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Meld. St. 17 (2022–2023) - The Government Pension Fund 2023

Meld. St. 32 (2019–2020) - The Government Pension Fund 2020

Meld. St. 32 (2019–2020) Report to the Storting (white paper)

Meld. St. 22 (2023–2024) - The Government Pension Fund 2024

Executive summary

Meld. St. 21 (2014–2015) - The Management of the Government Pension Fund in 2014

Meld. St. 21 (2014–2015) Report to the Storting (white paper)

NOU 2015: 9 - Fiscal policy in an oil economy

The application of the fiscal rule

Meld. St. 23 (2015–2016) - The Management of the Government Pension Fund in 2015

Meld. St. 20 (2018–2019) - The Government Pension Fund 2019

Meld. St. 20 (2018–2019) Report to the Storting (white paper)

Government Pension Fund and the Santiago principles

The International Forum of Sovereign Wealth Funds (IFSWF) was established in 2009 with the purpose of promoting the Santiago Principles. Norway is not a member of the IFSWF, but fully supports these principles.

Investment Strategy

The objective for the management of the GPFN is to maximise financial returns measured in Norwegian kroner, given a moderate level of risk. The main part of the assets of the GPFN is invested in the Norwegian equity and fixed income markets.

Fund Performance

GPFN annual geometric average return. Measured in Norwegian kroner. Per cent Half year 2024 Last 5 years Last 10 years Since 2007 GPFN Portfolio 6.97 8.32 7.59 7.57 Benchmark index 6.50 7.40 6.63 6.58 Excess return (percentage points) 0.47 0.92 0.96

Market Value

Government Pension Fund Norway market value from 1996 to 2024Q2. NOK billion1 1 A major part of the GPFN assets was invested with the Treasury in the form of mandatory deposits until 2005. Folketrygdfondet’s participation in the mandatory deposit

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).

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.

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.

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

Chapter 1: Executive summary

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

Chapter 1

Adherence of the Government Pension Fund Norway (GPFN) to the Santiago principles

The Ministry of Finance has recently conducted an update of the self-assessments of the Government Pension Fund’s adherence to the Santiago Principles, cf. separate reviews of the GPFG and the GPFN, respectively. This self-assessment documents the

Meld. St. 26 (2016–2017) - The Management of the Government Pension Fund in 2016

Meld. St. 26 (2016–2017) Report to the Storting (white paper)