GAPP Principle 10

The accountability framework for the SWF’s operations should be clearly defined in the relevant legislation, charter, other constitutive documents, or management agreement.

Status: Implemented

The accountability framework is stipulated in various legal documents, including the Government Pension Fund Act, the Folketrygdfondet Act, GPFN mandate and Regulation on Financial Reporting.

The Parliament-appointed Office of the Auditor General is responsible for the supervision of the Ministry of Finance. The Auditor General shall ensure that the Ministry’s efforts related to the GPFN are in accordance with the decisions and intentions of the Norwegian Parliament. The Ministry of Finance submits a separate annual white paper to Parliament on the management of the Government Pension Fund. These annual Fund reports are available on the Ministry’s website.

The Ministry of Finance and external auditor are responsible for the supervision of the Board of Folketrygdfondet. The mandate states that Folketrygdfondet to the extent suited shall comply with the Regulation on Internal Control and Risk Management drafted by the Financial Supervisory Authority of Norway. The Internal Audit is an independent and objective supervisory function that on behalf of the Board assesses whether there is adequate and effective risk management as well as appropriate and satisfactory internal control within the organisation.

Sources: Government Pension Fund Act, Folketrygdfondet Act, GPFN mandate, Regulation on Financial Reporting, Ministry of Finance’s and Folketrygdfondet’s websites.