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2019
Fund will continue to be a major player in real estate
08 Feb. 2019
Last Wednesday, Norges Bank’s Executive Board decided on a new strategy for real estate investments in the Government Pension Fund Global (GPFG).
New real estate investment strategy
07 Feb. 2019
In a letter to the Ministry of Finance, Norges Bank presents the work on its strategy for real estate investments in the Government Pension Fund Global.
Closer dialog with companies
07 Feb. 2019
In 2018 we had close to 1,500 company meetings where we discussed governance and followed up on our expectations of companies.
FUND MAKES NEW INVESTMENTS IN LOGISTICS
23 Jan. 2019
The partnership between Norges Bank Real Estate Management and Prologis has acquired six logistics properties in Chicago, Nashville and Orlando.
Decisions to exclude companies from the Government Pension Fund Global
17 Jan. 2019
Norges Bank has decided to exclude Texwinca Holdings Co due to unacceptable risk that the company is responsible for serious or systematic human rights violations. Evergy Inc and Washington H. Soul Pattinson & Co Ltd. was excluded based on an assessment of the product-based coal criterion.
2018
Fund makes new investment in Paris
17 Dec. 2018
Norges Bank Real Estate Management has signed an agreement to acquire a 100 percent interest in a retail and office property located on 79 avenue des Champs-Elysées in central Paris.
Fund disposes office property in New York
13 Dec. 2018
The partnership between Norges Bank Real Estate Management and TH Real Estate has signed an agreement to sell an office property located at 470 Park Avenue South in New York.
Decision to revoke exclusions of companies from the Government Pension Fund Global
27 Nov. 2018
Norges Bank has decided to revoke the exclusions of Cairn Energy Plc and Kosmos Energy Ltd from the Government Pension Fund Global. The companies were excluded from the fund in 2016 based on an assessment of the risk of particularly serious violations of fundamental ethical norms.
Fund makes new investment in Paris
20 Nov. 2018
Norges Bank Real Estate Management has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.
North American stocks increased returns
26 Oct. 2018
The Government Pension Fund Global returned 2.1 percent, or 174 billion kroner, in the third quarter of 2018.
Position papers on board composition and independence
26 Oct. 2018
We have published three position papers on why effective boards need industry expertise, an independent chairperson and board members with sufficient time commitment.
Fund makes new investment in Boston
25 Oct. 2018
Norges Bank Real Estate Management has signed an agreement to acquire a 45 percent interest in an office property located at 121 Seaport Boulevard in Boston, in joint venture with a new partner, American Realty Advisors.
Fund makes new investments in logistics
18 Oct. 2018
The partnership between Norges Bank Real Estate Management and Prologis has acquired a logistics property and an adjacent land plot in Carlisle, Pennsylvania and a logistics property in Seattle, Washington.
Fund disposes logistics properties
02 Oct. 2018
The partnership between Norges Bank Real Estate Management and Prologis has sold 37 logistics properties located in Seattle, Chicago, Dallas, New Jersey, South Florida, France, Poland, Hungary and the Netherlands.
Fund makes new investment in London
27 Sep. 2018
Norges Bank Real Estate Management has acquired a 100 percent interest in an office property located on 60 Holborn Viaduct in Central London.
New members to Corporate Governance Advisory Board
05 Sep. 2018
The board will further strengthen our corporate governance work.
Expectations on ocean sustainability
05 Sep. 2018
We expect companies to manage the challenges and opportunities related to sustainable uses of the ocean.
Asset Manager Perspective on the Sustainable Development Goals
05 Sep. 2018
Norges Bank Investment Management has published a note on how the fund as a responsible investor can support sustainable development and help fulfil the UN Sustainable Development Goals.
New Discussion Note on rebalancing rules
28 Aug. 2018
In connection with the Norwegian Financial Research Conference, Norges Bank has published a new Discussion Note on rebalancing rules.
Fund makes new investment in Boston
22 Aug. 2018
Norges Bank Real Estate Management has acquired a 49.9 percent interest in a mixed-use office and retail property located at 501 Boylston Street in Boston.
Positive stock markets increased returns
21 Aug. 2018
The Government Pension Fund Global returned 1.8 percent, or 167 billion kroner, in the second quarter of 2018.
Fund makes new investment in logistics
19 Jul. 2018
The partnership between Norges Bank Real Estate Management and Prologis has acquired a logistics property in Orange County, California.
Decisions on exclusion, active ownership and observation
10 Jul. 2018
Norges Bank has decided to exclude four companies from the Government Pension Fund Global, follow one company through active ownership and place three companies under observation.
Fund adds to existing investment in London
18 Jun. 2018
Norges Bank Real Estate Management has acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate.
Fund participates in UN Global Compact Action Platform for oceans
11 Jun. 2018
The objective of the platform is to develop a business leadership framework to promote the well-being of our oceans and sustainable use of marine resources.
Report from Columbia University on financial implications of water and environmental risks in the mining sector
15 May. 2018
In 2015, Norges Bank Investment Management initiated a 3-year research project with the Columbia Water Centre at the University of Columbia to assess mining-related water and environmental risks and their financial implications.
Support for shareholder resolution on methane emissions
08 May. 2018
We expect companies engaged in activities with large greenhouse gas emissions, including methane emissions, to have a strategy for the transition to a low-emission energy system and a framework to monitor and report on emissions.
Management of the Government Pension Fund Global
04 May. 2018
CEO Yngve Slyngstad in Norges Bank Investment Management and governor of Norges Bank Øystein Olsen speak at a parliamentary hearing today on the management of the Government Pension Fund Global.
Volatile start of the year
27 Apr. 2018
The Government Pension Fund Global returned -1.5 percent, or -171 billion kroner, in the first quarter of 2018.
Fund disposes logistics properties
26 Apr. 2018
The partnership between Norges Bank Real Estate Management and Prologis has sold eight logistics properties located in France, the Netherlands and Spain.
Disclosing support through three voting intentions
20 Apr. 2018
Norges Bank Investment Management will at the Annual General Meetings vote in favour of board re-elections in Boliden AB, the shareholder proposal related to disclosure of water-related risks in Imperial Oil Limited and the shareholder proposal on climate change reporting in TransCanada Corporation. The Annual General Meetings will take place on 27 April 2018.
Gradually expanding the portfolio
13 Mar. 2018
Norges Bank Real Estate Management invested 15 billion kroner in unlisted real estate in 2017. The year marked our first investment in Asia.
Fund disposes office property in France
12 Mar. 2018
The partnership between Norges Bank Real Estate Management and AXA France has signed an agreement to sell Meudon Campus, located on 2-14 rue de la Verrerie in Meudon.
Extended information on return and risk
06 Mar. 2018
Today, Norges Bank Investment Management has published extended information on the return and risk of the Government Pension Fund Global.
1,028 billion kroner return
27 Feb. 2018
The Government Pension Fund Global returned 13.7 percent, or 1,028 billion kroner, in 2017.
Fund disposes office property in Munich
20 Feb. 2018
The partnership between Norges Bank Real Estate Management and AXA France has signed an agreement to sell the SZ Tower located on Hultschiner Strasse 8 in Munich.
Fund disposes office property in France
16 Feb. 2018
The partnership between Norges Bank Real Estate Management and AXA France has signed an agreement to sell an office property located on 31-33 rue de Verdun in Suresnes.
Expectations on anti-corruption
13 Feb. 2018
Today, we present our fourth report on responsible investment. We also publish our expectations towards companies on anti-corruption.
Research grant to study the effect of technological and regulatory changes
08 Feb. 2018
The Norwegian Finance Initiative (NFI) has awarded a new research grant to Columbia University. The grant will finance a study of the effect of technological and regulatory changes on market structure and transparency across equity and fixed-income markets in the US and Europe.
Fund makes new investment in logistics
25 Jan. 2018
The partnership between Norges Bank Real Estate Management and Prologis Inc. has acquired a logistics property in San Francisco, California.
Decisions on exclusion and observation from the Government Pension Fund Global
16 Jan. 2018
Norges Bank has decided to exclude nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation.
Norges Bank Investment Management strengthens leader group
03 Jan. 2018
Norges Bank Investment Management expands the leader group with three persons. Carine Smith Ihenacho has been appointed as Chief Corporate Governance Officer, Hege Gjerde as Chief Financial Officer, and Sirine Fodstad as Chief HR Officer.
2017
Fund makes first real estate investment in Asia
07 Dec. 2017
Norges Bank Real Estate Management has signed an agreement to acquire a 70 percent interest in five properties in Tokyo, Japan, in a joint venture with a new partner, Tokyu Land Corporation.
Discussion Note on petroleum wealth and oil price exposure of equity sectors
28 Nov. 2017
The Discussion Note underpins Norges Bank’s advice to the Ministry of Finance to remove oil and gas stocks from the benchmark index of the Government Pension Fund Global.
UNICEF and the fund establish children’s rights network
24 Nov. 2017
The network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.
