The purpose of this policy is to outline principles and requirements related to investing and managing unlisted investments in infrastructure for renewable energy ('infrastructure').
The investment strategies for fixed-income and equity investments are grouped into three broad categories, fund allocation, company investments and asset strategies. This policy sets out principles and requirements related to our investment activities.
The purpose of this policy is to outline principles and requirements related to investing and managing unlisted real estate investments.
Tax affects the return of the fund and can create risks and exposures for the fund and for Norges Bank. This policy provides principles for managing tax properly and safeguarding Norges Bank and the Government Pension Fund Global against risks associated with tax arising in connection with fund investments.
The purpose of this policy is to outline the principles governing the valuation of the portfolios managed by Norges Bank Investment Management.
Norges Bank Investment Management shall apply an effective framework for enterprise risk management where enterprise risk is defined as all risks affecting Norges Bank Investment Management's organisation and business. Enterprise risk management includes the culture, capabilities, and practices, integrated with strategy-setting and its execution, that the organisation relies on to manage risk in creating, preserving, and realising value.
The purpose of this policy is to outline the Norges Bank Investment Management (NBIM) requirements related to the management framework and financial reporting.
Information Technology (IT) is in this policy referred to as data, systems, services and technologies that together provides Norges Bank Investment Management (NBIM) with information, electronic communication and efficient business process execution capabilities.
This policy outlines high-level principles for the information security management in Norges Bank Investment Management. The purpose is to set information security objectives appropriate to identified information security risks.
The Conduct Policy reflects our commitment to conduct our activities in alignment with applicable laws and regulations, in accordance with high professional standards and in line with our core values.
Norges Bank Investment Management's use of external fund managers is based on the rationale that specialist external expertise will contribute to investment return.
The purpose of this policy is to outline principles and specific requirements for sourcing including procurement, outsourcing and service provider management activities. This is to ensure that Norges Bank Investment Management (NBIM), through using robust procedures and practices, obtain optimal and cost-effective solutions by selecting the most economically advantageous tender and ensure high quality service deliveries from service providers and reduce overall risk to service providers through on-boarding and continuous monitoring. This policy covers all providers except for External Fund Managers which are regulated in a separate policy.
The long term success of Norges Bank Investment Management depends on its capacity to attract, retain and develop employees to meet the fund's objectives.
This policy outlines principles for external and internal communication to promote knowledge and awareness of the fund's objective and our management of the fund, and to ensure that communication is well coordinated and managed.
Norges Bank Investment Management is a large, long-term global investor which through responsible investment works to safeguard the fund’s value and build financial wealth for future generations.
Business Continuity Management shall prepare Norges Bank Investment Management for unexpected events where normal business is interrupted and normal work processes cease to function.
The purpose of this policy is to outline the framework for counterparty risk management which shall include identification, approval, measurement, management and reporting of counterparty risk. Norges Bank Investment Management (NBIM) shall control and mitigate counterparty risk to the extent possible given the investment strategy. This policy also outlines principles to ensure securities lending is carried out in a prudent, secure and consistent manner and that major risks relating to securities lending are identified and assessed.
Norges Bank Investment Management (NBIM) prioritises the prevention of misconduct, fraud and corruption and promotes a culture of openness and transparency.
Norges Bank Investment Management is committed to measure performance according to industry practice and to ensure this, we shall adhere to Global Investment Performance Standards (GIPS). To ensure fair value, the assets shall meet relevant International Financial Reporting Standards (IFRS) and our Accounting and Valuation Policy.
Norges Bank Investment Management shall ensure segregation of duties between a recipient of an investment mandate who shall ensure that market risk is taken and managed, and an independent risk management function which shall identify, assess, measure, monitor, manage and report market risk.
The purpose of this policy is to outline the framework for credit risk management at Norges Bank Investment Management (NBIM) which shall include identification, assessment, measurement, management and internal reporting of credit risk. This policy applies both to absolute and relative risk. The credit risk framework shall support NBIM’s overall objectives and investment strategy to ensure proper balance between business objectives and risk appetite. Counterparty credit risk is not part of this policy and is governed by the NBIM Policy for Counterparty Risk Management.
The purpose of operational risk management is to systematically identify risk across the organisation, and to initiate necessary risk reducing measures to prevent unnecessary loss. Operational risk management is a tool for prioritising resources, and to balance the costs of risk and risk mitigating activities.
Norges Bank Investment Management shall safeguard the legal interests related to Norges Bank’s role as an asset manager and its position as the legal owner of the assets under management.
The purpose of this policy is to provide principles for the approval and on-going monitoring of the fund's investment universe. The objective is to ensure changes to the investment universe align with the investment strategy and that relevant risks are identified, assessed, and accepted.
This policy defines authority to make decisions throughout Norges Bank Investment Management (NBIM), including delegation of such authority and requirements for segregation of duties in the organisation.