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Expert group report on Norges Bank’s active management of the GPFG

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On 3 January 2022, the expert group reviewing Norges Bank’s active management of the Government Pension Fund Global (GPFG) submitted its report to the Ministry of Finance.

The Ministry regularly conducts reviews of Norges Bank’s management of the GPFG. As part of the reviews, the results achieved and strategies applied by the Bank are assessed. The expert group’s report, together with assessments and analysis received from Norges Bank in December 2021, will form part of the Ministry’s basis for further assessment.

"The Fund contributes to the financing of welfare and public services so that the Norwegian people may live good and secure lives. It is a considerable responsibility to safeguard this legacy. Regular reviews of Norges Bank’s active management contribute to transparency about the results and the risk assumed in the management of the Norwegian people’s common savings. The reviews may also contribute to continued support for strategies that are profitable in the long term," says Minister of Finance Trygve Slagsvold Vedum (Centre Party).

The expert group has consisted of Professors Rob Bauer at the University of Maastricht, Charlotte Christiansen at Aarhus University and Trond Døskeland at the Norwegian School of Economics.

The Ministry of Finance will consider the possibility of arranging a seminar where the expert group and Norges Bank may present their analysis. The date of such a seminar will depend on current coronavirus restrictions. 

The review will be discussed in the annual white paper on the Fund, due in the spring of 2022.

Read the report here: