Governance model
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 CEO also delegates investment mandates and job descriptions for the leader group of Norges Bank Investment Management and the CEO of Norges Bank Real Estate Management.
The CEO sets guidelines and delegates work tasks and investment mandates.
The leader group sets guidelines and delegates work tasks and investment mandates within their delegated areas of responsibility.
The leader group sets guidelines and delegates work tasks and investment mandates within their delegated areas of responsibility.
Advise the CEO
Advise the CEO of Norges Bank Real Estate Management
External specialists and market practitioners advise the organisation within specific areas.
External specialists and market practitioners advise the organisation on proposed unlisted real estate investments.
Governing bodies
Norges Bank's Executive Board
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.
Chief executive officer 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.
Leader group at Norges Bank Investment Management
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.
CHIEF EXECUTIVE OFFICER OF NORGES BANK Real Estate MANAGEMENT
Has the overall responsibility for implementing requirements defined by the CEO of Norges bank Investment managment. The CEO sets policies and delegates mandates and job descriptions to the leader group at Norges Bank Real Estate Managment.
LEADER GROUP AT NORGES BANK Real Estate MANAGEMENT
Responsible for implementing processes in Norges Bank Real Estate 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.
COMMITTEES
Act as advisory forums to the CEOs on different subjects, and consist of members of the leader groups.
Advisory Boards
External specialists and market practitioners advise the organisations within specific areas.
