The Government Petroleum Fund: The Advisory Council on Investment Strategy

Historical archive

Published under: Bondevik's 2nd Government

Publisher: Ministry of Finance

62/2005

Press release | Date: 29/09/2005 | Last updated: 24/10/2006

The Petroleum Fund’s Advisory Council on Investment Strategy was established by the Ministry of Finance today. The mandate of the Council is to act as a professional advisory body for the Ministry of Finance regarding the long term investment strategy for the Petroleum Fund. (29.09.05)

Press release

No.: 62/2005
Date: 29.09.05
Contacts: Nina Bjerkedal, telephone +47 22 24 45 50 / mobile +47 48 09 96 84, Runar Malkenes, telephone +47 22 24 41 09 / mobile +47 95 21 42 83

The Government Petroleum Fund: The Advisory Council on Investment Strategy

- The Advisory Council will strengthen the Ministry's work on the long term investment strategy for the Petroleum Fund, says Minister of Finance Per-Kristian Foss.

The Ministry of Finance is responsible for the management of the Petroleum Fund. The Ministry has delegated operational management of the Fund’s capital to Norges Bank (the central bank) and issued guidelines for the investments.

The aim of the management of the Petroleum Fund is to achieve the highest possible return, given an acceptable level of risk. The capital in the Fund is invested in foreign financial instruments.

The Ministry of Finance receives important advice from Norges Bank on the investment strategy for the Fund. The establishment of the Advisory Council on Investment Strategy will further strengthen the Ministry's work on the long term investment strategy for the Fund. Assessments and advice from the Council will serve as input for the Ministry’s decisions regarding the Funds investments.

The Advisory Council on Investment Strategy shall not advice the Ministry regarding the organisation of the portfolio management or selection of external managers. Further, The Council shall not advice the Ministry regarding the Petroleum Funds ethical obligations. The Petroleum Fund’s Advisory Council on Ethics advises the Ministry of Finance on screening and exclusion of companies whose activities may be inconsistent with the ethical guidelines for the Petroleum Fund.

The members of the Advisory Council on Investment Strategy are:

Professor Erling Steigum (Chairman)
Governor Bodil Nyboe Andersen
Private Consultant Monica Caneman
Senior Vice President Ida Helliesen
Head of Equity Research Morten Jensen
Professor Thore Johnsen
Professor Eva Liljeblom