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New expectation document on human capital

Today, we publish new expectations of the companies in which we invest, on how they should manage their human resources – also called human capital. Human capital management will be a priority in our ownership work going forward.

17 August 2022

How companies invest in people is becoming increasingly important for value creation and profitability. We are convinced that the companies that invest strategically in their human capital will be the most profitable in the long run. This is supported by research, which shows that happy employees contribute to better return. Safe working conditions and a good corporate culture provide a basis for innovation, motivation, increased productivity, and growth. This is decisive for whether companies succeed in a pressured labour market, in which competition for knowledge and expertise is sharp.

“Companies that invest in their employees will become the winners of tomorrow since people have become companies’ greatest resource”, says CEO of Norges Bank Investment Management Nicolai Tangen.

Our expectations are targeted against the companies’ boards. We expect the companies to have a strategy anchored in the board for how they are going to invest in their employees to secure growth, innovation, and good and safe workplaces. The strategy should also include employees in the value chain.

“With this new expectation document, we make it clear to the companies that human capital will be a priority in our ownership work going forward. We are clear on what our expectations are. We will influence the companies through dialogue and voting, and we will hold the boards accountable”, says Chief Governance and Compliance Officer in Norges Bank Investment Management Carine Smith Ihenacho.

Press contacts:
Marthe Skaar
Head of Media and External Relations
Phone: +47 926 17 663

Line Aaltvedt
Manager, Media and External Relations
Phone: +47 948 54 656


Read the expectation document