A clear division of roles and effective controls
The fund’s governance model builds on a clear delegation of duties and effective systems for control and supervision.
The Norwegian parliament has set the framework in the Government Pension Fund Act and the Ministry of Finance has formal responsibility for the fund’s management. The operational management is delegated to the Norwegian central bank (Norges Bank), and the central bank’s Executive Board has in turn delegated management to Norges Bank Investment Management (NBIM).
Supplementary governing documents are laid down for the fund’s management.
NBIM's governing bodies:
Norges Banks Executive Board
NBIM's highest governing body. The board sets executive board principles and delegates through an investment mandate and CEO job description. The Executive Board also approves NBM's three-year strategy plan. More about the Executive Board
Has the overall responsibility for implementing requirements defined by the Executive Board. The CEO sets policies and delegates mandates and job descriptions to NBIM's leader group. More about NBIM's CEO
NBIM Leader Group
Responsible for implementing processes in NBIM based on requirements defined by the CEO, and framework requirements defined by NBIM's risk management and compliance area. The leader group sets guidelines, job descriptions and delegate mandates.
More about NBIM's leader group
Act as advisory forums to the CEO on different subjects, and consist of members of the leader group. More about the NBIM Committees
Risk management and compliance
Initiates, advises, monitors and reports on compliance, operational risk and control activities on all levels in NBIM. More about risk management and compliance in NBIM