Press release | Date: 31/08/2009| No: 63/2009
The Ministry of Finance has appointed an international group with specialist expertise to evaluate the experiences in active management in Norges Bank.
The Ministry of Finance has appointed an international group with specialist expertise to evaluate the experiences in active management in Norges Bank. The group consists of Professors Andrew Ang (Columbia Business School), Stephen Schaefer (London Business School) and William N. Goetzmann (Yale School of Management). The Ministry has also asked Norges Bank to prepare a more detailed plan for active management with descriptions of the main strategies for achieving excess returns. In addition, the consultancy firm Mercer has been commissioned to write a report on the use of active management and active ownership efforts in other large funds internationally.
The background for this project is described in the Report to Storting no. 20 (2008-2009) On the management of the Government Pension Fund in 2008, where the Ministry stated that it will undertake an external review of the active management of the Government Pension Fund – Global.
The Ministry plans to publish the letter from Norges Bank and the reports from the expert group and Mercer, respectively, in December. The Ministry also plans to arrange a seminar in January 2010, where selected national and international experts will be asked to comment on the written material that the Ministry has received. The Ministry will present the Storting with more information and an assessment of whether or to what extent active management of the Government Pension Fund – Global ought to be continued in the spring.