Nicolai Tangen established the management company AKO Capital in London in 2005 and has since acquired substantial wealth.
“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”, Governor Øystein Olsen says.
The main features of the new structure of Tangen’s financial engagements are as follows.
- Tangen’s voting right in AKO Capital is reduced to 43 percent, and a trustee is appointed who will exercise his voting rights.
- All dividend from Tangen’s ownership in AKO will be donated to the AKO Foundation.
- Tangen will step down from all directorships in AKO companies. The composition of all relevant boards in the AKO system is changed so that they do not have a majority of members with close ties to Tangen.
- Gabler Investments AS will manage his personal wealth in the AKO funds under a discretionary mandate. A proxy will handle all dialogue with Gabler. This means that Tangen will not know what he is invested in, and it ensures that unwanted information is not received by Tangen.
- For a period of six months after having left the position, Tangen cannot provide services to or take up directorships in the AKO system.
“With Nicolai Tangen, we will have a highly skilled leader of the Government Pension Fund Global. Tangen is a man with good leadership skills and unique experience from international capital markets. Tangen will take a competent organisation to new levels in the years to come”, Olsen says.
Tangen takes up the position as CEO on 1 September.
“I am more than ever looking forward to embarking on the task of managing the funds of current and future generations of Norwegian. It is with great awe and humbleness that I take up this position in September”, Nicolai Tangen says.
Director of Communications, Norges Bank
Phone: +47 952 14 283
Only the memo has been translated into English. The rest of the related documents are in Norwegian only.