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US utilities change climate policy

Fri, 09 Oct 2009 09:56:38 GMT

NBIM commends the Edison Electric Institute for further clarifying the position for U.S. utilities on federal climate change regulation.

Compliance Report: NBIM Investor Expectations

Wed, 28 Oct 2009 14:42:23 GMT

The present report shows the level of compliance with the NBIM Investor Expectations in 430 companies in which NBIM is invested. These are companies in sectors with high exposure to the risk of child labour. The report shows that performance reporting.

NBIM submits shareholder resolutions to four US companies

Fri, 13 Nov 2009 15:34:53 GMT

Norges Bank Investment Management (NBIM) has submitted shareholder proposals at four US companies; Harris Corporation, Clorox Company, Cardinal Health Inc. and Parker Hannifin Corporation, requiring that the companies have an independent chairman.

NBIM Investment Talent Programme

Mon, 23 Nov 2009 15:47:17 GMT

The new NBIM Investment Talent Programme (ITP) seeks to attract highly educated and skilled candidates directly from university. “Just as we have a long-term perspective on our investments, we also invest long term in our employees,” says Yngve Slyngst

Norges Bank’s response to changes in guidelines

Mon, 23 Nov 2009 15:52:37 GMT

Record-high return in third quarter

Mon, 23 Nov 2009 15:56:12 GMT

The return on the Government Pension Fund – Global was 13.5 percent (NOK 325 billion) in the third quarter. The record-high quarterly return can be attributed to a sharp rise in international equity markets and a normalisation of fixed income markets.

CDP launches a global water disclosure project

Tue, 24 Nov 2009 10:24:49 GMT

The Carbon Disclosure Project (CDP) today announced the launch of CDP Water Disclosure, a new programme that will help institutional investors better understand the business risks and opportunities associated with water scarcity and other water-related

Substantial market fluctuations and considerable uncertainty

Tue, 24 Nov 2009 11:06:29 GMT

“The third quarter of 2008 was an unusually demanding quarter for the management of the Government Pension Fund – Global. Uncertainty in financial markets increased dramatically, and this affected the return on the fund,” says Yngve Slyngstad, CEO of N

NBIM’s presentation on active management

Wed, 09 Dec 2009 15:31:08 GMT

The Norwegian Ministry of Finance hosted a seminar on 20 January on NBIM’s active management of the Government Pension Fund Global . CEO Yngve Slyngstad presented NBIM’s views on active management.

Active management of the Government Pension Fund Global

Mon, 04 Jan 2010 15:20:34 GMT

The best year in the fund’s history

Wed, 10 Mar 2010 13:22:47 GMT

Gains in international equity and fixed income markets led to a record annual return for the Government Pension Fund Global in 2009. The fund returned 25.6 percent, equivalent to 613 billion kroner. This was 4.1 percentage points higher than the return on the benchmark portfolio.

Carbon Disclosure Project (CDP) issues its first water disclosure questionnaire to world’s largest companies

Wed, 07 Apr 2010 15:15:05 GMT

NBIM revamps its web site

Sun, 18 Apr 2010 15:48:11 GMT

Norges Bank Investment Management (NBIM) is pleased to introduce its improved web site, with new features and more information on the Norwegian Government Pension Fund Global.

A good first quarter for the fund

Fri, 07 May 2010 16:40:59 GMT

The Norwegian Government Pension Fund Global returned 3.9 percent (103 billion kroner) in the first quarter of 2010, helped by gains in global equity and fixed-income markets. The result was 0.4 percentage point higher than the return on the fund’s benchmark portfolio.

NBIM to open office in Singapore

Fri, 07 May 2010 09:59:21 GMT

Norges Bank Investment Management (NBIM) will open an office in Singapore to expand its operations in Asia’s fast-growing markets. NBIM manages the Norwegian Government Pension Fund Global and is already located in Oslo, London, New York and Shanghai.

Hearing on NBIM’s fund management

Wed, 19 May 2010 09:39:36 GMT

Norges Bank Governor Svein Gjedrem and NBIM CEO Yngve Slyngstad on 18 May spoke at an open hearing before the Norwegian parliament’s Standing Committee of Finance and Economic Affairs. The annual hearing was about management of the Government Pension Fund Global.

