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Recommendation on the exclusion of the company Serco Group Plc.

The company is recommended for exclusion because of its involvement in the production of nuclear weapons.

Recommendation of 15 November 2005

Recommendation of 15 February 2006

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

Investment Strategy

The objective of Fund investments is to achieve the highest possible return over time, given an acceptable level of risk. The Fund shall be managed responsibly within this overarching financial objective.

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.

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 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

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. 14 (2018–2019) - Energy Stocks in the Government Pension Fund Global

NOU 2017: 13 - New central bank act

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

The Government Pension Fund (Statens pensjonsfond)

The inflow in the Government Pension Fund Global consists of all state petroleum revenues as well as the return on the fund’s investments. The operational management of the Pension Fund Global is carried out by Norges Bank, which invests the fund’s

Web page: https://www.nbim.no/en/

Folketrygdfondet

Folketrygdfondet manages the Government Pension Fund Norway (GPFN) at the behest of the Ministry of Finance.

Web page: https://www.folketrygdfondet.no/en?lang=en_GB

NOU 2016: 20 - Official Norwegian Report – The Equity Share of the Government Pension Fund Global

Unofficial translation of chapter 1

Recommendation on the exclusion of the company Textron Inc.

The company Textron Inc. produces weapons which, according to the definition of the convention, must be considered cluster munitions. The Council on Ethics therefore recommends that Textron Inc. is excluded from the investment universe of the

Meld. St. 27 (2012-2013) - The Management of the Government Pension Fund in 2012

Meld. St. 12 (2012-2013) - Long-term Perspectives on the Norwegian Economy 2013 – a summary

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

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