Norges Bank Investment Management has signed an agreement to acquire a 50 percent interest in the Borssele 1 & 2 offshore wind farm located in the Netherlands.
The revised strategy builds on the strategy for 2020–2022 and emphasizes high performance, responsible investment and transparency as key priorities for the fund going forward.
Norges Bank has decided to place one company under observation, follow up one company through active ownership, and revoke the exclusion of one company.
We had nearly 3,000 company meetings in 2020 and initiated several new dialogues with companies we are invested in.
In 2020, the Government Pension Fund Global returned 10.9 percent, or 1,070 billion kroner, in a year characterised by uncertainty and major fluctuations.
Today, we publish an historic review of the fund’s more than 20 years’ experience with investing in equities.
Norges Bank Investment Management and the Basel Institute on Governance have published a new guidance note, which contains indicators that we hope will contribute to better company reporting on the effectiveness of corporate anti-corruption efforts.
Norges Bank Investment Management has awarded three research grants to study the effects of increasing institutional ownership on companies.
Chairman of the Executive Board Øystein Olsen and CEO Nicolai Tangen in Norges Bank Investment Management will speak at a parliamentary hearing today on the management of the Government Pension Fund Global.
The partnership between Norges Bank Investment Management and Prologis has acquired a logistics property in Milton Keynes, in the UK.
In the third quarter of 2020, the Government Pension Fund Global returned 4.3 percent, equivalent to 412 billion kroner.
Nicolai Tangen, CEO of Norges Bank Investment Management, has established the fund’s new leader group. The leader group’s main responsibility is to deliver good return for our community.
Karsten Kallevig is appointed special advisor, with a focus on real asset matters.
One of our tasks as the manager of the fund is to contribute to transparent management of the fund. Our publication series «Management reviews» contributes to this goal by providing historic accounts of different parts of the fund’s investment strategy. “Investing with a mandate” is the latest publication in this series.
Norges Bank has decided to exclude three companies from the Government Pension Fund Global and follow up one company through active ownership.
In the past 20 years, the fund has become the largest single owner in the world’s stock markets. At the same time, we have become a global leader in responsible investing.
Norges Bank’ Executive Board and the incoming CEO of Norges Bank Investment Management (NBIM) have renegotiated the terms of his employment contract.
In the first half of 2020, the Government Pension Fund Global returned -3.4 percent, equivalent to -188 billion kroner.
A research grant from Norges Bank Investment Management for Professor Harrison Hong of Columbia University has resulted in the publication of a special issue of The Review of Financial Studies dedicated exclusively to climate finance.
Today, we publish an asset manager perspective where we explain our approach to shareholder proposals on sustainability. We recommend evaluating proposals according to materiality, prescriptiveness and a careful consideration of company context.
On 11 June, the Supervisory Council of Norges Bank sent a letter to the Storting with a briefing on the Supervisory Council’s work in connection to the appointment of Nicolai Tangen as new CEO of Norges Bank Investment Management (NBIM). The reason for the letter is the great public interest in the appointment and employment contract that has been agreed.
Today we publish a practical guidance tool for companies. The guidance tool is the result of a partnership between UNICEF and NBIM involving leading apparel and footwear companies.
Ten years have passed since the fund was given a mandate to invest in unlisted real estate. Today, the fund is one of the world’s largest real estate investors. Unlisted real estate has had a positive contribution to the fund’s return, in addition to reducing the risk.
On Wednesday, Øystein Olsen, on behalf of Norges Bank’s Executive Board, signed an employment contract with Nicolai Tangen as new CEO of Norges Bank Investment Management.
With effect from today, we will explain all our votes against the board at shareholder meetings. In addition, we publish an asset manager perspective and four position papers to clarify our views as an owner.
Norges Bank has decided to exclude seven companies from the Government Pension Fund Global and revoke two exclusions.
Norges Bank has decided to exclude five companies from the Government Pension Fund Global and place four companies on an observation list after an assessment against the product-based coal criterion.
In the first quarter of 2020, the Government Pension Fund Global returned -14,6 percent, equivalent to -1,350 billion kroner, according to final figures.
External managers have over its 20-year history played an important role in fulfilling the fund’s mandate of the highest possible return after costs with a moderate risk.
In the first quarter of 2020, the Government Pension Fund Global returned -14.6 percent, equivalent to -1,171 billion kroner.
Norges Bank’s Executive Board has appointed Nicolai Tangen as the new CEO of Norges Bank Investment Management.
