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Response to the European Commission’s Consultation on the Review of the EU Macro-Prudential Policy Framework

The Norwegian Ministry of Finance, Finanstilsynet and Norges Bank welcome the opportunity to provide a common feedback on the EU macroprudential policy framework.

Complaints against Norway relating to reporting obligations when contracts are given to non-resident contractors

The Norwegian Tax Assessment Act (TAA) § 5-6 and Regulation on Third Party Reporting Obligation ("Third Party Regulation") § 5-6-1- to § 5-6-6.

National budget 2013

The National Budget will be presented for the Parliament (Storting) October 8th 2012. The National Budget presents the Government's programme for the implementation of economic policy and projections for the Norwegian Economy.

Governance framework

The Storting has, in the Government Pension Fund Act, accorded the Ministry of Finance formal responsibility for the management of the Fund. Operational management of the Government Pension Fund Global (GPFG) is carried out by Norges Bank.

Conclusions of the Mission

Ethical guidelines

The Government Pension Fund Global (GPFG) has been subject to guidelines for observation and exclusion since 2004. The guidelines have since been further developed, most recently in 2021 on the basis of recommendations in NOU 2020: 7 Values and

The Council on Ethics

The Council on Ethics was established by Royal Decree 19 November 2004. The Council on Ethics provides an evaluation of whether investments in specified companies are inconsistent with the ethical guidelines.

Government Pension Fund and the Santiago principles

The International Forum of Sovereign Wealth Funds (IFSWF) was established in 2009 with the purpose of promoting the Santiago Principles. Norway is not a member of the IFSWF, but fully supports these principles.

Investment Strategy

The Government Pension Fund consists of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The investment strategy for the Government Pension Fund is premised on seeking to maximise the return on fund assets

The Advisory Panel on Fiscal Policy Analysis

The Advisory Panel on Fiscal Policy Analysis (formerly the Ministry of Finance’s Advisory Panel on Macroeconomic Models and Methods) provides professional advice on the Ministry of Finance’s work on macroeconomic issues and fiscal sustainability.

Multilateral Convention to implement BEPS Measures (MLI)

Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

Meld. St. 26 (2022–2023) - A changing climate – united for a climate-resilient society

Meld. St. 26 (2022–2023) Report to the Storting (white paper)

Investment Strategy

The objective for the management of the GPFN is to maximise financial returns measured in Norwegian kroner, given a moderate level of risk. The main part of the assets of the GPFN is invested in the Norwegian equity and fixed income markets.

Strategic Benchmark Index

The mandate issued by the Ministry of Finance to Norges Bank expresses the long-term investment strategy for the Fund, including the strategic benchmark index and appurtenant provisions on the execution of the management assignment.

Fund Performance

GPFN annual geometric average return. Measured in Norwegian kroner. Per cent 2024 Last 5 years Last 10 years Since 2007 GPNF Portfolio 7,65 7,30 7,53 7,39 Benchmark index 6,50 6,27 6,68 6,39 Excess return (percentage points) 1,15 1,03 0,85 1,00

Market Value

Government Pension Fund Norway market value from 1996 to 2024. NOK billion1 1 A major part of the GPFN assets was invested with the Treasury in the form of mandatory deposits until 2005. Folketrygdfondet’s participation in the mandatory deposit

Market Value

Government Pension Fund Global market value from 1996 to 2024. NOK billion GPFG market value development 1996-2024. NOK billion

On the public consultation on Capital Markets Union from the Norwegian Ministry of Finance

Reference is made to the Green Paper on Building a Capital Markets Union (CMUGreen Paper) dated 18 February 2015. The Norwegian Ministry of Finance supports the initiative of the Commission to create a more integrated capital market across European

Notification - excise duty on waste incineration - exemption for undertakings covered by the ETS

Notification - excise duty on waste incineration - exemption for undertakings covered by the ETS

Norway and the Age of Energy

'We are transitioning out of oil, out of gas, out of fossil, and now into a new chapter. I emphasize transitioning, because this is complex; when energy sources shift, power shifts and politics shifts', said Prime Minister Jonas Gahr Støre.

By Prime Minister Jonas Gahr Støre Columbia University, World Leaders Forum