NORGES BANK’S SUPERVISORY COUNCIL REPORT FOR 2015

Norges Bank’s interpretation of the mandate for monetary policy rests on “flexible in- flation targeting,” that is, the Bank should stabilize the rate of inflation but also seek

In accordance with current investment mandates as per 31 December 2016 issued by the Ministry of Finance and the Executive Board of Norges Bank, as well as internal guidelines

The Bank has executive and advisory responsibilities in the area of monetary policy, manages Norway’s foreign exchange reserves and the Government Pension Fund Global (GPFG) and

To ensure that the agreements Norges Bank enters into with participants in NBO comply with applicable laws and regulations, and that Norges Bank’s interests are adequately addressed,

“Climate risk and the Government Pension Fund Global” and “Impact of Norges Bank’s physical operations on the climate and the environment” under the chapter Climate change and

Norges Bank’s annual report and financial statements, as well as the financial reporting on the management of the GPFG for 2014, were considered at the Supervisory Council’s

To ensure that the agreements Norges Bank enters into with participants in NBO comply with applicable laws and regulations, and that Norges Bank’s interests are adequately

THE COUNCIL’S ASSESSMENT OF THE EXECUTIVE BOARD’S REPORTING ON RISK AND INTERNAL CONTROL IN 2019 The Supervisory Council considered quarterly and semi- annual reports from