Today, Norges Bank Investment Management has published extended information on return and risk in the Government Pension Fund Global. The publication supplements the fund’s annual report with figures and analyses for various investment strategies.
Norges Bank Investment Management has signed an agreement to acquire a 39.9 percent interest in a part of the Otemachi Park Building, an office-complex located in Tokyo, in a joint venture with a new partner, Mitsubishi Estate.
Boards must ensure that companies regularly report relevant, quantitative and comparable information on environmental, social and governance issues. Investors require information of financial importance that is comparable between companies and over time.
In 2019, the Government Pension Fund Global returned 19.9 percent, equivalent to 1,692 billion kroner.
The application deadline for the position of CEO of Norges Bank Investment Management expired on 21 February 2020.
Norges Bank has decided to revoke the exclusion of Drax Group Plc.
Norges Bank Investment Management has signed an agreement to sell two office buildings in Sophienstrasse 26, Katharina-von-Bora-Strasse 1 and 3, Karlstrasse 23 and Luisenstrasse 14 in the Lenbach Gärten quarter in Munich.
Norges Bank Investment Management has sold a 25 percent interest in the West One Shopping Centre and 75 Davies Street in London to British Land.
Norges Bank has decided to revoke the observation of Petroleo Brasileiro SA (Petrobras).
The joint venture between Norges Bank Investment Management and Prologis has signed an agreement to acquire a 19 million square feet logistics real estate portfolio.
Norges Bank has decided to exclude G4S Plc due to unacceptable risk that the company contributes to or is responsible for serious or systematic human rights violations.
Yngve Slyngstad has informed Norges Bank’s Executive Board that he will resign as CEO in Norges Bank Investment Management. Slyngstad will remain in his position until a new CEO takes up the position.
The Government Pension Fund Global returned 1.6 percent, or 236 billion kroner, in the third quarter of 2019.
23 years ago, the Government Pension Fund Global received the first inflow from the Ministry of Finance of nearly 2 billion kroner. Since then, the fund has grown to 10,000 billion kroner.
Norges Bank Investment Management has won the Farmand gold award for best website, for best idea and design for the digital communications solution generasjonsfondet.no, and the fifth gold award for best annual reporting.
The partnership between Norges Bank Investment Management and Prologis has acquired a logistics property in Greenford, UK, located within Greater London.
Norges Bank Investment Management's strategy for 2020–2022 sets the strategic direction for the next three years and continues in the direction set by the strategy for 2017–2019.
In Recommendation 344 S (2018-2019), the Storting agreed that bonds issued by governments and companies in emerging markets should be removed from the benchmark index for bonds, and that a limit of 5 percent of the bond portfolio should be set for investments in such bonds. The Storting also agreed to permitting the fund to be invested in unlisted renewable energy infrastructure within the limit for the environment-related mandates.
In its letter of 27 March 2019, the Ministry asked Norges Bank to report on its experience of investing in unlisted companies where the board has expressed an intention to seek a listing and consider whether the current provision needs to be amended. The Bank has published its response today in a letter.
In its letter of 6 November 2018, the Ministry of Finance asked for Norges Bank’s assessment of the geographical distribution and composition of the benchmark index for equities for the Government Pension Fund Global (GPFG). The Bank has published its response today in two letters.
The Government Pension Fund Global returned 3.0 percent, or 256 billion kroner, in the second quarter of 2019.
The partnership between Norges Bank Investment Management and AXA France has signed an agreement to sell the ‘Prelude’ property located on 27 avenue du Général Leclerc in Boulogne-Billancourt outside Paris.
The partnership between Norges Bank Investment Management and AXA France has signed an agreement to sell the ‘Die Welle’ property located on An der Welle 3-7 and 2-10 in Frankfurt.
Norges Bank has decided to revoke the exclusions of Grupo Carso SAB de CV, General Dynamics Corp, Nutrien Ltd, Rio Tinto Ltd, Rio Tinto Plc, Walmart Inc and Wal-Mart de Mexico SAB de CV from the Government Pension Fund Global.
Today, Norges Bank Investment Management has published extended information on unlisted real estate in the Government Pension Fund Global.
The Government Pension Fund Global returned 9.1 percent, or 738 billion kroner, in the first quarter of 2019.
The partnership between Norges Bank Investment Management and Prologis has acquired seven logistics properties in the US, Spain and the Netherlands. Three of the buildings are located in Orange County, California, two are in Barcelona, one in Madrid and one in Tilburg.
