The fund’s governance model builds on a clear delegation of duties and effective systems for control and supervision.
The formal framework for the fund has been laid down by the Storting – the Norwegian parliament – in the Government Pension Fund Act. The Ministry of Finance has the overall responsibility for the fund’s management and has issued guidelines for its management in the Management Mandate for the Government Pension Fund Global. 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.
The leader group at sets guidelines and delegates work tanks and Investment mandates within their delegated areas of responsibility.
Norges Bank's Executive Board is Norges Bank Investment Management'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 the organisation's three-year strategy plan.
The 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.
The leader group at is responsible for implementing processes in Norges Bank Investment Management based on requirements defined by the CEO, and framework requirements defined by the risk management and compliance areas. The leader group sets guidelines, job descriptions and delegates mandates.