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Governance framework

The Storting has, in the Government Pension Fund Act, accorded the Ministry of Finance formal responsibility for the management of the Fund. Operational management of the Government Pension Fund Global (GPFG) is carried out by Norges Bank.

Ethical guidelines

The Government Pension Fund Global (GPFG) has been subject to guidelines for observation and exclusion since 2004. The guidelines have since been further developed, most recently in 2021 on the basis of recommendations in NOU 2020: 7 Values and

The Council on Ethics

The Council on Ethics was established by Royal Decree 19 November 2004. The Council on Ethics provides an evaluation of whether investments in specified companies are inconsistent with the ethical guidelines.

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 Government Pension Fund consists of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The investment strategy for the Government Pension Fund is premised on seeking to maximise the return on fund assets

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.

Strategic Benchmark Index

The mandate issued by the Ministry of Finance to Norges Bank expresses the long-term investment strategy for the Fund, including the strategic benchmark index and appurtenant provisions on the execution of the management assignment.

Fund Performance

GPFN annual geometric average return. Measured in Norwegian kroner. Per cent 2024 Last 5 years Last 10 years Since 2007 GPNF Portfolio 7,65 7,30 7,53 7,39 Benchmark index 6,50 6,27 6,68 6,39 Excess return (percentage points) 1,15 1,03 0,85 1,00

Market Value

Government Pension Fund Norway market value from 1996 to 2024. 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

Market Value

Government Pension Fund Global market value from 1996 to 2024. NOK billion GPFG market value development 1996-2024. NOK billion

Norway and the Age of Energy

'We are transitioning out of oil, out of gas, out of fossil, and now into a new chapter. I emphasize transitioning, because this is complex; when energy sources shift, power shifts and politics shifts', said Prime Minister Jonas Gahr Støre.

By Prime Minister Jonas Gahr Støre Columbia University, World Leaders Forum

Report No. 24 to the Storting (2006-2007) - On the Management of the ­Government Pension Fund in 2006

Aracruz

Regarding Aracruz Cellulose SA

Meld. St. 24 (2018–2019) - Financial Markets Report 2019

Meld. St. 24 (2018 – 2019) Report to the Storting (white paper) Summary

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

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

Revised National Budget: Key figures in the Revised National Budget 2023

To secure equal access to information that might be market sensitive, the Ministry of Finance publishes selected key figures prior to launching the Revised National Budget at 10:45 a.m. More detailed forecasts will be published in the Revised Budget.

Adherence of the Government Pension Fund Global (GPFG) 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

Recommendation on the exclusion of the company Barrick Gold

In accordance with the Ethical Guidelines, point 4.4, the Council has reached the conclusion that there are grounds for recommending that Barrick Gold be excluded from the Government Pension Fund - Global’s investment possibilities, due to an

Report No. 20 to the Storting (2008-2009) - On the Management of the ­Government Pension Fund in 2008

NOU 2015: 9 - Fiscal policy in an oil economy

The application of the fiscal rule