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Norwegian Government Pension Fund and the Santiago principles

Norway supports the international guidelines for sovereign wealth funds, the so called Santiago-principles or Generally Accepted Practices and Principles for Sovereign Wealth Funds (GAPP).

Fund Performance

GPFG annual geometric average return. Measured in the currency basket. Per cent Half year 2024 Last 5 years Last 10 years Last 20 years GPFG Portfolio 8.59 7.99 7.07 6.80 Benchmark index 8.62 7.57 6.83 6.59 Excess return (percentage points)1 -0.04

Governance model

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The

Meld. St. 13 (2017–2018) - The Government Pension Fund 2018

Meld. St. 13 (2017–2018) Report to the Storting (white paper)

Strategic Benchmark Index

The strategy is defined in the Fund mandate and reflected in, inter alia, the composition of the benchmark index and risk limits established by the Ministry of Finance.

Governance Framework

The Storting has in the Government Pension Fund Act, made the Ministry of Finance responsible for the management of the Government Pension Fund Norway (GPFN). The operational management of the Fund is carried out by Folketrygdfondet.

Norges Bank's work on responsible investing

The aim of Norges Bank's responsible investing activities is to promote long-term value creation and to contribute to good corporate governance and responsible business conduct. In its management of the GPFG, Norges Bank shall emphasise the fund's

Annual Report to the Storting

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. The Ministry gives an account of the management of the Fund in an annual report to the Storting, as well as in the National Budget.

Management Provisions

The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.

Market Value

Government Pension Fund market value from 1996 to 2024Q2. NOK billion The accumulation of capital in the GPFG originates by and large from the conversion of oil and gas resources in the North Sea and Norwegian Sea to financial assets abroad.

Reports and letters

2024 Report for the Norwegian Ministry of Finance: On the global market portfolio, private-equity markets and Chines public-equity markets 2023 Assessment of Summary of “Evaluating Investments in Unlisted Equity for the Norwegian Government Pension

Norway to increase support to Ukraine and provide military equipment

The Norwegian Government has allocated up to NOK 2 billion for humanitarian assistance to Ukraine, and will provide military equipment such as helmets and bulletproof vests to the war-torn country. The Government will also align itself with the

The Council on Ethics annual report 2006

The Council on Ethics for the Norwegian Government Pension Fund - Global has issued its second annual report today. The report contains in full text the recommendations that the Ministry of Finance has made public between 7 January and 31 December

The Report on Energy Stocks in the Government Pension Fund Global

On 12 June, the Storting deliberated Meld. St. 14 (2018-2019), Energy Stocks in the Government Pension Fund Global. The report proposed omitting equity investments in companies classified as exploration and production companies from the benchmark

Meld. St. 24 (2020–2021) - The Government Pension Fund 2021

Chapter 1: Executive summary

Revised National Budget: Sound economic governance

The Norwegian economy is unusually strong and employment is at a record low. At the same time, however, Omicron, high electricity prices and war in Europe have necessitated unforeseen financial allocations. In the Revised Budget, the government has

Expert group report on Norges Bank’s active management of the GPFG

On 3 January 2022, the expert group reviewing Norges Bank’s active management of the Government Pension Fund Global (GPFG) submitted its report to the Ministry of Finance.

Meld. St. 9 (2021–2022) - The Government Pension Fund 2022

Chapter 1

The National Budget 2023: A budget for security and fair distribution

There is a war and an energy crisis in Europe. High inflation is affecting people’s lives. The Government’s response is a fair and responsible budget, which improves distribution and enhances security at a challenging time.

NOU 2022: 12 - The Fund in a changing world

The Government Pension Fund Global and new economic and political developments