Pension funds urge chocolate industry to end child labour

Mon, 31 May 2010 11:40:07 GMT

The recent cocoa industry meeting in Utrecht showed companies are still far from fulfilling their 2001 pledge to eliminate child labour in the sector. Industry leaders must take concrete action to remedy this, say pension fund managers Norges Bank Investment Management and APG Asset Management.

Updated GIPS report with disclosure on leverage and derivatives

Mon, 31 May 2010 14:10:30 GMT

NBIM has updated the GIPS report released in March 2010 with a missing disclosure. The missing disclosure relates to the presence, use, and extent of leverage and derivatives, including a sufficient description of the use, frequency, and characteristics of the instruments to identify risks.

Stephen Hirsch resigns as deputy CEO

Fri, 04 Jun 2010 14:56:33 GMT

NBIM opens new office in Singapore

Wed, 30 Jun 2010 13:13:57 GMT

Norwegian finance minister Sigbjørn Johnsen and Norges Bank’s governor Svein Gjedrem were in attendance on Wednesday when Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, opened a new office in Singapore. The office will help NBIM’s existing office in Shanghai to cover the increasingly important Asia region.

Widespread drop in equity markets led to negative return

Fri, 13 Aug 2010 09:38:12 GMT

The Government Pension Fund Global returned -5.4 percent (-155 billion kroner) in the second quarter of 2010, pulled down by a decline in global equity markets.

Norges Bank submits letters on strategy, responsible investment

Tue, 05 Oct 2010 10:01:08 GMT

Norway’s government today published two letters from Norges Bank to the Ministry of Finance in the national budget proposal for 2011.

Fund tops ranking of sovereign wealth funds

Fri, 15 Oct 2010 09:57:33 GMT

Norway’s Government Pension Fund Global tops a ranking of 53 sovereign wealth funds (SWFs) in 37 countries by researcher Edwin M. Truman. The ranking evaluates the management and governance of funds including California’s CalPERS and Dutch ABP, which often are not classified as SWFs. This is the third year in a row that Truman ranks different sovereign wealth funds.

Fund tops 3 trillion kroner for first time

Tue, 19 Oct 2010 08:29:04 GMT

Norway’s Government Pension Fund Global, set up to safeguard the country’s oil wealth for future generations, rose today to 3 trillion kroner for the first time in its 14-year history.

Fund Announces First Property Investment

Wed, 03 Nov 2010 18:33:19 GMT

Norges Bank, which manages the Norwegian Government Pension Fund Global, has agreed to buy a 150-year lease on a 25 percent stake in The Crown Estate’s Regent Street properties in London.

Fund posts its fifth-largest quarterly return

Wed, 03 Nov 2010 18:42:50 GMT

The Government Pension Fund Global returned 7.2 percent, or 199 billion kroner, in the third quarter, driven by gains in global stock and bond markets. The return was the fifth-largest in the fund’s history.

Fund Signs Regent Street Agreement

Thu, 13 Jan 2011 11:37:55 GMT

Norges Bank, which manages the Norwegian Government Pension Fund Global, today signed an agreement for the fund’s first real estate investment, the purchase of a 150-year lease on a 25 percent stake in The Crown Estate’s Regent Street properties in London.

NBIM Names Trond Grande as Deputy CEO

Thu, 03 Feb 2011 10:15:46 GMT

Norges Bank Investment Management (NBIM), which manages the Norwegian Government Pension Fund Global, has named Trond Grande as its new deputy chief executive officer after Stephen Hirsch stepped down from the position in October last year. Grande has served as NBIM’s Chief Risk Officer since October 2009. He will assume the new position today.

Bengt Enge Steps Down as CIO

Fri, 04 Mar 2011 15:31:10 GMT

Chief Investment Officer Bengt Enge will leave Norges Bank Investment Management (NBIM) after 13 years with the organisation.

Fifth Best Year in the Fund’s History

Fri, 18 Mar 2011 09:18:33 GMT

The Government Pension Fund Global returned 9.6 percent, or 264 billion kroner, in 2010, driven by widespread gains in global stock and bond markets.

NBIM Makes Organisational Changes

Fri, 01 Apr 2011 11:34:34 GMT

Norges Bank Investment Management (NBIM), which manages the Norwegian Pension Fund Global, has made organisational changes to strengthen its investment management.

