GAPP Principle 20

The SWF should not seek or take advantage of privileged information or inappropriate influence by the broader government in competing with private entities.

Status: Implemented

The governance structure of Norges Bank reflects the different nature and characteristics of the activities that the Bank has been entrusted with.

The investment management activities are organised as a separate operational unit within the Bank, NBIM. The investment management unit has no access to any privileged information from the broader government. The job description issued to the NBIM CEO by the Executive Board specifies that the CEO shall not take part in discussions by the management of Norges Bank concerning monetary policy or financial stability issues or international organisations’ assessments of such issues. Furthermore, NBIM is to be organised in a manner that protects inside information and other confidential or market sensitive information. In the event that Norges Bank as an investor or potential investor obtains privileged information, laws and regulations as well as internal guidelines are abided by to make sure that (i) such information is not used in investment decisions and (ii) confidentiality is observed. The CEO job description further requires that NBIM employees shall, to the extent possible, not have access to confidential information from other parts of Norges Bank. See response to principle 6 for details on the governance structure.

Source: Norges Bank’s website.