Finance as client and Norges Bank as manager. The ministry has also issued guidelines for the fund’s management. It sets the terms for the fund’s investments through regulations and supplementary provisions. It also lays down ethical guidelines for the fund’s management.
