Governor Olsen on Supervisory Council’s letter to the Storting

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.

11 June 2020

“We note that the Supervisory Council remarks that all agreements are yet to be finalised, and that establishing sufficient internal control measures remains to be done. We are in the process of finalising this work, and they will, as planned, be in place before Nicolai Tangen takes up his position. The Executive Board will thus facilitate the Supervisory Council’s fulfilment of its supervisory responsibilities,” says Governor Øystein Olsen.

The employment contract creates sufficient distance between Nicolai Tangen’s private finances, the AKO system and the job that he will carry out as CEO of Norges Bank Investment Management. Mechanisms are established which ensure that Tangen will have no influence on his fund investments for as long as he is employed by Norges Bank, and which prevent possible conflicts of interest and impartiality. The ethical guidelines of Norges Bank also applies to Nicolai Tangen.

“Nicolai Tangen will acquaint himself with the organisation during this summer, and we look forward to his taking up the position of CEO of NBIM on 1 September”, says Olsen.

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