Voting guidelines

Norges Bank Investment Management exercises its voting rights in order to safeguard the fund’s assets. This includes voting to promote sustainable development and good corporate governance.

We have established voting guidelines that provide a principled basis for our voting decisions. These guidelines are anchored in the revised G20/OECD Principles of Corporate Governance and are applied on a case-by-case basis to cater to the specific circumstances of individual companies. 

As a responsible investor we consider long-term value creation, sustainable business practices, board accountability, shareholders' rights, equal treatment of shareholders and transparent company communication.

G20 / OECD principles Norges Bank Investment Management
voting guidelines

Institutional investors, stock markets and other intermediaries

We will vote in a principled and consistent manner to maximise the long-term profitability of the companies we are invested in


- Vote in a principled and consistent manner

- Vote in order to support return objective of the fund

- Transparency on our voting

Effective corporate governance framework

Encourage companies to create long-term value


- Accommodate market-specific practices and regulations

- Accommodate company-specific circumstances

The responsibilities of the board

Hold company boards accountable for decisions and outcomes


- Board composition

- Director commitment and board renewal

- Board accountability

- Executive remuneration

The rights and equitable treatment of shareholders and key ownership functions

Seek to enhance shareholder rights and work for equitable treatment of shareholders


- Protection of shareholder rights

- Equal rights within share classes

- Equitable treatment of shareholders

- Pre-emption rights

Disclosure and transparency

Promote timely, adequate and transparent company communication


- Annual report and accounts

- Discharge of directors and accounts

- Compliance with local corporate governance codes

- Non-audit fees

The role of stakeholders in corporate governance

Promote sustainable business practices


- Risk management

- Reporting of environmental and social risk

- Shareholder proposals

Global voting guidelines 2016

Download the complete guidelines (PDF)