Governor of Norges Bank Øystein Olsen and CEO Yngve Slyngstad in Norges Bank Investment Management will speak at a parliamentary hearing today on the management of the Government Pension Fund Global.
We announce our intention to vote in favour of a shareholder proposal that asks for annual election of board members in Kellogg Company.
The partnership between Norges Bank Investment Management, Trinity Church Wall Street and Hines has extended the remaining 72-year ownership interest in the Hudson Square portfolio in New York City to a 99-year term.
Norges Bank’s Executive Board decided 6 February to integrate the fund’s organisational units into a new organisational model for the fund with effect from 1 April 2019. In relation to this, some adjustments to the fund’s leader group have been made.
Today, Norges Bank Investment Management has published extended information on the return and risk of the Government Pension Fund Global.
Norges Bank has decided to exclude Halcyon Agri Corp Ltd due to unacceptable risk that the company is responsible for serious environmental damage.
The Government has today presented their report to the Storting about energy stocks in the Government Pension Fund Global.
The Government Pension Fund Global returned -6.1 percent, or -485 billion kroner, in 2018.
Last Wednesday, Norges Bank’s Executive Board decided on a new strategy for real estate investments in the Government Pension Fund Global (GPFG).
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.
In 2018 we had close to 1,500 company meetings where we discussed governance and followed up on our expectations of companies.
The partnership between Norges Bank Real Estate Management and Prologis has acquired six logistics properties in Chicago, Nashville and Orlando.
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.
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.
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.
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.
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.
The Government Pension Fund Global returned 2.1 percent, or 174 billion kroner, in the third quarter of 2018.
We have published three position papers on why effective boards need industry expertise, an independent chairperson and board members with sufficient time commitment.
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.
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.
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.
Norges Bank Real Estate Management has acquired a 100 percent interest in an office property located on 60 Holborn Viaduct in Central London.
The board will further strengthen our corporate governance work.
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.
We expect companies to manage the challenges and opportunities related to sustainable uses of the ocean.
In connection with the Norwegian Financial Research Conference, Norges Bank has published a new Discussion Note on rebalancing rules.
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.
The Government Pension Fund Global returned 1.8 percent, or 167 billion kroner, in the second quarter of 2018.
The partnership between Norges Bank Real Estate Management and Prologis has acquired a logistics property in Orange County, California.
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.
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.
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.
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.
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.
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.
The Government Pension Fund Global returned -1.5 percent, or -171 billion kroner, in the first quarter of 2018.
The partnership between Norges Bank Real Estate Management and Prologis has sold eight logistics properties located in France, the Netherlands and Spain.
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.
Norges Bank Real Estate Management invested 15 billion kroner in unlisted real estate in 2017. The year marked our first investment in Asia.
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.
Today, Norges Bank Investment Management has published extended information on the return and risk of the Government Pension Fund Global.
The Government Pension Fund Global returned 13.7 percent, or 1,028 billion kroner, in 2017.
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.
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.
Today, we present our fourth report on responsible investment. We also publish our expectations towards companies on anti-corruption.
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.
The partnership between Norges Bank Real Estate Management and Prologis Inc. has acquired a logistics property in San Francisco, California.
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 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.
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.
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.
The network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.
In a letter to Ministry of Finance today, Norges Bank recommends the removal of oil and gas stocks from the GPFG’s benchmark index.
In our new Asset Manager Perspective we suggest improvements to strengthen global foreign exchange markets.
The Government Pension Fund Global returned 3.2 percent, or 192 billion kroner, in the third quarter of 2017.
Norges Bank Investment Management wins the Farmand award for the fourth time.
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.
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.
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.
The Government Pension Fund Global returned 2.6 percent, or 202 billion kroner, in the second quarter of 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.
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.
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.
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.
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.
Norges Bank has decided to place Hansae Yes24 Holdings Co Ltd and Hansae Co Ltd under observation.
The Norwegian Finance Initiative (NFI) has awarded research grants for two separate research projects at Columbia University and New York University.
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.
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.
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.
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.
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.
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.
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.
We have published our position on CEO remuneration.
The document sets out our expectations towards companies on tax and transparency. The expectations are based on international principles.
Today, Norges Bank Investment Management has published extended information on the return and risk of the Government Pension Fund Global.