NBIM Publishes Three Sector Compliance Reports

Wed, 13 Apr 2011 12:19:54 GMT

Return of 59 Billion Kroner

Thu, 12 May 2011 13:29:09 GMT

The Government Pension Fund Global returned 2.1 percent, or 59 billion kroner, in the first quarter of 2011 as stock market gains in Europe and the US offset a drop in Asian share prices.

Olsen, Slyngstad Speak at Parliamentary Hearing on Fund

Fri, 20 May 2011 11:28:27 GMT

Norges Bank Governor Øystein Olsen and NBIM CEO Yngve Slyngstad today spoke at a parliamentary hearing in Oslo on the management of the Government Pension Fund Global. Olsen and Slyngstad each made an introductory statement at the annual hearing before the Norwegian parliament’s Standing Committee of Finance and Economic Affairs.

Norwegian Crown Prince Visits NBIM

Mon, 23 May 2011 13:10:32 GMT

Norway’s Crown Prince Haakon Magnus visited NBIM’s Oslo office Monday. He was given an introduction to the investment activities and ownership work of the Government Pension Fund Global. The visit was the first to NBIM by a member of the Norwegian royal family.

Walt Disney, Ericsson Among Companies With Top Marks for Child Labour Risk Disclosure

Thu, 09 Jun 2011 15:20:44 GMT

Walt Disney, Ericsson and Hennes & Mauritz were among 9 out of 527 companies to get top marks for managing and reporting on the risks of child labour use and children’s rights violations in their operations and supply chains. Nearly half of the companies in the annual evaluation by NBIM, manager of the Norwegian Government Pension Fund Global, scored zero.

Fund to Make First Property Investment in France

Tue, 05 Jul 2011 09:29:52 GMT

The Norwegian Government Pension Fund Global agreed today to buy 50 percent of seven properties in and around Paris from AXA Group, the fund’s first real estate investment in France.

Quarterly Return of 4 Billion Kroner

Fri, 12 Aug 2011 08:30:00 GMT

The Government Pension Fund Global returned 0.3 percent, or 4 billion kroner, in the second quarter of 2011 after rising bond prices outweighed a slump in large parts of the stock markets.

Scarce Water Resources of Increasing Concern to NBIM

Tue, 23 Aug 2011 13:56:27 GMT

Limited access to clean water is a growing risk for an increasing number of the companies the Government Pension Fund Global invests in. The United Nations forecasts that almost half the world’s population will live in areas facing water stress or water scarcity by 2030. Global demand for water is expected to outstrip supply by 40 percent within the same time, according to McKinsey.

NBIM Hosts its First Financial Research Conference

Mon, 29 Aug 2011 19:50:00 GMT

Norges Bank Investment Managment (NBIM), manager of the Norwegian Government Pension Fund Global, is today hosting its first financial research conference.

NBIM Wins Gold for 2010 Annual Report

Thu, 15 Sep 2011 11:27:50 GMT

Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, on 14 September won the Farmand prize for the best annual report by a public institution in Norway.

NBIM Signs Investor Statement on Climate Change

Thu, 20 Oct 2011 10:10:54 GMT

Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, is one of 285 signatories of the 2011 Global Investor Statement on Climate Change.

Stock Slump Weighs on Third-Quarter Results

Thu, 27 Oct 2011 14:18:25 GMT

The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 as global stock markets tumbled.

NFI Starts PhD Scholarship Programme

Thu, 03 Nov 2011 17:00:44 GMT

The Norwegian Finance Initiative (NFI) today introduced a doctorate scholarship programme as part of its efforts to promote financial economic research and education in areas relevant to the long-term management of the Government Pension Fund Global.

Companies Should Take More Action on Water Risks

Wed, 16 Nov 2011 15:59:30 GMT

Scarce water resources may, like climate change, harm companies' operations and profitability. Yet efforts to manage water-related risks are lagging behind the steps taken to tackle climate change, according to the CDP Water Disclosure global report 2011, published today.

NBIM Seeks Proxy Access at Six US Companies

Sun, 04 Dec 2011 23:28:01 GMT

Norges Bank Investment Management (NBIM), manager of the $550 billion Norwegian Government Pension Fund Global, has filed shareholder proposals for proxy access at six US companies as part of its efforts to strengthen shareholder rights.

Real Estate Investments

Thu, 04 Apr 2013 13:14:46 GMT

Norges Bank Investment Management's (NBIM' s) activities and risks related to private real estate investments differ significantly from those related to fixed income instruments or publically listed securities.

NBIM Sponsors Asian Corporate Governance Association

Mon, 20 Feb 2012 09:44:48 GMT

Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, will sponsor the Asian Corporate Governance Association (ACGA).

Stock Declines Push Down Results in 2011

Thu, 15 Mar 2012 14:59:39 GMT

The Government Pension Fund Global returned -2.5 percent, or -86 billion kroner, in 2011 as global stock markets slumped.

Adidas, Nestlé Among Companies With Top Marks for Reporting on Child Labour, Climate or Water Risks

Mon, 26 Mar 2012 09:24:13 GMT

Adidas, Nestlé and Air France-KLM were among 39 companies in a survey of 1,078 companies that received top marks for reporting on social or environmental risks in 2011. More than a third of the companies in the annual evaluation by Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, scored zero.

Norges Bank Publishes Letters of Advice on Investment Strategy

Fri, 30 Mar 2012 11:58:42 GMT

Norges Bank today published three letters to the Norwegian Ministry of Finance advising on the investment strategy of the Government Pension Fund Global. The letters were sent to the ministry earlier this year and cover rebalancing, the fund’s strategic benchmark index for equities and emerging markets in a new strategic benchmark index for bonds. Their release follows the publication today of the ministry’s white paper on the management of the Government Pension Fund in 2011.

Read the letters and discussion notes.

Olsen, Slyngstad Speak at Parliamentary Hearing on Fund

Tue, 17 Apr 2012 11:27:21 GMT

Stock Rally Spurs Strong Quarter

Thu, 03 May 2012 15:39:18 GMT

The Government Pension Fund Global returned 7.1 percent, or 234 billion kroner, in the first quarter of 2012 as stock markets rose. Measured in kroner, the quarterly return was the third largest since the fund’s inception.

NBIM Hosts Second Annual Financial Research Conference

Wed, 20 Jun 2012 15:31:49 GMT

Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, on 19 June hosted its second annual financial research conference.

NBIM Hosts Seminar on Water-Related Risks at Companies in Asia and Australia

Tue, 03 Jul 2012 14:53:39 GMT

Limited access to fresh water is a growing risk for an increasing number of companies. Norges Bank Investment Management (NBIM) will on July 4 at the Singapore International Water Week host a seminar on the importance of managing and reporting on water-related risks at companies in Asia and Australia.

Fund to Buy Stakes in Five Properties in Paris

Thu, 05 Jul 2012 10:33:58 GMT

The Norwegian Government Pension Fund Global agreed today to buy 50 percent of five properties in Paris from Generali Group for 275 million euros, or approximately 2.1 billion Norwegian kroner.

Weak Quarter After Stock Market Decline

Fri, 10 Aug 2012 09:14:59 GMT

The Government Pension Fund Global returned -2.2 percent, or -77 billion kroner, in the second quarter of 2012 as global stock markets declined.

NBIM Grants PhD Scholarship and Master’s Thesis Award

Sat, 29 Sep 2012 17:55:01 GMT

Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, on 27 September awarded the first PhD scholarship to be granted by the Norwegian Finance Initiative (NFI).

Fund Buys 50 Percent of Meadowhall Shopping Centre in the UK

Sun, 07 Oct 2012 12:25:29 GMT

The Norwegian Government Pension Fund Global has bought 50 percent of the UK shopping centre Meadowhall for £348 million, or approximately 3.2 billion Norwegian kroner.

First Property Investment in Germany

Wed, 10 Oct 2012 09:15:38 GMT

The Norwegian Government Pension Fund Global and joint venture partner AXA France Insurance Companies have agreed to buy two buildings in Germany for a total of 784 million euros, or approximately 5.8 billion kroner, from the Royal Bank of Scotland.

Companies Must Increase Transparency on Water-Related Risks

Tue, 23 Oct 2012 12:37:17 GMT

There is a sharp rise in company reports of detrimental impacts from drought and other water-related issues, yet little change in the number of companies with board level oversight of water strategies and no increase in the number of corporations providing transparent water-related risk assessments to investors. These are some of the key findings in the 2012 CDP Water Disclosure report published today.

Stock Market Rally Boosts Results

Fri, 02 Nov 2012 08:50:31 GMT

The Government Pension Fund Global returned 4.7 percent, or 167 billion kroner, in the third quarter of 2012.

NBIM Publishes Discussion Note on Small-Firm Effect

Fri, 09 Nov 2012 11:08:51 GMT

Norges Bank Investment Management (NBIM) has published a discussion note on the small-firm effect (SFE), which describes the average long-term excess returns that a portfolio of small-capitalisation stocks have over a portfolio of large-capitalisation stocks.

NBIM Discussion Note on Well-Functioning Markets

Mon, 19 Nov 2012 15:59:11 GMT

As a long-term and global investor, Norges Bank Investment Management (NBIM) seeks to promote well-functioning financial markets. This note looks at the theoretical foundation for well-functioning markets and the reasons why well-functioning markets are important to the long-term management objectives for the Government Pension Fund Global.

NBIM Discussion Note on Corporate Governance

Mon, 19 Nov 2012 16:11:12 GMT

As a long-term, minority shareholder in more than 7,000 companies worldwide, NBIM seeks to promote equal treatment of shareholders and board accountability. We have outlined our expectations in these areas in two documents published today as part of a broader note on corporate governance.

NBIM Discussion Note on the Implied Tail Risk of Foreign-Exchange Positions

Fri, 23 Nov 2012 11:11:06 GMT

From a risk management perspective, tail risks and return distribution asymmetries of investments are important to analyse. Norges Bank Investment Management (NBIM) in this note describes a modelling approach that addresses some of the weaknesses of standard risk models.

First Property Investment in Switzerland

Thu, 29 Nov 2012 12:22:49 GMT

The Norwegian Government Pension Fund Global today bought the Uetlihof office complex in Zurich for 1 billion Swiss francs, or about 6.1 billion kroner, from the Swiss bank Credit Suisse.

NBIM Discussion Note on the Value Effect

Wed, 05 Dec 2012 10:05:51 GMT

Norges Bank Investment Management (NBIM) has in a discussion note published today reviewed the theory and empirical evidence of the so-called value effect. The value effect is the tendency of value stocks to generate higher returns over time than growth stocks.

Fund to Buy 50 Percent of Industrial Real Estate Portfolio

Thu, 20 Dec 2012 11:24:07 GMT

The Norwegian Government Pension Fund Global will through a joint venture with Prologis buy 50 percent of a portfolio of logistic properties for 1.2 billion euros, or about 8.9 billion kroner.

Fund Makes First Property Investment in the US

Mon, 11 Feb 2013 10:10:39 GMT

The Norwegian Government Pension Fund Global bought 49.9 percent of five office properties in the US, its first investment in the world’s largest real estate market, through a joint venture with TIAA-CREF.

The Fund’s Second-Best Performance

Thu, 07 Mar 2013 13:46:36 GMT

The return on the Government Pension Fund Global in 2012 was 13.4 percent, the fund’s second best performance ever.

High First-Quarter Return on Equity

Wed, 24 Apr 2013 12:14:33 GMT

The Government Pension Fund Global posted a 5.45 percent return on its equity holdings, or the equivalent of NOK 219 billion, in the first quarter.

Olsen, Slyngstad Speak at Parliamentary Hearing on Fund

Tue, 30 Apr 2013 11:14:16 GMT

Norges Bank Governor Øystein Olsen and NBIM CEO Yngve Slyngstad today spoke at a parliamentary hearing in Oslo on the management of the Government Pension Fund Global.

Complaint regarding investment in the South Korean steel company POSCO

Fri, 24 May 2013 16:05:44 GMT

In view of media enquiries in connection with a complaint against POSCO (South Korea), pension fund ABP/APG (Netherlands) and Norges Bank (Norway) filed by Lok Shakti Abhiyan, the South Korean Trans National Corporations Watch, the Fair Green and Global Alliance and the Forum for Environment and Development, the following information is provided as clarification: