19.05.2010
1
The management of the Government Pension Fund Global
Governor Svein Gjedrem
Hearing before the Standing Committee on Hearing before the Standing Committee on Finance and Economic Affairs of the Storting 18 May 2010
Organisation
Executive Board
Governor Deputy Governor
Norges Bank Norges Bank Norges Bank
Norges Bank Monetary Policy
Norges Bank Financial Stability
Norges Bank Investment Management
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Governing documents
Principles of risk management
Investment mandate for NBIM
Define the mandate from the Ministry of Finance in more detail
Rules in specific areas
Job description for NBIM CEO
3
Organisation (4)
Storting Ministry of Finance
Advisory board on investment
Executive Board Supervisory council
External auditor Secretariat
Audit committee
Internal auditor Compensation
committee
Auditor General of Norway investment
management
Norges Bank Investment Management
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8 8
Real return on the fund
Per cent. Accumulated annualised average
2 4 6
2 4 6
0 2
01 02 03 04 05 06 07 08 09 10
0 2
*) Nominal return adjusted for price inflation and management costs
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Active ownership – children’s rights
Expectations document 2008: NBIM Investor Expectations on Children’s Rights
Initiated industry cooperation to combat child labour in seed production
Compliance reports 2009: More companies report on guidelines and improved conduct
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19.05.2010
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Annual and quarterly reports including financial reporting and notes
Openness
Adjusting to international financial reporting standards (IFRS)
Supplementary information published on www.nbim.no
Full holding lists and voting published annually
Continuous update on market value
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