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Governance model

The fund’s governance model builds on a clear delegation of duties and effective systems for control and supervision.

Stortinget (Norwegian parliament)

Has laid down the formal framework for the fund  in the Government Pension Fund Act. Government Pension Fund Act

Ministry of Finance

Has the overall responsibility for the fund’s management and has issued guidelines for its management.

Ministry of Finance ( Management mandate Council on Ethics appointed by the Ministry of Finance

Norges Bank Executive Board

Norges Bank has been tasked with the management of the fund, and its Executive Board has delegated the operational management of the fund to Norges Bank Investment Management. Supplementary governing documents are laid down for the fund’s management.

Norges Bank Executive Board ( Executive Board principles Investment mandate CEO job description Observation and exclusion of companies Approval of financial instruments, markets and bond issuers

CEO of Norges Bank Investment Management

Has the overall responsibility for implementing requirements defined by the Executive Board. The CEO sets policies and delegates mandates and job descriptions to the leader group of Norges Bank Investment Management.

CEO of Norges Bank Investment Management Policies

Leader group at Norges Bank Investment Management

Sets guidelines and delegates work tasks and investment mandates within their delegated areas of responsibility.

The leader group

Last saved: 26/04/2019