The Supervisory Council has 15 members appointed by Norway's parliament. It supervises Norges Bank's operations and compliance with the rules for these operations.
This includes checking whether the Executive Board has adequate oversight and control over the bank's administration and operations and whether there are appropriate procedures to ensure that the bank operates in accordance with applicable laws, agreements, decisions and other rules. The council also organises the bank's audit, adopts its annual financial statements and approves its budget.
The Supervisory Council appointed Deloitte AS as the bank's external auditor to audit the bank's annual financial statements from 2010 onwards. Deloitte was reappointed in 2016.