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Meld. St. 23 (2015–2016) - The Management of the Government Pension Fund in 2015

Meld. St. 29 (2016–2017) - Long-term Perspectives on the Norwegian Economy 2017

A Summary of Main Points

Recommendation on the exclusion of the company Barrick Gold

In accordance with the Ethical Guidelines, point 4.4, the Council has reached the conclusion that there are grounds for recommending that Barrick Gold be excluded from the Government Pension Fund - Global’s investment possibilities, due to an

Report No. 10 (2009-2010) - The Management of the Government Pension Fund in 2009

Recommendation on the exclusion of the company Elbit Systems Ltd

Elbit supplies a surveillance system that is part of the separation barrier being built by the Israeli government in the West Bank. The construction of parts of the barrier may be considered to constitute violations of international law, and Elbit,

Meld. St. 19 (2013-2014) - The Management of the Government Pension Fund in 2013

Report No. 20 to the Storting (2008-2009) - On the Management of the ­Government Pension Fund in 2008

Meld. St. 21 (2014–2015) - The Management of the Government Pension Fund in 2014

Meld. St. 21 (2014–2015) Report to the Storting (white paper)

Meld. St. 17 (2011–2012) - The Management of the Government Pension Fund in 2011

Government Pension Fund and the Santiago principles

The International Forum of Sovereign Wealth Funds (IFSWF) was established in 2009 with the purpose of promoting the Santiago Principles. Norway is not a member of the IFSWF, but fully supports these principles.

Recommendation concerning whether the weapons systems Spider and Intelligent Munition System (IMS) might be contrary to international law

Meld. St. 20 (2018–2019) - The Government Pension Fund 2019

Meld. St. 20 (2018–2019) Report to the Storting (white paper)

Ethical guidelines

The Government Pension Fund Global (GPFG) has been subject to guidelines for observation and exclusion since 2004. The guidelines have since been further developed, most recently in 2021 on the basis of recommendations in NOU 2020: 7 Values and

The Council on Ethics

The Council on Ethics was established by Royal Decree 19 November 2004. The Council on Ethics provides an evaluation of whether investments in specified companies are inconsistent with the ethical guidelines.

Investment Strategy

The Government Pension Fund consists of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The investment strategy for the Government Pension Fund is premised on seeking to maximise the return on fund assets

Market Value

Government Pension Fund Global market value from 1996 to 2024. NOK billion GPFG market value development 1996-2024. NOK billion

Governance framework

The Storting has, in the Government Pension Fund Act, accorded the Ministry of Finance formal responsibility for the management of the Fund. Operational management of the Government Pension Fund Global (GPFG) is carried out by Norges Bank.

Strategic Benchmark Index

The mandate issued by the Ministry of Finance to Norges Bank expresses the long-term investment strategy for the Fund, including the strategic benchmark index and appurtenant provisions on the execution of the management assignment.

Market Value

Government Pension Fund Norway market value from 1996 to 2024. NOK billion1 1 A major part of the GPFN assets was invested with the Treasury in the form of mandatory deposits until 2005. Folketrygdfondet’s participation in the mandatory deposit

Fund Performance

GPFN annual geometric average return. Measured in Norwegian kroner. Per cent 2024 Last 5 years Last 10 years Since 2007 GPNF Portfolio 7,65 7,30 7,53 7,39 Benchmark index 6,50 6,27 6,68 6,39 Excess return (percentage points) 1,15 1,03 0,85 1,00