London 107
Oslo 292
Singapore 41
Shanghai 7
519
Employees 33 Nationalities
We are also prioritising a diverse and inclusive workplace more generally. We are looking for diversity of mindset, ethnicity, age, academic background and life experience.
We believe that the more diverse we are, the broader our perspectives will be, the more creative we will become, and the better the decisions we will make.
The focus areas for achieving this goal of greater diversity are reputation management, career development, flexibility, working environment and recruitment. In 2021, for example, we raised our profile among students by giving a number of talks and presentations. We also offer guest lectures from experts at the fund through the NBIM Teach initiative, and there were 29 such lectures in 2021. The aim is to give students a more practical insight into investment management, increase knowledge about the fund and share our expertise with a younger target group.
We operate in global investment markets. Proximity to the markets is important for safeguarding the fund’s long-term return. At the end of 2021, 44 percent of our employees worked from our offices in London, New York, Singapore and Shanghai, compared with 43 percent a year earlier.
There were also 20 employees at subsidiaries linked to the management of the real estate portfolio.
It was another year dominated by the coronavirus pandemic, but we were still in a position to manage the fund in line with the strategy set by the Executive Board. A large proportion of our employees worked from home at times. Flexibility, good IT solutions and local powers to take the necessary decisions helped this to function well once again.
statement on compliance with rules and guidelines on remuneration. The review in 2021 confirmed that the remuneration system was operated in line with applicable rules in 2020. As stipulated by the management mandate from the Ministry of Finance, the remuneration system complies with the requirements of the regulations issued under the Norwegian Securities Funds Act with necessary adjustments. There were no significant changes to the remuneration system in 2021.
Chart 26 Performance-based pay relative to upper limit in 2021. Percentage of workforce.
0
Chart 26Performance-based pay relative to upper limit in 2021.
Percentage of workforce.
Årlig Årlig
Table 36 Remuneration of Senior Management in 2021. Kroner.
Position Name Paid salary
Performance-based pay Value of other benefits4
Pension benefit
earned Employee loan
Chief Executive Officer Nicolai Tangen 6,285,080 9,768 398,628
Chief of Staff/Deputy Chief
Executive Officer Trond Grande 4,713,889 8,866 389,615
Chief Technology Officer Age Bakker 3,807,453 9,852 458,735
Chief Operating Officer Birgitte Bryne1 3,400,726 10,683 423,164
Chief Real Assets Officer Mie Caroline Holstad1 2,983,050 8,295 325,485
Chief Risk Officer Dag Huse 4,561,828 7,764 652,734
Chief Governance and Compliance
Officer Carine Smith Ihenacho2, 3 4,715,388 79,651 93,012 471,539
Chief Equities Officer Petter Johnsen2 8,251,932 106,903 825,193
Chief Real Assets Strategies Officer Geir Øivind Nygård 4,492,583 7,764 296,300 1 Paid salary includes holiday pay. Some of the holiday pay was accrued in a different position in Norges Bank Investment Management.
2 Receives a salary in GBP. The amount is converted to NOK and includes the currency effect.
3Members of the Norges Bank Investment Management leader group only receive a fixed salary. Members of the leader group that previously were entitled to performance-based pay are no longer a part of this arrangement, but over the coming years will receive accrued performance-based pay that has been held back. The amounts reported in the table are performance-based pay disbursed during the financial year, but accrued and expensed in earlier periods.
4 Consist mainly of electronic communication tools, personnel insurance and certain travel costs.
Table 37 Remuneration of Senior Management, employees with performance-based pay and other employees paid in 2021. Million kroner1.
Number of
1 Remuneration paid in foreign currency is converted to Norwegian kroner.
2Senior managers receive only a fixed salary. Senior managers who were previously in receipt of performance-based pay will, expensed in earlier periods.
however, still receive any such pay that has been held back. The amounts reported in the table are performance-based pay disbursed during the financial year, but accrued and expensed in earlier periods.
3 Of which 13 were employees in subsidiaries.
4 Of which 10 were employees in subsidiaries.
Remuneration system
Norges Bank’s Executive Board establishes the principles for the remuneration system at Norges Bank Investment Management. Members of the leader group receive only a fixed salary. The CEO’s salary and pay bands for other members of the leader group are set by the Executive Board. CEO Nicolai Tangen was paid a salary of 6.3 million kroner in 2021.
