GAPP Principle 13

Professional and ethical standards should be clearly defined and made known to the members of the SWF’sgoverning body(ies), management, and staff.

Status: Implemented

The Ministry of Finance has established and published ethical standards for all Ministry employees. These include principles of transparency, objectivity, and independence, as well as restrictions on transactions in financial instruments. Professional standards are as a rule defined at the point of employment.

Norges Bank has set clear conduct of business guidelines. Norges Bank applies a systematic approach to ensuring that its personnel comply with internal rules, applicable laws and regulations to cultivate a compliance culture built on risk awareness and ethical principles. This includes identification of regulatory requirements, monitoring changes in the regulatory landscape, assessing and mitigating compliance risks across the organisation, as well as advising and enabling the business to conduct its activities in adherence to internal and external rules.

Source: Ministry ofFinance’s and Norges Bank’s websites.