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Oslo, 19 November 2020

DEPUTY GOVERNOR JON NICOLAISEN

RESPONSIBLE INVESTMENT AND

ACTIVE OWNERSHIP

(2)

From natural resources to financial wealth

25%

50%

75%

100%

25%

50%

75%

100%

Continental shelf

The fund

(3)

Management objectives

OBJECTIVE

Highest possible long-term return

SUBJECT TO

 Acceptable risk

 Responsible investment

 Efficient organisation

 Transparency

3

(4)

Enhanced indexing

Percent 1)

0 50 100 150 200 250 300

Portfolio

Benchmark

(5)

Contributions to relative return by strategy

Fund allocation -10

Security selection 11

Internal Security selection 2

External Security selection 9

Asset management 18

Total 19

2013-2019. Annualised. Basis points

Source: Norges Bank

5

(6)

Responsible investment

Establishing principles

Standards Expectations

Research

Investing sustainably

Risk

assessments Investments Divestments

Exercising ownership

Voting

Dialogue

Follow-up

(7)

Return effects of risk-based divestments

-0.1 0 0.1 0.2 0.3

2011 2013 2015 2017 2019

Total

Climate change Human rights

Water management Anti-corruption Other

Equities. Percentage points 1

1) At 31 December 2019.

7

Source: Norges Bank

(8)

Net relative return. External asset managers

5 10 15 20 25 30 35 40 45 50

Billion kroner. Cumulative 1)

Other

Emerging economies

(9)

Oslo, 19 November 2020

DEPUTY GOVERNOR JON NICOLAISEN

RESPONSIBLE INVESTMENT AND

ACTIVE OWNERSHIP

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