Press release | Date: 09/11/2021 | Ministry of Finance| No: 97/2021
The Government has decided to change the mandate for the committee appointed to review which developments internationally and in the financial markets may affect risk and return in the Government Pension Fund Global (GPFG) and assess what significance such developments may have for the management and governance of the Fund.
The mandate section where the committee is asked to discuss whether the current model where the fund management organisation remains within Norges Bank would be the most suitable also going forwards or whether new challenges suggest a different model is to be withdrawn.
“The question of the placement of the Fund within Norges Bank stands apart from the rest of the committee’s mandate. The Government emphasises that there should be stability in the management of the Fund“, says Minister of Finance Trygve Slagvold Vedum (Centre Party).
The question of the placement of the Fund has recently been thoroughly examined, and there was broad consensus in the Norwegian Parliament (Stortinget) both in 2018 and 2019 that the management should remain within Norges Bank. The new Central Bank Act has been in force since 2020.
“We must avoid creating uncertainty about the management of the Fund. This is also about giving the proficient people at Norges Bank predictability in the important work they do on behalf of us all“, says Minister Vedum.
The rest of the mandate remains unchanged.
The committee is to submit its report by 1 October 2022. The report will be circulated for public consultation and will form part of the basis for the further development of the management of the Fund.