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The Government Pension Fund

Large state revenues from the petroleum activities have resulted in substantial financial assets in the Government Pension Fund. The purpose of the Fund is to facilitate government savings to finance rising public pension expenditures, and support long-term considerations in the spending of government petroleum revenues.

The Government Pension Fund

The strategy for the management of the Fund is designed based on the expected long-term effects of different investment choices. The return on the Fund will over time depend on sustainable development in economic, environmental and social terms, and on well-functioning, legitimate and efficient financial markets.

High degree of transparency

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. Management performance is reported by Norges Bank and Folketrygdfondet on a regular basis. The Ministry accounts for the management of the fund in an annual report to the Storting, as well as in the National Budget.

 

Report No. 27 to the Storting:
The Management of the Government Pension Fund in 2012

The Management of the Government Pension Fund in 2012

In this report, the Ministry of Finance presents management performance and assessments of the management of the Government Pension Fund for 2012. Assessments of the investment strategy are also presented, and an account is given of the efforts made to further develop the management framework.

 

 

 

National Budget 2013 (Summary)National Budget 2013

 

 

 

News:

State Secretary Hilde Singsaas

The Government Pension Fund Global

[Speech/article, Ministry of Finance, 31.05.2013]

Over the space of a few years, responsible investment practice has become something that more and more investors wish to incorporate into their strategies. As a major player, we want to contribute to the development of best practice in this area, said State Secretary Hilde Singsaas.

Tobacco producers excluded from the Government Pension Fund Global

[News story, Ministry of Finance, 08.05.2013]

The Ministry of Finance has excluded the American company Schweitzer-Mauduit International Inc. and the Chinese company Huabao International Holdings Limited from the investment universe of the Norwegian Government Pension Fund Global (GPFG) on account of their tobacco production. The decision is based on a recommendation from the Council on Ethics for the Fund.

Good long-term management of the Government Pension Fund

[Press release, Ministry of Finance, 12.04.2013]

The Government is today submitting its report to the Storting on the management of the Government Pension Fund in 2012. – The Fund makes a major contribution to safeguarding welfare, whilst at the same time enabling us to save for future generations, says the Minister of Finance, Sigbjørn Johnsen.

Strategy Council to look at responsible investment practice in the Government Pension Fund

[News story, Ministry of Finance, 15.01.2013]

The Ministry of Finance has asked the Strategy Council for the Government Pension Fund Global (GPFG) to write a report on the strategy for responsible investment. The report will be presented autumn 2013. - Our ambition is that the management of the Government Pension Fund shall represent best practice for responsible investment. The Mandate given to the new Strategy Council is written with this in mind, says Finance Minister Sigbjørn Johnsen.

Members of the Strategy Council 2013

[Article, Ministry of Finance, 15.01.2013]

Mandate – Strategy Council 2013

[Article, Ministry of Finance, 15.01.2013]

New decisions about the Government Pension Fund Global

[News story, Ministry of Finance, 11.01.2013]

Three companies have been re-included and two companies have been excluded from the investment universe of the Government Pension Fund Global (GPFG).

Observation of Siemens concluded

[News story, Ministry of Finance, 11.01.2013]

In 2007, the Council on Ethics recommended the exclusion of Siemens AG due to corruption. The Ministry of Finance decided to place the company under observation in March 2009. The Ministry has now decided to end the observation of Siemens, based on a recommendation from the Council on Ethics.

Risk and management costs (GPFN)

[Article, Ministry of Finance, 17.12.2012]

According to the mandate from the Ministry of Finance, the actual asset management costs of Folketrygdfondet are covered within a limit, which is fixed as a Norwegian kroner amount. The Norwegian kroner amount is determined on the basis of a reasoned proposal from Folketrygdfondet. The Ministry subsequently defines a limit as to the overall cost amount.

Fund performance (GPFN)

[Article, Ministry of Finance, 17.12.2012]

The GPFN registered a rate of return of 12.2 percent in 2012, as measured in Norwegian kroner and before the deduction of asset management costs.The return on the Norwegian and Nordic equity portfolio was 14.7 and 15.7 percent, respectively. The Norwegian fixed-income portfolio returned 9.1 percent, whilst the Nordic fixed-income portfolio delivered a return of 2.3 percent.

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Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway

Old Government Building: Stairway

The Government Pension Fund

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Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway