Executive Board documents
To ensure that NBIM achieves its strategic objectives, complies with applicable laws and regulations and maintains sufficient internal controls to govern activities, an investment mandate, a CEO job description and a set of principles are laid down by Norges Bank's Executive Board.
EXECUTIVE BOARD DELEGATION DOCUMENT ON INVESTMENTS -
10 AUGUST 2011
Laid down by the Executive Board 10 June 2009, last amended 10 August 2011.
Norges Bank Executive Board has issued an investment mandate which delegate investment authority to the Chief Executive Officer (CEO) of NBIM for the Government Pension Fund Global. The investment mandate builds upon the strategy for the fund and the requirements contained within the mandate for the management of the Government Pension Fund Global issued by the Ministry of Finance. The mandate establishes formal restrictions for the management of investment risk, which implements the requirements set by the Ministry of Finance as well as supplementary rules laid down by the Executive Board.
EXECUTIVE BOARD PRINCIPLE DOCUMENTS ON INVESTMENTS -
08 JUNE 2011
Laid down by Norges Bank Executive Board 10 June 2009, last amended 08 June 2011.
The principles for risk management in NBIM are based on the recognition that the investment activities differ in nature from the other functions performed by Norges Bank in its capacity as a central bank and that the risks arising from the investment management activities are of a different nature than those relating to such other functions. These principles address the manner in which the portfolios shall be managed with respect to such risks and represent our objectives and commitment to risk management. Management of risks shall be embedded in NBIM’s practices and business processes, strategic planning, and change management procedures. They shall further include measures to control and validate the ongoing status of risks and the controls put in place to minimise such risks.
EXECUTIVE BOARD PRINCIPLE DOCUMENTS ON INVESTMENTS -
08 JUNE 2011
Laid down by Norges Banks Executive Board 8 June 2011.
As a significant long-term investor, we believe we have the ability and responsibility to influence companies and markets to the financial benefit of the portfolios we manage. The Principles for Ownership Management form the basis for our ownership activities together with the strategy for operation and implementation.
EXECUTIVE BOARD DELEGATION DOCUMENT ON ORGANISATION & MANAGEMENT-
08 JUNE 2011
Approved by the Executive Board of Norges Bank on 8 June 2011.
The Executive Board has issued a job description for the role as Chief Executive Officer (CEO) and Executive Director of NBIM, which formalises the delegation of authority for all activities performed by NBIM and provides further details of what these entail for key business areas.
EXECUTIVE BOARD PRINCIPLE DOCUMENTS ON ORGANISATION & MANAGEMENT -
08 JUNE 2011
Laid down by Norges Banks Executive Board 8 June 2011.
Norges Bank is entrusted with the task of managing several portfolios and with it the requirement to establish, maintain and manage a suitable organisation to achieve the given strategy. The purpose of these principles is to define key aspects for the organisation of Norges Bank’s investment management activities, taking into account requirements laid down by fund owners.
EXECUTIVE BOARD PRINCIPLE DOCUMENTS ON ORGANISATION & MANAGEMENT -
02 MARCH 2011
Laid down by Norges Banks Executive Board 2 March 2011.
Norges Bank Executive Board has issued principles for compensation which sets out the framework for a remuneration system in NBIM, intended to contribute to the promotion of good management and control in the investment management activities, including prevention of excessive risk exposure and conflicts of interest.