Norges Bank recommends the removal of oil stocks from the benchmark index of the Government Pension Fund Global (GPFG)
16 Nov. 2017
In a letter to Ministry of Finance today, Norges Bank recommends the removal of oil and gas stocks from the GPFG’s benchmark index.
Managing informational asymmetries in foreign exchange markets
10 Nov. 2017
In our new Asset Manager Perspective we suggest improvements to strengthen global foreign exchange markets.
Strong stock markets gave good returns
27 Oct. 2017
The Government Pension Fund Global returned 3.2 percent, or 192 billion kroner, in the third quarter of 2017.
Gold award for the fund’s annual reporting
26 Oct. 2017
Norges Bank Investment Management wins the Farmand award for the fourth time.
A trillion dollar fund
19 Sep. 2017
On Tuesday 19 September 2017 at 02:01 CET, the fund value hit $1,000,000,000,000, or 1 trillion dollar, for the first time.
New Chief Investment Officers in Norges Bank Real Estate Management
05 Sep. 2017
Per Løken and Romain Veber were appointed Chief Investment Officer US and Chief Investment Officer Europe respectively, in Norges Bank Real Estate Management on 1 September 2017. Both come from senior roles in Norges Bank Real Estate Management.
Fund adds to existing investment in London
04 Sep. 2017
Norges Bank Real Estate Management has expanded its partnership with The Crown Estate, acquiring an additional 25 percent interest in 20 Air Street in central London. This brings Norges Bank Real Estate Management’s total share up to 50 percent in this property.
Return of 202 billion kroner
22 Aug. 2017
The Government Pension Fund Global returned 2.6 percent, or 202 billion kroner, in the second quarter of 2017.
Fund expands Hudson Square Portfolio
21 Aug. 2017
Norges Bank Real Estate Management has acquired a 48 percent interest in 375 Hudson Street in New York City, in joint venture with Trinity Church Wall Street and Hines.
Fund makes new investment in Paris
28 Jul. 2017
Norges Bank Real Estate Management has signed an agreement to acquire a 100 percent interest in 6-8 boulevard Haussmann property, located in central Paris.
The fund makes new investment in Berlin
17 Jul. 2017
Norges Bank Real Estate Management has acquired a 100 percent interest in the Axel Springer Neubau office building, located at the corner of Axel-Springer-Str. and Zimmerstr. in Berlin Mitte.
Fund makes additional investment in Washington, D.C.
04 Jul. 2017
Norges Bank Real Estate Management has acquired a 49 percent interest in 1101 New York Avenue NW in Washington, D.C. in joint venture with Oxford Properties Group.
Fund makes new investment in Washington, D.C.
03 Jul. 2017
Norges Bank Real Estate Management has acquired a 49 percent interest in 900 16th Street in Washington, D.C. in joint venture with a new partner, Oxford Properties Group.
Decision to place companies in the portfolio of the Government Pension Fund Global under observation
29 Jun. 2017
Norges Bank has decided to place Hansae Yes24 Holdings Co Ltd and Hansae Co Ltd under observation.
Prizewinning professors awarded research grants
26 May. 2017
The Norwegian Finance Initiative (NFI) has awarded research grants for two separate research projects at Columbia University and New York University.
Fund expands partnership with The Crown Estate
16 May. 2017
The Regent Street Partnership between Norges Bank Real Estate Management and The Crown Estate has expanded its ownership in three properties in central London totalling 54,000 square feet of retail and office space.
Harvard report on sustainability disclosure
12 May. 2017
In 2016, Norges Bank Investment Management initiated a research project with Professor George Serafeim at Harvard Business School to analyse sustainability disclosure and company performance.
Decisions about ownership, observation and exclusion from the Government Pension Fund Global
05 May. 2017
Norges Bank has decided to exclude Bharat Heavy Electricals Ltd, place the companies PetroChina Co Ltd and Leonardo SpA under observation, and follow up Eni SpA and Saipem SpA through active ownership.
Management of the Government Pension Fund Global
02 May. 2017
CEO Yngve Slyngstad in Norges Bank Investment Management and governor of Norges Bank Øystein Olsen speak at a parliamentary hearing today on the management of the Government Pension Fund Global.
Quarterly report for the first quarter
28 Apr. 2017
We announced the results for the first quarter 2017 at a press seminar on 7 April. Today we published the complete quarterly report including financial reporting.
Vote in favour of Credit Suisse’s remuneration resolutions
18 Apr. 2017
In determining our voting decision for the 2017 annual general meeting of Credit Suisse, we have had a number of meetings with the Chairperson and other selected board members. Executive remuneration has been a focus of the agenda.
Total return larger than total inflow to the fund
07 Apr. 2017
In the first quarter, the fund’s total return since inception was larger than the total inflow to the fund. Total return amounted to 3,421 billion kroner compared to a total inflow of 3,375 billion kroner at the end of the quarter.
Position paper on CEO remuneration
07 Apr. 2017
We have published our position on CEO remuneration.
Expectation document on tax and transparency
07 Apr. 2017
The document sets out our expectations towards companies on tax and transparency. The expectations are based on international principles.
Extended information on return and risk
21 Mar. 2017
Today, Norges Bank Investment Management has published extended information on the return and risk of the Government Pension Fund Global.
Steady investment pace
14 Mar. 2017
In 2016, Norges Bank Real Estate Management invested 19.1 billion kroner in unlisted real estate, mainly in the second half of the year.
Third tranche of coal exclusions from the Government Pension Fund Global
07 Mar. 2017
Norges Bank has decided to exclude 10 companies from the Government Pension Fund Global based on the product-based coal criterion in the guidelines for observation and exclusion.
Nearly 4,000 company meetings
07 Mar. 2017
In 2016, we held 3,790 meetings with 1,589 companies. We raised environmental, social or governance issues in half of the meetings.
447 billion kroner return
28 Feb. 2017
The Government Pension Fund Global returned 6.9 percent, or 447 billion kroner, in 2016.
Strategy for Norges Bank Investment Management 2017-2019
28 Feb. 2017
Our strategy for 2017-2019 continues in the direction set by the 2014-2016 strategy and aligns with our objective to ensure high long-term return after costs.
Fund disposes logistics properties
26 Jan. 2017
The partnership between Norges Bank Real Estate Management and Prologis Inc. has sold three logistics properties in the San Francisco Bay area.
Decision to revoke exclusion of company from the Government Pension Fund Global
25 Jan. 2017
Norges Bank has decided to revoke the exclusion of Raytheon Co from the Government Pension Fund Global. The company was excluded from the fund in 2005 due to production of cluster munitions.
Report from workshop about human rights
20 Jan. 2017
In 2016, Norges Bank Investment Management published an expectation document towards companies on human rights. Our expectations are aligned with the UN Guiding Principles on Business and Human Rights (UNGPs). As part of our work on human rights we hosted a workshop in London on the UNGPs in December 2016.
Fund expands partnership with The Crown Estate
13 Jan. 2017
The Regent Street partnership between Norges Bank Real Estate Management and The Crown Estate has acquired 100 percent of a long leasehold interest in 10 Piccadilly, a 98,660 square foot retail and office property in central London.
New Chief Investment Officer Asset Strategies
02 Jan. 2017
Geir Øivind Nygård has been appointed Chief Investment Officer (CIO) Asset Strategies in Norges Bank Investment Management. He started on 1 January 2017.
2016
Additional coal exclusions from the Government Pension Fund Global
21 Dec. 2016
Norges Bank has decided to exclude 15 companies from the Government Pension Fund Global based on the product-based coal criterion in the guidelines for observation and exclusion.
Fund makes new investment in Paris
16 Dec. 2016
Norges Bank Real Estate Management has acquired a 100 percent interest in the Vendôme Saint-Honoré property, located at 9 Place Vendôme and 368-374 rue Saint-Honoré in central Paris.
Advice on equity allocation of the Government Pension Fund Global
01 Dec. 2016
Deputy Governor Egil Matsen has today presented Norges Bank’s advice to increase the equity share in the fund’s strategic benchmark index to 75 percent.
Fund makes new investment in London
16 Nov. 2016
Norges Bank Real Estate Management has acquired a 100 percent interest in 73-89 Oxford Street from Great Portland Estates plc.
Discussion Note on risk and return of different asset allocations
14 Nov. 2016
The Discussion Note is one of several notes forming background for Norges Bank’s upcoming advice on equity share in the benchmark index of the Government Pension Fund Global.
Quarterly report for third quarter
28 Oct. 2016
We announced the results for the third quarter 2016 at a press seminar on 7 October. Today we published the complete quarterly report including financial reporting.
The fund’s annual reporting wins gold award
28 Oct. 2016
Norges Bank Investment Management won gold at the Farmand awards 2016 for annual reporting.
Guidance document for sustainable real estate investments
27 Oct. 2016
This guidance document identifies how Norges Bank Real Estate Management promotes environmentally sustainable management across our unlisted real estate portfolio.
Fund makes new investment in logistics
21 Oct. 2016
Norges Bank Real Estate Management has acquired a 50 percent interest in a logistics portfolio comprising eight buildings and developable land in Poland, the Czech Republic and Hungary, in joint venture with Prologis. During the same period, three logistics properties in France have been sold.
The role of securities lending in well-functioning markets
11 Oct. 2016
Our new Asset Manager Perspective aims to increase knowledge on securities lending markets.
Positive return in all asset classes
07 Oct. 2016
The Government Pension Fund Global returned 4.0 percent, or 240 billion kroner, in the third quarter of 2016.
Discussion Note on the equity risk premium
07 Oct. 2016
The Discussion Note is one of several notes forming background for Norges Bank’s upcoming advice on equity share in the benchmark index of the Government Pension Fund Global.
Decision to revoke exclusion of company from the Government Pension Fund Global
30 Sep. 2016
Norges Bank has decided to revoke the exclusion of Singapore Technologies Engineering Ltd from the Government Pension Fund Global. The company was excluded from the fund in 2002 due to production of antipersonnel landmines.
Fund makes new investment in Washington, D.C.
22 Sep. 2016
Norges Bank Real Estate Management has acquired a 47.5 percent interest in Constitution Square, an 842,000 square foot office property on 175 N. Street, N.E. and 150 M Street, N.E. in Washington, D.C., in a joint venture with MetLife, Inc.
Decision on exclusion of companies from the Government Pension Fund Global
07 Sep. 2016
Norges Bank has decided to exclude the companies Duke Energy Corp, and the wholly-owned subsidiaries Duke Energy Carolinas LLC, Duke Energy Progress LLC, and Progress Energy Inc from the Government Pension Fund Global. The companies are excluded based on an assessment of the risk of severe environmental damage.
Fund makes new investment in San Francisco
31 Aug. 2016
Norges Bank Real Estate Management has signed agreements to acquire a 44 percent common equity interest in two Kilroy Realty Corporation companies that own two office properties in San Francisco.
Regarding the SCA plan to split the group into two listed companies in 2017
24 Aug. 2016
Norges Bank Investment Management has been informed of the proposed spin-off and supports the strategic rationale set out by the company.
94 billion kroner in return
17 Aug. 2016
The Government Pension Fund Global returned 1.3 percent, or 94 billion kroner, in the second quarter of 2016.
Fund disposes logistics properties
21 Jul. 2016
Norges Bank Real Estate Management has sold its 45 percent interest in two large logistics properties in the US through its joint venture with Prologis.
Fund makes new investment in London
15 Jul. 2016
Norges Bank Real Estate Management has acquired 100 percent of the long leasehold interest in 355-361 Oxford Street, a 59,000 square foot retail and office property in central London.
Decision on exclusion of companies from the Government Pension Fund Global
28 Jun. 2016
Norges Bank has decided to exclude the companies Cairn Energy Plc and Kosmos Energy Ltd from the investment universe of the Government Pension Fund Global. The companies are excluded based on an assessment of the risk of particularly serious violations of fundamental ethical norms.
Volkswagen complaint filed
24 Jun. 2016
Norges Bank Investment Management has filed a complaint against Volkswagen.
Remedies to encourage more listings
22 Jun. 2016
In a newly published Asset Manager Perspective, we focus on the apparent decline in company listings. We provide a framework that attempts to understand this decline, and propose remedies to encourage more listings.
Fund acquires larger share of Hudson Square portfolio
07 Jun. 2016
Norges Bank Real Estate Management has acquired an additional four percent in the Hudson Square joint venture with Trinity Church Wall Street, bringing the total share up to 48 percent. The joint venture has selected real estate firm Hines as operating partner for the portfolio.
Management of the Government Pension Fund Global
29 Apr. 2016
CEO Yngve Slyngstad in Norges Bank Investment Management and governor of Norges Bank Øystein Olsen speak at a parliamentary hearing on the management of the Government Pension Fund Global today.
Negative returns in the first quarter
28 Apr. 2016
The Government Pension Fund Global returned -0.6 percent, or -85 billion kroner, in the first quarter of 2016.
Report on real estate investments
28 Apr. 2016
Norges Bank Real Estate Management has today published a report on investments in unlisted real estate in 2015.
Fund disposes 50 percent stake in logistics properties
21 Apr. 2016
Norges Bank Real Estate Management has sold a 50 percent interest in two logistics properties in Spain, through its joint venture with Prologis.
First coal exclusions from the Government Pension Fund Global
14 Apr. 2016
Norges Bank has excluded 52 companies from the Government Pension Fund Global after an assessment of companies and the new product-based coal criterion in the guidelines.
Exclusion of coal companies from the fund
14 Apr. 2016
Norges Bank has excluded 52 companies from the Government Pension Fund Global after an assessment of companies and the new product-based coal criterion in the guidelines.
The fund signs initiative for a more sustainable apparel industry
05 Apr. 2016
Norges Bank Investment Management has signed an initiative within the apparel manufacturing sector.
Report on performance and risk
16 Mar. 2016
Norges Bank Investment Management has published a report on the fund's performance and risk.
Satisfying results in a volatile year
09 Mar. 2016
The Government Pension Fund Global returned 2.7 percent, or 334 billion kroner, in 2015.
Decision on exclusion of company from the Government Pension Fund Global
04 Mar. 2016
Norges Bank has decided to exclude the company San Leon Energy Plc from the investment universe of the Government Pension Fund Global. The company is excluded based on an assessment of the risk of particularly serious violations of fundamental ethical norms.
Human rights expectation document
04 Feb. 2016
The document focuses on how we expect companies to respect human rights, and address this in their business practices. The expectations are based on international standards.
Clear expectations towards companies
04 Feb. 2016
Today we publish our second annual report on responsible investment of the Government Pension Fund Global. We have clarified our expectations towards companies in 2015.
Report from academic workshop and a literature review on financial risks from climate change
01 Feb. 2016
In June 2015 Norges Bank Investment Management contacted three Norwegian higher education institutions in order to collaborate on an academic workshop to evaluate current thinking and theory on climate change in financial economics, and discuss potential future research questions.
External members appointed to Real Estate Investment Board
28 Jan. 2016
Norges Bank’s Executive Board has decided to appoint Christian Ringnes and Petter Fredrik Neslein as external members of the Real Estate Investment Board (REIB).
Decision to place company in the portfolio of the Government Pension Fund Global under observation
28 Jan. 2016
Norges Bank has decided to place Petroleo Brasileiro SA (Petrobras) under observation because of the risk of severe corruption.
Report on environmental risks in the value chain of thermal coal
28 Jan. 2016
University of Oxford Smith School of Enterprise and the Environment has published a report on environmental risks in the value chain of thermal coal, commissioned by the fund.
NFI awards funding for two research projects
11 Jan. 2016
The National Bureau of Economic Research and London Business School have each received a three-year research grant from the Norwegian Finance Initiative (NFI).
Decision on exclusion of company from the Government Pension Fund Global
07 Jan. 2016
Norges Bank has decided to exclude the company ZTE Corporation from the investment universe of the GPFG. The company is excluded based on an assessment of the risk of severe corruption.
2015
Decision to end observation of Alstom
22 Dec. 2015
In 2011 Ministry of Finance decided to put Alstom SA under observation. Based on a new recommendation from the Council on Ethics, Norges Bank has now decided to end the observation.
Seminar on infrastructure and real estate
17 Dec. 2015
CEO Yngve Slyngstad held a presentation at the Ministry of Finance's seminar on infrastructure and real estate investments on 17 December 2015.
Karsten Kallevig appointed CEO of Norges Bank Real Estate Management
17 Dec. 2015
Karsten Kallevig has been appointed Chief Executive Officer of Norges Bank Real Estate Management. He will start in the new position on 1 January 2016.
Asset Manager Perspective on the Last Look trading feature
17 Dec. 2015
Our third Asset Manager Perspective looks at a unique trading feature in foreign exchange markets.
Discussion note on infrastructure investments in less mature markets
08 Dec. 2015
Norges Bank Investment Management has published a discussion note which looks closer at infrastructure investments in less mature markets.
Discussion note on renewable energy investments
08 Dec. 2015
Norges Bank Investment Management has published a discussion note which looks closer at infrastructure investments in renewable energy.
Discussion note on the quality factor
02 Dec. 2015
Norges Bank Investment Management has published a discussion note reviewing the empirical evidence on the quality premium.
Working papers on water-related risks for mining
30 Nov. 2015
Columbia Water Center has published working papers on water-related risks for mining.
Matsen appointed new deputy governor
27 Nov. 2015
Egil Matsen is in King in Council appointed deputy governor at Norges Bank for a period of six years. He has been a permanent member of Norges Bank’s Executive Board since 2012.
New Chief Compliance and Control Officer
26 Nov. 2015
Stephen A. Hirsch has been appointed Chief Compliance and Control Officer (CCO) in Norges Bank Investment Management, and will join the fund on 1 December 2015.
Revised children's rights expectation document
26 Nov. 2015
We have published a revised children's rights expectation document.
Fund makes new investment in New York City
20 Nov. 2015
Norges Bank Investment Management has entered into contract to acquire a 44 percent interest in a portfolio comprising 11 office properties in New York City, in a joint venture with Trinity Wall Street.
Report on principles for risk adjustment of performance figures
19 Nov. 2015
The expert group has now handed over its final report on principles for risk adjustment of performance figures to the Executive Board. The Executive Board takes the report into consideration.
Discussion note on global trends and their impact on real estate
06 Nov. 2015
Norges Bank Investment Management has published a discussion note reviewing key global trends that are likely to have a significant impact on real estate markets over the coming decades.
Discussion note on the diversification potential of real estate
06 Nov. 2015
Norges Bank Investment Management has published a discussion note reviewing various aspects of private real estate investments seen in the perspective of a multi-asset portfolio held by a long-term investor.
Volatile stock market pulls down results
28 Oct. 2015
The Government Pension Fund Global returned -4.9 percent, or -273 billion kroner, in the third quarter of 2015.
Updated water expectation document
22 Oct. 2015
We have published an updated water expectation document. The document serves as a starting point for our interaction with companies on the topic of water management.
Fund acquires additional logistics property
21 Oct. 2015
Norges Bank Investment Management has acquired a 45 percent interest in a logistics portfolio comprising two properties in Chicago, US, through its joint venture with Prologis.
Decision to place company in the portfolio of the Government Pension Fund Global under observation
13 Oct. 2015
Norges Bank has decided to place Astra International Tbk PT under observation because of the risk of severe environmental damage.
Fund opens office in Tokyo
08 Oct. 2015
Norges Bank Investment Management is opening a new office in Tokyo as part of its plans to start investing in Asian real estate.
Fund adds to existing investment in London
02 Oct. 2015
Norges Bank Investment Management has acquired a 100 percent interest in 33 Savile Row, a 12 unit, 12,000 square foot residential property occupying the two upper floors of Queensberry House in London.
Fund acquires property in London
18 Sep. 2015
Norges Bank Investment Management has acquired a 100 percent interest in the West One Shopping Centre and 75 Davies Street, a 90,000 square foot retail and office property located above Bond Street Underground station in London.
Fund makes new investment in San Francisco
14 Sep. 2015
Norges Bank Investment Management has acquired a 49.9 percent interest in 888 Brannan, a 445,000 square foot office property located at 888 Brannan Street in San Francisco, in joint venture with TIAA-CREF.
Return pulled down by fixed-income market
19 Aug. 2015
The Government Pension Fund Global returned -0.9 percent, or -73 billion kroner, in the second quarter of 2015.
Decision on exclusion of companies from the Government Pension Fund Global
17 Aug. 2015
Norges Bank has decided to exclude the companies IJM Corp Bhd, Genting Bhd, POSCO and Daewoo International Corp from the investment universe of the GPFG. The companies are excluded based on an assessment of the risk of severe environmental damage.
The fund’s view on the role of exchanges
07 Aug. 2015
In a newly published Asset Manager Perspective, we present our view on the role of exchanges, and address some key developments in the market.
Fund makes new investment in logistics
22 Jul. 2015
Norges Bank Investment Management has acquired a 50 percent interest in a logistics portfolio comprising eight buildings in the United Kingdom, Poland and France, through its joint venture with Prologis.
Position paper on individual vote count in board elections
02 Jun. 2015
We have published our position and evaluation on individual vote count in board elections.
Additional regression analyses of the fund’s historical factor exposure
14 May. 2015
Management of the Government Pension Fund Global
04 May. 2015
CEO Yngve Slyngstad in Norges Bank Investment Management and Norges Bank Governor Øystein Olsen spoke at a parliamentary hearing on the management of the Government Pension Fund Global today.
Risk-adjusted measurements
04 May. 2015
Norges Bank Investment Management has updated and supplemented the report on risk-adjusted returns for the Government Pension Fund Global.
Highest ever quarterly return
29 Apr. 2015
The Government Pension Fund Global returned 5.3 percent, or 401 billion kroner, in the first quarter of 2015.
Fund makes additional investment in logistics
24 Apr. 2015
Norges Bank Investment Management has acquired a 45 percent interest in two logistics properties in Seattle in a joint venture with Prologis.
Fund makes new investment in the US
19 Apr. 2015
Norges Bank Investment Management has signed an agreement to acquire a 45 percent interest in a 60 million square feet industrial portfolio with additional development potential in a joint venture with Prologis.
Our perspective on sourcing liquidity in fragmented markets
17 Apr. 2015
In a newly published Asset Manager Perspective we evaluate whether liquidity pools contribute to well-functioning markets, and present a wish list of venue characteristics.
Supporting shareholder resolutions on climate reporting in BP and Shell
15 Apr. 2015
Norges Bank Investment Management will vote in favour of the Special Shareholder Requisitioned Resolution submitted for shareholder vote at the Annual General Meetings of BP and Royal Dutch Shell.
Fund makes new investment in Washington, D.C.
25 Mar. 2015
Norges Bank Investment Management has acquired a 49.9 percent interest in 25 Massachusetts Avenue, NW, a 385,598 square foot office property located in Washington, D.C., in joint venture with TIAA-CREF.
High level of transparency about companies and countries
24 Mar. 2015
Norwegian business daily Dagens Næringsliv published an article on Tuesday 24 March giving the impression that we have consciously sought to conceal that the fund has investments in companies registered in so-called secrecy jurisdictions. We refute this. We report annually on all our holdings, and this year we have expanded our reporting to include both more detailed and more consistent information than before.
Positive results for all asset classes
13 Mar. 2015
The Government Pension Fund Global returned 7.6 percent, or 544 billion kroner, in 2014.
Position paper on proxy access
13 Mar. 2015
We have published our position and evaluation on proxy access in US listed companies. This will form a basis for our voting.
Climate change strategy
13 Mar. 2015
We have published an updated document on expectations to companies’ climate change strategy.
The fund’s management has resulted in excess return
21 Feb. 2015
The management of the fund has resulted in an excess return of more than 0.25 percent since the fund’s inception.
Positive results from external management
19 Feb. 2015
Since the inception of the fund, external managers have contributed with a positive result of 15 billion NOK after costs.
Fund acquires additional property in New York
11 Feb. 2015
Norges Bank Investment Management has acquired a 45 percent interest in 11 Times Square in New York, in a joint venture with Prudential Real Estate Investors and SJP Properties.
Work on responsible investment strengthened
05 Feb. 2015
The Government Pension Fund Global strengthened its work on responsible investment in 2014, and today we present our first report on this issue.
Fund makes new investment in London
30 Jan. 2015
Norges Bank Investment Management has acquired a 100 percent interest in Queensberry House, a 74,500 square foot office building located at 3-9 Old Burlington Street in London.
Norges Bank to finance research on sustainable mining
09 Jan. 2015
Norges Bank has given Columbia University in New York a 3-year grant to study how different sustainability factors influence profitability in the mining industry.
2014
Fund tops 6,000 billion kroner in market value
28 Nov. 2014
The market value of the fund has risen to 6,000 billion kroner, 18 years after the initial 2 billion capital transfer from the Ministry of Finance. The main reason is the krone depreciation the last weeks.
Discussion note on benchmark design for an active investment process
26 Nov. 2014
Norges Bank Investment Management has published a Discussion Note on benchmark design for an active investment process.
Clarification regarding the fund’s investments in coal
25 Nov. 2014
In a public hearing in the Standing Committee on Finance and Economic Affairs in January, CEO Yngve Slyngstad explained that the fund’s exposure to the coal sector was between 2.6 billion kroner and 116 billion kroner at the end of 2013, depending on how the coal sector is defined. The criticism towards the fund that the fund has given inaccurate information in the hearing, is groundless.
Fund makes new investment in New York
19 Nov. 2014
Norges Bank Investment Management has acquired a 49.9 percent interest in the ground at 2 Herald Square in New York, in joint venture with TIAA-CREF.
NBIM Talk on new regulations
17 Nov. 2014
Friday November 14 we arranged a NBIM Talk on new regulations and consequences for market players.
Fund makes new investment in Washington D.C
14 Nov. 2014
Norges Bank Investment Management has acquired a 49.9 percent interest in the ground at 400-444 North Capitol Street in Washington D.C., in joint venture with TIAA-CREF.
European stocks pull down return
29 Oct. 2014
The Government Pension Fund Global returned 0.1 percent, or 15 billion kroner, in the third quarter of 2014.
Fund makes new investment in Washington, D.C.
28 Oct. 2014
Norges Bank Investment Management has acquired a 49.9 percent interest in 800 17th Street, a 364,502 square foot (43,154 square meter) office property located in Washington, D.C., in joint venture with TIAA-CREF.
Fund makes new investment in Munich
14 Oct. 2014
Norges Bank Investment Management has acquired a 94.9 percent stake in the shares of the companies owning two office buildings in the “Lenbach Gärten” quarter in Munich from AM Alpha GmbH.
Fund makes new investment in logistics
09 Oct. 2014
Norges Bank Investment Management has acquired a 50 percent interest in a logistics property in the Netherlands through its joint venture with Prologis.
Fund acquires additional property in London
09 Oct. 2014
Norges Bank Investment Management has acquired a 100 percent interest in the Bank of America Merrill Lynch Financial Centre, a 585,000 square foot office complex located at 2 King Edward Street in London.
Fund acquires 50 percent stake in logistics property
08 Oct. 2014
Norges Bank Investment Management has acquired a 50 percent interest in a logistics property through its joint venture with Prologis.
Review of the fund’s active management
22 Sep. 2014
Yngve Slyngstad presented during a seminar on the fund’s active management 22 September.
Fund makes new investments in US
17 Sep. 2014
Norges Bank Investment Management (NBIM) has entered into an agreement to acquire a 45 percent interest in 601 Lexington Avenue in New York, 100 Federal Street in Boston, and the Atlantic Wharf Office Building in Boston, in a joint venture with Boston Properties.
Discussion note on free float weighting schemes
10 Sep. 2014
Norges Bank Investment Management has published a discussion note on the implications of using free float weighting schemes in global equity portfolios.
Master’s Thesis Award Winners 2014
10 Sep. 2014
Synne Almaas and Line Bystrøm (NTNU) are awarded the NFI Master`s Thesis Award 2014 for their thesis «The Cash-out Refinancing of the Norwegian Housing Market”.
Fund makes new investment in San Francisco
05 Sep. 2014
Norges Bank Investment Management has acquired a 49.9 percent interest in The Orrick Building, also known as Foundry Square II, a 521,000 square foot (48,402 square meters) office property located at 405 Howard Street in San Francisco, in joint venture with TIAA-CREF.
Fund acquires additional logistic properties
02 Sep. 2014
Norges Bank Investment Management has acquired a 50 percent interest in a logistics portfolio through its joint venture with Prologis.
The Norwegian Financial Research Conference
27 Aug. 2014
The fourth annual financial research conference took place August 26.
Stronger equity performance
20 Aug. 2014
The Government Pension Fund Global returned 3.3 percent, or 192 billion kroner, in the second quarter of 2014.
Norges Bank Investment Management strengthens its leader group
20 Aug. 2014
Norges Bank Investment Management is to double the size of its leader group to 12 members. We are setting up a separate leader group for real estate, reorganising the investment departments in line with the main strategies for the Government Pension Fund Global, and enhancing internal control by creating a new position in the leader group for control and compliance.
Fund makes additional purchase in London
10 Aug. 2014
Norges Bank Investment Management has acquired a 57.8 percent interest in the Pollen Estate, a 730,000 square feet (67,800 square meters) estate over 4 acres in London's West End.
Fund makes new investment in Paris
01 Aug. 2014
Norges Bank Investment Management has acquired a 100 percent interest in "Le Madeleine", a 31,500 square metres mixed-use property on Boulevard de la Madeleine in Paris.
Fund makes new investment in Boston
28 Jul. 2014
Norges Bank Investment Management has acquired a 47.5 percent interest in an office property on One Beacon Street in Boston, Massachusetts, in a 47.5 percent/52.5 percent joint venture with MetLife.
Strategy for norges bank investment management 2014-2016
24 Jun. 2014
Our strategy for 2014–2016 continues the direction set in the previous strategy for 2011–2013 and aligns with our goal to secure a high long-term real return of the fund.
Discussion note on syndicated loans
26 May. 2014
Norges Bank Investment Management published a Discussion Note today on the market for investments in syndicated loans.
Citibank chosen as new custodian
05 May. 2014
We have appointed Citibank as our Global Custodian to provide Global Custody and Securities Lending Services.
Moderate return on the fund
30 Apr. 2014
The Government Pension Fund Global returned 1.7 percent, or 78 billion kroner, in the first quarter of 2014.
Management of the Government Pension Fund Global
25 Apr. 2014
CEO Yngve Slyngstad in Norges Bank Investment Management and Norges Bank Governor Øystein Olsen spoke at a parliamentary hearing on the management of the Government Pension Fund Global today.
Discussion Note on the Currency Carry Trade
18 Mar. 2014
Norges Bank Investment Management published a Discussion Note today where we survey the academic literature and provide empirical evidence related to the carry trade in foreign exchange markets.
A good year for the fund
28 Feb. 2014
The Government Pension Fund Global returned 15.9 percent in 2013, due principally to strong stock markets.
New logo for Norges Bank
27 Feb. 2014
Norges Bank is launching a new visual profile. The new logo and a common graphic profile will apply to all areas of Norges Bank. The St. Olav’s Rose design and the NB and NBIM symbols will be consigned to history.
NBIM Discussion Note on Global Equity Indices
28 Jan. 2014
Norges Bank Investment Management (NBIM) published a Discussion Note today where we review construction practices and performance of global equity benchmarks from the perspective of a large long-term global asset owner.
NBIM Discussion Note on Momentum in Futures Market
14 Jan. 2014
Norges Bank Investment Management (NBIM) published a Discussion Note today where we survey the academic literature and provide empirical evidence related to time-series momentum strategies which appear robust across different futures markets.
Fund Makes Two Additional Investments in US Property
13 Jan. 2014
Norges Bank Investment Management (NBIM) and MetLife, Inc. announced today two additional investments in Class A office properties in Washington, DC and in San Francisco, both of which closed in early January. The San Francisco property marks NBIM’s first U.S. office investment on the West Coast.
2013
Fund Enters Agreement to Purchase U.S. Industrial Real Estate Portfolio
23 Dec. 2013
Norges Bank Investment Management has entered into a joint venture agreement with Prologis to purchase a 45 percent interest in a 12.8 million square foot (1.2 million square meter) portfolio of industrial and logistics properties in the United States.
Fund Enters New Venture and Makes Additional Investments in US Property
13 Dec. 2013
Norges Bank Investment Management (NBIM) and MetLife, Inc. have announced a joint venture among their affiliates to invest collectively in Class A office properties in key US markets over an extened period.
Fund Expands Partnership with The Crown Estate
03 Dec. 2013
The Norwegian Government Pension Fund Global acquired a 25 percent interest in Regent Street’s Quadrant 3 building in London's West End.
Oil Fund Tops 5 Trillion Kroner in Market Value
02 Dec. 2013
The market value of the Government Pension Fund Global rose today to 5 trillion kroner, 17 years after the initial 2 billion capital transfer from the Ministry of Finance.
NBIM enters Munich real estate market with SZ Tower acquisition
22 Nov. 2013
Norges Bank Investment Management (“NBIM”), manager of the Norwegian Government Pension Fund Global, together with its joint venture partner AXA Real Estate, acting on behalf of AXA France Insurance Companies (“AXA Real Estate”) have agreed to acquire the SZ Tower in Munich.
NBIM Discussion Note on Infrastructure Investments
21 Nov. 2013
Norges Bank Investment Management (NBIM) published a Discussion Note today on infrastructure investments which aims to provide an overview of the opportunity set, key risks and return driver.
Managing Water-Related Risks is Important for the Fund’s Investments
31 Oct. 2013
The CDP’s 2013 Global Water Report, published 31 October 2013, emphasises the need for companies and investors to better understand the events and likelihood of future water risks. NBIM is a lead sponsor of CDP’s Water Programme and has given an investor perspective on water-related risks in the report.
Strong Stock Returns
25 Oct. 2013
The Government Pension Fund Global returned 5.0 percent, or 228 billion kroner, in the third quarter of 2013.
NBIM Signs Co-Investment Programme
15 Oct. 2013
Norges Bank Investment Management has signed a co-investment programme with AXA Real Estate, acting on behalf of various AXA insurance companies, targeting investments in senior secured performing commercial real estate loans in Europe. AXA Real Estate will manage the portfolio on behalf of the parties.
The Lehmkuhl Lecture 2013
27 Sep. 2013
Yngve Slyngstad, CEO, Norges Bank Investment Management (NBIM): The Lehmkuhl Lecture, Norwegian School of Economics and Business Administration (NHH), Bergen, 26 September 2013.
NBIM Discussion Note on High Frequency Trading
16 Sep. 2013
Norges Bank Investment Management (NBIM) published a Discussion Note today on high frequency trading (HFT) which aims to shed light on this wide-ranging topic from an asset manager’s perspective.
NBIM Wins Gold for 2012 Annual Report
13 Sep. 2013
Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, on 12 September won the Farmand prize for the best annual report by a public institution in Norway.
Fund Enters Agreement to Buy New York Asset
09 Sep. 2013
The Norwegian Government Pension Fund Global has entered into a joint venture agreement with Boston Properties, Inc. to purchase a 45 percent interest in an office property in New York.
Higher share prices, lower bond prices
09 Aug. 2013
The Government Pension Fund Global returned 0.1 percent, or 17 billion kroner, in the second quarter of 2013.
Complaint regarding investment in the South Korean steel company POSCO
24 May. 2013
In view of media enquiries in connection with a complaint against POSCO (South Korea), pension fund ABP/APG (Netherlands) and Norges Bank (Norway) filed by Lok Shakti Abhiyan, the South Korean Trans National Corporations Watch, the Fair Green and Global Alliance and the Forum for Environment and Development, the following information is provided as clarification:
Olsen, Slyngstad Speak at Parliamentary Hearing on Fund
30 Apr. 2013
Norges Bank Governor Øystein Olsen and NBIM CEO Yngve Slyngstad today spoke at a parliamentary hearing in Oslo on the management of the Government Pension Fund Global.
High First-Quarter Return on Equity
26 Apr. 2013
The Government Pension Fund Global posted a 5.45 percent return on its equity holdings, or the equivalent of NOK 219 billion, in the first quarter.
The Fund’s Second-Best Performance
08 Mar. 2013
The return on the Government Pension Fund Global in 2012 was 13.4 percent, the fund’s second best performance ever.
Fund Makes First Property Investment in the US
11 Feb. 2013
The Norwegian Government Pension Fund Global bought 49.9 percent of five office properties in the US, its first investment in the world’s largest real estate market, through a joint venture with TIAA-CREF.
Jessica Irschick Resigns as Chief Treasurer
06 Feb. 2013
2012
Fund to Buy 50 Percent of Industrial Real Estate Portfolio
20 Dec. 2012
The Norwegian Government Pension Fund Global will through a joint venture with Prologis buy 50 percent of a portfolio of logistic properties for 1.2 billion euros, or about 8.9 billion kroner.
NBIM Discussion Note on the Value Effect
05 Dec. 2012
Norges Bank Investment Management (NBIM) has in a discussion note published today reviewed the theory and empirical evidence of the so-called value effect. The value effect is the tendency of value stocks to generate higher returns over time than growth stocks.
First Property Investment in Switzerland
29 Nov. 2012
The Norwegian Government Pension Fund Global today bought the Uetlihof office complex in Zurich for 1 billion Swiss francs, or about 6.1 billion kroner, from the Swiss bank Credit Suisse.
NBIM Discussion Note on the Implied Tail Risk of Foreign-Exchange Positions
22 Nov. 2012
From a risk management perspective, tail risks and return distribution asymmetries of investments are important to analyse. Norges Bank Investment Management (NBIM) in this note describes a modelling approach that addresses some of the weaknesses of standard risk models.
NBIM Discussion Note on Well-Functioning Markets
19 Nov. 2012
As a long-term and global investor, Norges Bank Investment Management (NBIM) seeks to promote well-functioning financial markets. This note looks at the theoretical foundation for well-functioning markets and the reasons why well-functioning markets are important to the long-term management objectives for the Government Pension Fund Global.
NBIM Discussion Note on Corporate Governance
19 Nov. 2012
As a long-term, minority shareholder in more than 7,000 companies worldwide, NBIM seeks to promote equal treatment of shareholders and board accountability. We have outlined our expectations in these areas in two documents published today as part of a broader note on corporate governance.
NBIM Publishes Discussion Note on Small-Firm Effect
09 Nov. 2012
Norges Bank Investment Management (NBIM) has published a discussion note on the small-firm effect (SFE), which describes the average long-term excess returns that a portfolio of small-capitalisation stocks have over a portfolio of large-capitalisation stocks.
Stock Market Rally Boosts Results
02 Nov. 2012
The Government Pension Fund Global returned 4.7 percent, or 167 billion kroner, in the third quarter of 2012.
Companies Must Increase Transparency on Water-Related Risks
23 Oct. 2012
There is a sharp rise in company reports of detrimental impacts from drought and other water-related issues, yet little change in the number of companies with board level oversight of water strategies and no increase in the number of corporations providing transparent water-related risk assessments to investors. These are some of the key findings in the 2012 CDP Water Disclosure report published today.
First Property Investment in Germany
10 Oct. 2012
The Norwegian Government Pension Fund Global and joint venture partner AXA France Insurance Companies have agreed to buy two buildings in Germany for a total of 784 million euros, or approximately 5.8 billion kroner, from the Royal Bank of Scotland.
Fund Buys 50 Percent of Meadowhall Shopping Centre in the UK
08 Oct. 2012
The Norwegian Government Pension Fund Global has bought 50 percent of the UK shopping centre Meadowhall for £348 million, or approximately 3.2 billion Norwegian kroner.
NBIM Grants PhD Scholarship and Master’s Thesis Award
29 Sep. 2012
Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, on 27 September awarded the first PhD scholarship to be granted by the Norwegian Finance Initiative (NFI).
Weak Quarter After Stock Market Decline
10 Aug. 2012
The Government Pension Fund Global returned -2.2 percent, or -77 billion kroner, in the second quarter of 2012 as global stock markets declined.
Fund to Buy Stakes in Five Properties in Paris
05 Jul. 2012
The Norwegian Government Pension Fund Global agreed today to buy 50 percent of five properties in Paris from Generali Group for 275 million euros, or approximately 2.1 billion Norwegian kroner.
NBIM Hosts Seminar on Water-Related Risks at Companies in Asia and Australia
03 Jul. 2012
Limited access to fresh water is a growing risk for an increasing number of companies. Norges Bank Investment Management (NBIM) will on July 4 at the Singapore International Water Week host a seminar on the importance of managing and reporting on water-related risks at companies in Asia and Australia.
NBIM Hosts Second Annual Financial Research Conference
20 Jun. 2012
Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, on 19 June hosted its second annual financial research conference.
Stock Rally Spurs Strong Quarter
04 May. 2012
The Government Pension Fund Global returned 7.1 percent, or 234 billion kroner, in the first quarter of 2012 as stock markets rose. Measured in kroner, the quarterly return was the third largest since the fund’s inception.
Olsen, Slyngstad Speak at Parliamentary Hearing on Fund
17 Apr. 2012
Norges Bank Governor Øystein Olsen and NBIM CEO Yngve Slyngstad today spoke at a parliamentary hearing in Oslo on the management of the Government Pension Fund Global. Olsen and Slyngstad each made an introductory statement at the annual hearing before the Norwegian parliament’s Standing Committee of Finance and Economic Affairs.
Norges Bank Publishes Letters of Advice on Investment Strategy
30 Mar. 2012
Norges Bank today published three letters to the Norwegian Ministry of Finance advising on the investment strategy of the Government Pension Fund Global. The letters were sent to the ministry earlier this year and cover rebalancing, the fund’s strategic benchmark index for equities and emerging markets in a new strategic benchmark index for bonds. Their release follows the publication today of the ministry’s white paper on the management of the Government Pension Fund in 2011. Read the letters and discussion notes.
Adidas, Nestlé Among Companies With Top Marks for Reporting on Child Labour, Climate or Water Risks
26 Mar. 2012
Adidas, Nestlé and Air France-KLM were among 39 companies in a survey of 1,078 companies that received top marks for reporting on social or environmental risks in 2011. More than a third of the companies in the annual evaluation by Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, scored zero.
Stock Declines Push Down Results in 2011
16 Mar. 2012
The Government Pension Fund Global returned -2.5 percent, or -86 billion kroner, in 2011 as global stock markets slumped.
NBIM Sponsors Asian Corporate Governance Association
17 Feb. 2012
Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, will sponsor the Asian Corporate Governance Association (ACGA).
2011
NBIM Seeks Proxy Access at Six US Companies
06 Dec. 2011
Norges Bank Investment Management (NBIM), manager of the $550 billion Norwegian Government Pension Fund Global, has filed shareholder proposals for proxy access at six US companies as part of its efforts to strengthen shareholder rights.
Companies Should Take More Action on Water Risks
16 Nov. 2011
Scarce water resources may, like climate change, harm companies' operations and profitability. Yet efforts to manage water-related risks are lagging behind the steps taken to tackle climate change, according to the CDP Water Disclosure global report 2011, published today.
NFI Starts PhD Scholarship Programme
04 Nov. 2011
The Norwegian Finance Initiative (NFI) today introduced a doctorate scholarship programme as part of its efforts to promote financial economic research and education in areas relevant to the long-term management of the Government Pension Fund Global.
Stock Slump Weighs on Third-Quarter Results
28 Oct. 2011
The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 as global stock markets tumbled.
NBIM Signs Investor Statement on Climate Change
20 Oct. 2011
Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, is one of 285 signatories of the 2011 Global Investor Statement on Climate Change.
NBIM Wins Gold for 2010 Annual Report
15 Sep. 2011
Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, on 14 September won the Farmand prize for the best annual report by a public institution in Norway.
NBIM Hosts its First Financial Research Conference
30 Aug. 2011
Norges Bank Investment Managment (NBIM), manager of the Norwegian Government Pension Fund Global, is today hosting its first financial research conference.
Scarce Water Resources of Increasing Concern to NBIM
24 Aug. 2011
Limited access to clean water is a growing risk for an increasing number of the companies the Government Pension Fund Global invests in. The United Nations forecasts that almost half the world’s population will live in areas facing water stress or water scarcity by 2030. Global demand for water is expected to outstrip supply by 40 percent within the same time, according to McKinsey.
Quarterly Return of 4 Billion Kroner
12 Aug. 2011
The Government Pension Fund Global returned 0.3 percent, or 4 billion kroner, in the second quarter of 2011 after rising bond prices outweighed a slump in large parts of the stock markets.
Fund to Make First Property Investment in France
05 Jul. 2011
The Norwegian Government Pension Fund Global agreed today to buy 50 percent of seven properties in and around Paris from AXA Group, the fund’s first real estate investment in France.
Walt Disney, Ericsson Among Companies With Top Marks for Child Labour Risk Disclosure
10 Jun. 2011
Walt Disney, Ericsson and Hennes & Mauritz were among 9 out of 527 companies to get top marks for managing and reporting on the risks of child labour use and children’s rights violations in their operations and supply chains. Nearly half of the companies in the annual evaluation by NBIM, manager of the Norwegian Government Pension Fund Global, scored zero.
Norwegian Crown Prince Visits NBIM
23 May. 2011
Norway’s Crown Prince Haakon Magnus visited NBIM’s Oslo office Monday. He was given an introduction to the investment activities and ownership work of the Government Pension Fund Global. The visit was the first to NBIM by a member of the Norwegian royal family.
Olsen, Slyngstad Speak at Parliamentary Hearing on Fund
20 May. 2011
Norges Bank Governor Øystein Olsen and NBIM CEO Yngve Slyngstad today spoke at a parliamentary hearing in Oslo on the management of the Government Pension Fund Global. Olsen and Slyngstad each made an introductory statement at the annual hearing before the Norwegian parliament’s Standing Committee of Finance and Economic Affairs.
Return of 59 Billion Kroner
13 May. 2011
The Government Pension Fund Global returned 2.1 percent, or 59 billion kroner, in the first quarter of 2011 as stock market gains in Europe and the US offset a drop in Asian share prices.
NBIM Publishes Three Sector Compliance Reports
12 Apr. 2011
NBIM Makes Organisational Changes
01 Apr. 2011
Norges Bank Investment Management (NBIM), which manages the Norwegian Pension Fund Global, has made organisational changes to strengthen its investment management.
Fifth Best Year in the Fund’s History
18 Mar. 2011
The Government Pension Fund Global returned 9.6 percent, or 264 billion kroner, in 2010, driven by widespread gains in global stock and bond markets.
Bengt Enge Steps Down as CIO
04 Mar. 2011
Chief Investment Officer Bengt Enge will leave Norges Bank Investment Management (NBIM) after 13 years with the organisation.
NBIM Names Trond Grande as Deputy CEO
03 Feb. 2011
Norges Bank Investment Management (NBIM), which manages the Norwegian Government Pension Fund Global, has named Trond Grande as its new deputy chief executive officer after Stephen Hirsch stepped down from the position in October last year. Grande has served as NBIM’s Chief Risk Officer since October 2009. He will assume the new position today.
Fund Signs Regent Street Agreement
13 Jan. 2011
Norges Bank, which manages the Norwegian Government Pension Fund Global, today signed an agreement for the fund’s first real estate investment, the purchase of a 150-year lease on a 25 percent stake in The Crown Estate’s Regent Street properties in London.
2010
Fund posts its fifth-largest quarterly return
04 Nov. 2010
The Government Pension Fund Global returned 7.2 percent, or 199 billion kroner, in the third quarter, driven by gains in global stock and bond markets. The return was the fifth-largest in the fund’s history.
Fund Announces First Property Investment
04 Nov. 2010
Norges Bank, which manages the Norwegian Government Pension Fund Global, has agreed to buy a 150-year lease on a 25 percent stake in The Crown Estate’s Regent Street properties in London.
Fund tops 3 trillion kroner for first time
19 Oct. 2010
Norway’s Government Pension Fund Global, set up to safeguard the country’s oil wealth for future generations, rose today to 3 trillion kroner for the first time in its 14-year history.
Fund tops ranking of sovereign wealth funds
15 Oct. 2010
Norway’s Government Pension Fund Global tops a ranking of 53 sovereign wealth funds (SWFs) in 37 countries by researcher Edwin M. Truman. The ranking evaluates the management and governance of funds including California’s CalPERS and Dutch ABP, which often are not classified as SWFs. This is the third year in a row that Truman ranks different sovereign wealth funds.
Norges Bank submits letters on strategy, responsible investment
05 Oct. 2010
Norway’s government today published two letters from Norges Bank to the Ministry of Finance in the national budget proposal for 2011.
Widespread drop in equity markets led to negative return
13 Aug. 2010
The Government Pension Fund Global returned -5.4 percent (-155 billion kroner) in the second quarter of 2010, pulled down by a decline in global equity markets.
NBIM opens new office in Singapore
30 Jun. 2010
Norwegian finance minister Sigbjørn Johnsen and Norges Bank’s governor Svein Gjedrem were in attendance on Wednesday when Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, opened a new office in Singapore. The office will help NBIM’s existing office in Shanghai to cover the increasingly important Asia region.
Stephen Hirsch resigns as deputy CEO
04 Jun. 2010
Updated GIPS report with disclosure on leverage and derivatives
31 May. 2010
NBIM has updated the GIPS report released in March 2010 with a missing disclosure. The missing disclosure relates to the presence, use, and extent of leverage and derivatives, including a sufficient description of the use, frequency, and characteristics of the instruments to identify risks.
Pension funds urge chocolate industry to end child labour
31 May. 2010
The recent cocoa industry meeting in Utrecht showed companies are still far from fulfilling their 2001 pledge to eliminate child labour in the sector. Industry leaders must take concrete action to remedy this, say pension fund managers Norges Bank Investment Management and APG Asset Management.
Hearing on NBIM’s fund management
18 May. 2010
Norges Bank Governor Svein Gjedrem and NBIM CEO Yngve Slyngstad on 18 May spoke at an open hearing before the Norwegian parliament’s Standing Committee of Finance and Economic Affairs. The annual hearing was about management of the Government Pension Fund Global.
NBIM to open office in Singapore
07 May. 2010
Norges Bank Investment Management (NBIM) will open an office in Singapore to expand its operations in Asia’s fast-growing markets. NBIM manages the Norwegian Government Pension Fund Global and is already located in Oslo, London, New York and Shanghai.
A good first quarter for the fund
07 May. 2010
The Norwegian Government Pension Fund Global returned 3.9 percent (103 billion kroner) in the first quarter of 2010, helped by gains in global equity and fixed-income markets. The result was 0.4 percentage point higher than the return on the fund’s benchmark portfolio.
NBIM revamps its web site
18 Apr. 2010
Norges Bank Investment Management (NBIM) is pleased to introduce its improved web site, with new features and more information on the Norwegian Government Pension Fund Global.
Carbon Disclosure Project (CDP) issues its first water disclosure questionnaire to world’s largest companies
08 Apr. 2010
The best year in the fund’s history
05 Mar. 2010
Gains in international equity and fixed income markets led to a record annual return for the Government Pension Fund Global in 2009. The fund returned 25.6 percent, equivalent to 613 billion kroner. This was 4.1 percentage points higher than the return on the benchmark portfolio.
NBIM’s presentation on active management
20 Jan. 2010
The Norwegian Ministry of Finance hosted a seminar on 20 January on NBIM’s active management of the Government Pension Fund Global . CEO Yngve Slyngstad presented NBIM’s views on active management.
2009
Active management of the Government Pension Fund Global
23 Dec. 2009
CDP launches a global water disclosure project
19 Nov. 2009
The Carbon Disclosure Project (CDP) today announced the launch of CDP Water Disclosure, a new programme that will help institutional investors better understand the business risks and opportunities associated with water scarcity and other water-related
Misleading news report on the Government Pension Fund – Global
11 Nov. 2009
Record-high return in third quarter
10 Nov. 2009
The return on the Government Pension Fund – Global was 13.5 percent (NOK 325 billion) in the third quarter. The record-high quarterly return can be attributed to a sharp rise in international equity markets and a normalisation of fixed income markets.
Norges Bank’s response to changes in guidelines
22 Oct. 2009
NBIM Investment Talent Programme
13 Oct. 2009
The new NBIM Investment Talent Programme (ITP) seeks to attract highly educated and skilled candidates directly from university. “Just as we have a long-term perspective on our investments, we also invest long term in our employees,” says Yngve Slyngst
Volkswagen transactions with Porsche
07 Oct. 2009
Letter from NBIM to Volkswagen Aktiengesellschaft 7 October 2009.
NBIM submits shareholder resolutions to four US companies
02 Oct. 2009
Norges Bank Investment Management (NBIM) has submitted shareholder proposals at four US companies; Harris Corporation, Clorox Company, Cardinal Health Inc. and Parker Hannifin Corporation, requiring that the companies have an independent chairman.
NBIM joins call for a global climate agreement
21 Sep. 2009
NBIM joins the world’s investment community for a renewed call for a global climate agreement in the run-up to the COP 15 meeting in Copenhagen.
Jan Thomsen appointed Chief Compliance Officer in NBIM
07 Sep. 2009
Jan Thomsen appointed Chief Compliance Officer in Norges Bank Investment Management (NBIM).
New organisational structure at NBIM
28 Aug. 2009
Norges Bank Investment Management (NBIM) has formed a new executive team with broad international competence. This completes the final phase of an extensive reorganisation at NBIM that started with the appointment of Yngve Slyngstad as CEO in January 2
NBIM open dialogue - water management CLOSED
18 Aug. 2009
Opportunity to comment on the forthcoming NBIM investor expectations: Water management
Record-high return in the second quarter
14 Aug. 2009
International equity and fixed income markets showed a marked improvement in the second quarter. The return on the Government Pension Fund – Global was 12.7 per cent (NOK 270 billion) and the excess return 2.1 percentage points, the best quarterly result ever. In the second quarter, the fund reached the targeted equities allocation of 60 per cent, after a two year transition period.
NBIM investor expectations: Climate change management
14 Aug. 2009
Norges Bank Investment Management presents today “NBIM investor expectations: Climate change management”. The document sets out NBIM’s expectations as a long-term investor in relation to portfolio companies’ performance in the management of environmental and climate change issues.
NBIM Open Dialogue: Opportunity to comment on forthcoming Investor Expectations for Climate Change
30 Jun. 2009
In an effort to increase NBIM’s focus on active ownership in general and climate change management specifically; NBIM is in the process of preparing an expectations document regarding Climate Change Management.
Breakthrough for Corporate Governance:
12 Jun. 2009
12 June – World Day Against Child Labour – several leading global players within the plant science industry announced today that they have joined forces to combat child labour within seed production. This joint effort was initiated by Norges Bank as pa
Continued volatility, but positive excess return from equity
20 May. 2009
The first quarter of 2009 featured low inflows into the Government Pension Fund – Global and continued volatility in global markets. There was a negative return on the fund of 4.8 per cent and a negative excess return relative to the benchmark portfoli
Compliance Report: NBIM Investor Expectations
23 Mar. 2009
The present report shows the level of compliance with the NBIM Investor Expectations in 430 companies in which NBIM is invested. These are companies in sectors with high exposure to the risk of child labour. The report shows that performance reporting.
Poor results – changes in investment strategy implementation
11 Mar. 2009
The global financial crisis in 2008 presented major challenges to all parts of the portfolio of the Government Pension Fund – Global. The results for the year were the weakest in the fund’s history and have led to a number of changes in the implementation
US utilities change climate policy
15 Jan. 2009
NBIM commends the Edison Electric Institute for further clarifying the position for U.S. utilities on federal climate change regulation.
2008
NBIM seeks court decision to delay Constellation shareholder vote on acquisition by MidAmerican
17 Dec. 2008
Norges Bank Investment Management (NBIM) has filed a law suit in Maryland, USA, seeking to prevent Constellation Energy Group from convening a special shareholder meeting on December 23 to vote on a takeover by MidAmerican Energy Company, a unit of Ber
Substantial market fluctuations and considerable uncertainty
25 Nov. 2008
“The third quarter of 2008 was an unusually demanding quarter for the management of the Government Pension Fund – Global. Uncertainty in financial markets increased dramatically, and this affected the return on the fund,” says Yngve Slyngstad, CEO of N
The Royal Norwegian Order of St. Olav is bestowed upon Knut N. Kjær
26 Aug. 2008
His Majesty King Harald of Norway has designated Knut Norheim Kjær as Knight Class 1 of the Royal Norwegian Order of St. Olav for his contribution to Norwegian investment management. Knut. N. Kjær was the Executive Director of Norges Bank’s Investment
Troubled waters for international investors
26 Aug. 2008
“The second quarter featured considerable volatility in both equity markets and parts of fixed income markets,” says Yngve Slyngstad, Executive Director of Norges Bank Investment Management, NBIM. “The crisis in the financial system continued, with int
Stephen Hirsch appointed Deputy CEO of NBIM
13 Jun. 2008
Stephen Hirsch (47) has been appointed Deputy CEO of Norges Bank Investment Management with effect from 11 June 2008.
Global financial turmoil and weak equity market
23 May. 2008
The first quarter of 2008 was dominated by the financial turmoil that began with problems in the US mortgage market in early 2007 and subsequently developed into a wider crisis in parts of the financial system. Equity markets fell sharply during the qu
Positive return in a turbulent year
04 Mar. 2008
There was a positive return in 2007 on all of the portfolios managed by Norges Bank. The turmoil in credit markets triggered by the downturn in the US housing market impacted on results in 2007, especially in the second half of the year.
2007
Yngve Slyngstad appointed new NBIM executive director
12 Dec. 2007
Hovedstyret i Norges Bank har ansatt Yngve Slyngstad som ny leder i Norges Bank Investment Management etter Knut N. Kjær.
Positive return in third quarter despite turmoil in financial markets
20 Nov. 2007
There was a positive overall return on the Government Pension Fund – Global of 1.15 per cent in the third quarter. There was turmoil in financial markets in July and August. Equity prices fell, but this was more than offset by rising bond prices.
New head of Corporate Governance in Norges Bank
26 Sep. 2007
Anne Kvam has been appointed new head of Corporate Governance at Norges Bank Investment Management, NBIM. Kvam is 40 and will join the Bank from her current post as legal director at Norske Skog. She will succeed Henrik Syse who has headed Corporate Go
Knut N. Kjær resigns as head of the Norwegian oil fund
19 Sep. 2007
Knut N. Kjær resigns as head of Norges Bank Investment Management (NBIM). NBIM manages the USD 328 billion Government Pension Fund – Global and the bulk of Norges Bank’s foreign exchange reserves.
Solid return in second quarter of 2007
21 Aug. 2007
The return on the Government Pension Fund – Global was 2.2 per cent in the second quarter. The advance in international equity markets contributed to the return, particularly in Europe, the US and emerging markets. The return on the international equit
Equities continue to advance and NBIM outperforms the benchmark
22 May. 2007
The return on the Government Pension Fund – Global was 1.5 per cent in the first quarter. The rise in international equity markets made the largest contribution to the return. Norges Bank achieved an excess return of 0.09 percentage point compared with
Espen Klitzing strengthens Norges Bank Investment Management
02 Feb. 2007
Espen Klitzing (43) has been appointed Chief Financial Officer at Norges Bank Investment Management (NBIM). He will serve as deputy for Chief Executive Officer Knut N. Kjær and will be responsible for the central management and analysis functions
2006
Largest ever quarterly increase for Government Pension Fund - Global
21 Nov. 2006
The value of the Government Pension Fund - Global increased by NOK 207 billion in the third quarter, to NOK 1 712 billion. The Fund is now the largest pension fund in Europe. The increase in value in the third quarter is the largest quarterly increase in the Fund's history. The increase was due to the transfer of new capital (NOK 79 billion), the positive return on investments and the weaker krone, which increased the market value by NOK 61 billion and NOK 66 billion respectively. The change in the krone exchange rate has no effect on the Fund's international purchasing power, however.
Norges Bank Investment Management: Both equity and fixed income markets generated negative returns
22 Aug. 2006
International equity markets declined in the second quarter, particularly in Japan and emerging markets. The return on the international equity portfolios managed by Norges Bank was negative 3.3 per cent. Higher international interest rates resulted in a decline in bond prices.
Funds under management by NBIM increased to USD 260 billion
23 May. 2006
Total assets under management by NBIM, the investment management arm of the Norwegian central bank, rose to NOK 1715 billon (USD 260 billion) at the end of first quarter 2006. The largest fund under management, The Government Pension Fund - Global, increased by NOK 85 billion during the quarter to NOK 1484 billion.
Norges Bank contributes to UN principles on investments
27 Apr. 2006
The document "Principles for Responsible Investment" was published today. The principles were developed by an international group of major institutional investors, on the basis of an initiative by the UN. Norges Bank has participated in this work at the invitation of the United Nations Secretary-General, Kofi Annan
2005
11.1 per cent return on the Government Pension Fund - Global in 2005
08 Mar. 2005
In 2005, the return on the Government Pension Fund - Global was 11.1 per cent measured in international currency and 14.3 per cent measured in NOK. The return on the equity portfolio was 22.5 per cent, whereas the return on the fixed income portfolio was 3.8 per cent. During the last three years, the total return on the Fund has been 32.6 per cent, equivalent to approximately NOK 300 billion. The high return is mainly attributable to a sharp rise in equity prices.
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