Historical archive

Expert group to review Norges Banks active management of the GPFG

Historical archive

Published under: Solberg's Government

Publisher Ministry of Finance

The Ministry of Finance has appointed an expert group to evaluate Norges Bank's active management of the Government Pension Fund Global (GPFG). The group consists of Professor Rob Bauer at the University of Maastricht, Professor Charlotte Christiansen at Aarhus University and Professor Trond M. Døskeland at the Norwegian School of Economics.

The Ministry of Finance holds the formal responsibility GPFG. The operational management of Fund is carried out by Norges Bank, under a mandate stipulated by the Ministry. The Ministry regularly conducts reviews of the management of the GPFG, most recently in 2018 when an expert group consisting of Professor Magnus Dahlquist and Professor Bernt Arne Ødegaard on behalf of the Ministry prepared a report on the active management of the Fund. In accordance  with established practice, the Ministry has initiated a new review, including appointing an expert group to assess the basis for the strategies used by Norges Bank in the management of the Fund and analyse the active management performance. The expert group shall prepare a report, which will be made public and referred to in the annual white paper to Parliament in the spring of 2022.

Mandate (PDF)

As part of the review, the Ministry of Finance has in a letter of 15. June 2021  (PDF) (in Norwegian only) requested analysis and assessments from Norges Bank.

More on the expert group members

Rob Bauer is Professor of Finance at Maastricht University School of Business and Economics in the Netherlands. His academic research focuses on pension funds, strategic investment policy, mutual fund performance, responsible investing, shareholder activism and corporate governance. Bauer publishes regularly in professional and academic journals and is a frequent speaker at national and international conferences. He is co-founder of the European Centre for Sustainable Finance (ECCE) at Maastricht University, co-founder of the Global Real Estate Sustainability Benchmark (GRESB), executive director of the International Centre for Pension Management (ICPM) in Torontoand co-chair of the Global Research Alliance on Sustainable Finance and Investment (GRASFI). Bauer also regularly advises institutional investors on topics related to strategic investments.

Charlotte Christiansen is Professor of Finance at Aarhus University School of Business and Social Sciences. Her research interests include empirical finance, international finance, integration of financial markets, term structure of interest rates and household investments. Her publications cover a range of areas within the field of financial econometrics, in journals such as Journal of Empirical Finance, Journal of Banking and Finance, Review of Finance, and Journal of Financial and Quantitative Analysis. She has received several national and international awards for her research. