2009
NBIM QUARTERLY REPORT Q2 2009
13 AUGUST 2009
A global shortage of water represents a financial risk to the fund. Norges Bank’s
Executive Board has therefore decided to extend the environmental focus area for
active ownership to include water management.
NBIM QUARTERLY REPORT Q2 2009
13 AUGUST 2009
In summer 2007, the decision was taken to increase the fund’s allocation to equities
from 40 to 60 per cent. In the second quarter this year, this allocation was achieved
following equity purchases totalling more than NOK 1 000 billion. During the same
period, the fund’s ownership interests in global equity markets doubled.
12 JUNE 2009
By Magdalena Kettis, PhD, Head of Social and Corporate Governance, Norges Bank Investment Management(NBIM)
15 APRIL 2009
Authored by Vegard Torsnes, Senior Analyst Corporate Governance, NBIM.
ANNUAL REPORT 2008
05 MARCH 2009
Voting at general meetings is a fundamental shareholder right that gives us an opportunity to influence the governance of the company. As a shareholder, we must manage this right in the best possible way. There are many obstacles to efficient crossbord voting, and we are working towards improvement and simplification of the processes involved in global voting.
ANNUAL REPORT 2008
05 MARCH 2009
We estimate a five-factor model for the equity portfolio based on historical returns for the past 11 years. The analysis shows that the equity portfolio has been exposed to a number of systematic risk factors at times. However, these exposures vary considerably over time, and exposure to most systematic risk factors has decreased over the past couple of years. The estimate of alpha, which is used as an indicator of the quality of investment management, is
positive, and seems to be robust to different market regimes.