In 2016, Norges Bank Real Estate Management invested 19.1 billion kroner in unlisted real estate, mainly in the second half of the year.
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.
In 2016, we held 3,790 meetings with 1,589 companies. We raised environmental, social or governance issues in half of the meetings.
The Government Pension Fund Global returned 6.9 percent, or 447 billion kroner, in 2016.
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.
The partnership between Norges Bank Real Estate Management and Prologis Inc. has sold three logistics properties in the San Francisco Bay area.
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.
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.
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.
Geir Øivind Nygård has been appointed Chief Investment Officer (CIO) Asset Strategies in Norges Bank Investment Management. He started on 1 January 2017.
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.
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.
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.
Norges Bank Real Estate Management has acquired a 100 percent interest in 73-89 Oxford Street from Great Portland Estates plc.
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.
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.
Norges Bank Investment Management won gold at the Farmand awards 2016 for annual reporting.
This guidance document identifies how Norges Bank Real Estate Management promotes environmentally sustainable management across our unlisted real estate portfolio.
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.
Our new Asset Manager Perspective aims to increase knowledge on securities lending markets.
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.
The Government Pension Fund Global returned 4.0 percent, or 240 billion kroner, in the third quarter of 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.
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.
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.
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.
Norges Bank Investment Management has been informed of the proposed spin-off and supports the strategic rationale set out by the company.
The Government Pension Fund Global returned 1.3 percent, or 94 billion kroner, in the second quarter of 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.
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.
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.
Norges Bank Investment Management has filed a complaint against Volkswagen.
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.
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.
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.
The Government Pension Fund Global returned -0.6 percent, or -85 billion kroner, in the first quarter of 2016.
Norges Bank Real Estate Management has today published a report on investments in unlisted real estate in 2015.
Norges Bank Real Estate Management has sold a 50 percent interest in two logistics properties in Spain, through its joint venture with Prologis.
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.
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.
Norges Bank Investment Management has signed an initiative within the apparel manufacturing sector.
Norges Bank Investment Management has published a report on the fund's performance and risk.
The Government Pension Fund Global returned 2.7 percent, or 334 billion kroner, in 2015.
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.
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.
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.
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.
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).
Norges Bank has decided to place Petroleo Brasileiro SA (Petrobras) under observation because of the risk of severe corruption.
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.
The National Bureau of Economic Research and London Business School have each received a three-year research grant from the Norwegian Finance Initiative (NFI).
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.
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.
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 has been appointed Chief Executive Officer of Norges Bank Real Estate Management. He will start in the new position on 1 January 2016.
Our third Asset Manager Perspective looks at a unique trading feature in foreign exchange markets.
Norges Bank Investment Management has published a discussion note which looks closer at infrastructure investments in less mature markets.
Norges Bank Investment Management has published a discussion note which looks closer at infrastructure investments in renewable energy.
Norges Bank Investment Management has published a discussion note reviewing the empirical evidence on the quality premium.
Columbia Water Center has published working papers on water-related risks for mining.
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.
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.
We have published a revised children's rights expectation document.
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.
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.
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.
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.
The Government Pension Fund Global returned -4.9 percent, or -273 billion kroner, in the third quarter of 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.
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.
Norges Bank has decided to place Astra International Tbk PT under observation because of the risk of severe environmental damage.
Norges Bank Investment Management is opening a new office in Tokyo as part of its plans to start investing in Asian real estate.
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.
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.
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.
The Government Pension Fund Global returned -0.9 percent, or -73 billion kroner, in the second quarter of 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.
In a newly published Asset Manager Perspective, we present our view on the role of exchanges, and address some key developments in the market.
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.
We have published our position and evaluation on individual vote count in board elections.
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.
Norges Bank Investment Management has updated and supplemented the report on risk-adjusted returns for the Government Pension Fund Global.
The Government Pension Fund Global returned 5.3 percent, or 401 billion kroner, in the first quarter of 2015.
Norges Bank Investment Management has acquired a 45 percent interest in two logistics properties in Seattle in a joint venture with Prologis.
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.
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.
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.
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.
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.
The Government Pension Fund Global returned 7.6 percent, or 544 billion kroner, in 2014.
We have published our position and evaluation on proxy access in US listed companies. This will form a basis for our voting.
We have published an updated document on expectations to companies’ climate change strategy.
The management of the fund has resulted in an excess return of more than 0.25 percent since the fund’s inception.
Since the inception of the fund, external managers have contributed with a positive result of 15 billion NOK after costs.
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.
The Government Pension Fund Global strengthened its work on responsible investment in 2014, and today we present our first report on this issue.
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 has given Columbia University in New York a 3-year grant to study how different sustainability factors influence profitability in the mining industry.
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.
Norges Bank Investment Management has published a Discussion Note on benchmark design for an active investment process.
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.
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.
Friday November 14 we arranged a NBIM Talk on new regulations and consequences for market players.
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.
The Government Pension Fund Global returned 0.1 percent, or 15 billion kroner, in the third quarter of 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.
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.
Norges Bank Investment Management has acquired a 50 percent interest in a logistics property in the Netherlands through its joint venture with Prologis.
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.
Norges Bank Investment Management has acquired a 50 percent interest in a logistics property through its joint venture with Prologis.
Yngve Slyngstad presented during a seminar on the fund’s active management 22 September.
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.
Norges Bank Investment Management has published a discussion note on the implications of using free float weighting schemes in global equity portfolios.
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”.
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.
Norges Bank Investment Management has acquired a 50 percent interest in a logistics portfolio through its joint venture with Prologis.
The fourth annual financial research conference took place August 26.
The Government Pension Fund Global returned 3.3 percent, or 192 billion kroner, in the second quarter of 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.
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.
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.
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.
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.
Norges Bank Investment Management published a Discussion Note today on the market for investments in syndicated loans.
We have appointed Citibank as our Global Custodian to provide Global Custody and Securities Lending Services.
The Government Pension Fund Global returned 1.7 percent, or 78 billion kroner, in the first quarter of 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.
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.
The Government Pension Fund Global returned 15.9 percent in 2013, due principally to strong stock markets.
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.
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.
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.
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.
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.
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.
The Norwegian Government Pension Fund Global acquired a 25 percent interest in Regent Street’s Quadrant 3 building in London's West End.
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.
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.
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.
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.
The Government Pension Fund Global returned 5.0 percent, or 228 billion kroner, in the third quarter of 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.
Yngve Slyngstad, CEO, Norges Bank Investment Management (NBIM): The Lehmkuhl Lecture, Norwegian School of Economics and Business Administration (NHH), Bergen, 26 September 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.
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.
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.
The Government Pension Fund Global returned 0.1 percent, or 17 billion kroner, in the second quarter of 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:
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.
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 return on the Government Pension Fund Global in 2012 was 13.4 percent, the fund’s second best performance ever.
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.
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.
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.
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.
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.
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.
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.
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.
The Government Pension Fund Global returned 4.7 percent, or 167 billion kroner, in the third quarter of 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.
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.
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.
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).
The Government Pension Fund Global returned -2.2 percent, or -77 billion kroner, in the second quarter of 2012 as global stock markets declined.
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.
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.
Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, on 19 June hosted its second annual financial research conference.
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.
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 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 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.
The Government Pension Fund Global returned -2.5 percent, or -86 billion kroner, in 2011 as global stock markets slumped.
Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, will sponsor the Asian Corporate Governance Association (ACGA).
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.
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.
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.
The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 as global stock markets tumbled.
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.
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.
Norges Bank Investment Managment (NBIM), manager of the Norwegian Government Pension Fund Global, is today hosting its first financial research conference.
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.
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.
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 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.
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.
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.
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.
Norges Bank Investment Management (NBIM), which manages the Norwegian Pension Fund Global, has made organisational changes to strengthen its investment management.
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.
Chief Investment Officer Bengt Enge will leave Norges Bank Investment Management (NBIM) after 13 years with the organisation.
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.
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.
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.
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.
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.
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.
Norway’s government today published two letters from Norges Bank to the Ministry of Finance in the national budget proposal for 2011.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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
Letter from NBIM to Volkswagen Aktiengesellschaft 7 October 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 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 Norges Bank Investment Management (NBIM).
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
Opportunity to comment on the forthcoming NBIM investor expectations: Water management
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.
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.
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.
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
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
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.
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
NBIM commends the Edison Electric Institute for further clarifying the position for U.S. utilities on federal climate change regulation.
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
“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
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
“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 (47) has been appointed Deputy CEO of Norges Bank Investment Management with effect from 11 June 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
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.
Hovedstyret i Norges Bank har ansatt Yngve Slyngstad som ny leder i Norges Bank Investment Management etter Knut N. Kjær.
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.
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 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.
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
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 (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
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.
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.
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.
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