Issued 22 June 2011
Last updated 15 December 2017
The purpose of this policy is to outline principles and specific requirements for procurement activities 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.
Procurements in NBIM must comply with the Norwegian Act on Public Procurement (“Act”) and its regulations (“Regulations”). All providers shall be treated equally and with predictability and transparency. All employees who undertake purchases on behalf of NBIM shall follow this policy and related internal guidelines.
- All purchases of goods and services are subject to the Act and its Regulations, and increasingly detailed procedural requirements apply as the value of the contract exceeds certain threshold values.
- The competition shall be conducted in a manner proportionate to the value and complexity of the contract.
- The procurement process shall be competitive and transparent.
- NBIM shall not discriminate between providers based on nationality, or favour providers from one market over providers from another market.
- Procurements shall as far as possible be based on standard documentation developed by NBIM and carried out in line with the applicable procedural requirements.
- All procurements shall be documented in writing through legally binding contracts. All contracts shall comply with Policy on Safeguarding of Legal Interest.
- NBIM shall communicate and inform providers of the Conduct of Business Code for Providers of Goods and Services.
- Written records of the procurement processes, including the main award assessments and protocol (where required), shall be maintained in accordance with archiving requirements.
- All awarded providers shall be subject to risk based due diligence.
- All purchases shall be initiated through a business case, with the exception of purchases for office/facility management and additional licences of systems or services within the current agreement with a provider.
- The business case forms the basis for justification of purchase in relation to budget and strategic needs, and facilitates determination of procurement process (e.g. basic, simplified or public).
- Each procurement process shall be led by a designated responsible individual with support from a designated legal resource.
- The estimated contract value of all procurements shall be accurately and reasonably estimated in accordance with the specific rules that apply under the Act and Regulations, and the appropriate procedure shall be used.
- Providers shall be allowed access to the same type of information, be given equal deadlines and be assessed according to the same notified and appropriate award criteria.
- Relevant and legitimate qualification criteria and award criteria shall be used with relative weighting or priority ascribed.
- Outsourcing should only be utilised when consistent with NBIM strategy and awarded to service providers who are able to perform the service on an ongoing basis.
- A financial, operational and risk based due diligence analysis shall be performed prior to outsourcing of processes and shall be approved by executive management.