In addition to a fixed salary, those working directly on investment decisions and various other employees may also be entitled to performance-based pay. This is calculated on the basis of the performance of the fund, group and individual measured against set targets, and is paid over a number of years. Half is paid the year after it is accrued, while half is held back and paid over the following three years. The amount held back is adjusted in line with the return on the fund. Where employees accrue performance-based pay in excess of 100 percent of fixed salary, 40 percent is paid the year after it is accrued, and the remaining 60 percent is held back and paid over the following three years. Performance-based pay may not normally exceed 100 percent of fixed salary for employees in Norway, but for a limited number of employees at the overseas offices the maximum permitted limit is 200 percent. Employees eligible for performance-based pay accrued 76 percent of the limit for 2021 based on multi-year performance.
A total of 216 employees were entitled to performance-based pay at the end of 2021, including 12 at subsidiaries.
The totalupper limit for performance-based pay for these employees was 425 million kroner.
The remuneration system is reviewed annually. Norges Bank’s Internal Audit unit also issues an independent
statement on compliance with rules and guidelines on remuneration. The review in 2021 confirmed that the remuneration system was operated in line with applicable rules in 2020. As stipulated by the management mandate from the Ministry of Finance, the remuneration system complies with the requirements of the regulations issued under the Norwegian Securities Funds Act with necessary adjustments. There were no significant changes to the remuneration system in 2021.
Chart 26 Performance-based pay relative to upper limit in 2021. Percentage of workforce.
0
Chart 26Performance-based pay relative to upper limit in 2021.
Percentage of workforce.
Årlig Årlig
Table 36 Remuneration of Senior Management in 2021. Kroner.
Position Name Paid salary Performance-
based pay Value of other benefits4
Pension benefit
earned Employee loan
Chief Executive Officer Nicolai Tangen 6,285,080 9,768 398,628
Chief of Staff/Deputy Chief
Executive Officer Trond Grande 4,713,889 8,866 389,615
Chief Technology Officer Age Bakker 3,807,453 9,852 458,735
Chief Operating Officer Birgitte Bryne1 3,400,726 10,683 423,164
Chief Real Assets Officer Mie Caroline Holstad1 2,983,050 8,295 325,485
Chief Risk Officer Dag Huse 4,561,828 7,764 652,734
Chief Governance and Compliance
Officer Carine Smith Ihenacho2, 3 4,715,388 79,651 93,012 471,539
Chief Equities Officer Petter Johnsen2 8,251,932 106,903 825,193
Chief Real Assets Strategies Officer Geir Øivind Nygård 4,492,583 7,764 296,300 1 Paid salary includes holiday pay. Some of the holiday pay was accrued in a different position in Norges Bank Investment Management.
2 Receives a salary in GBP. The amount is converted to NOK and includes the currency effect.
3 Members of the Norges Bank Investment Management leader group only receive a fixed salary. Members of the leader group that previously were entitled to performance-based pay are no longer a part of this arrangement, but over the coming years will receive accrued performance-based pay that has been held back. The amounts reported in the table are performance-based pay disbursed during the financial year, but accrued and expensed in earlier periods.
4 Consist mainly of electronic communication tools, personnel insurance and certain travel costs.
Table 37 Remuneration of Senior Management, employees with performance-based pay and other employees paid in 2021. Million kroner1.
Number of
employees Fixed
Remuneration Variable
Remuneration Total
Remuneration
Senior Management2 9 43.2 0.08 43.3
Employees with performance pay3 239 416.9 244.6 661.5
Other employees4 373 374.7 374.7
1 Remuneration paid in foreign currency is converted to Norwegian kroner.
2 Senior managers receive only a fixed salary. Senior managers who were previously in receipt of performance-based pay will, expensed in earlier periods.
however, still receive any such pay that has been held back. The amounts reported in the table are performance-based pay disbursed during the financial year, but accrued and expensed in earlier periods.
3 Of which 13 were employees in subsidiaries.
4 Of which 10 were employees in subsidiaries.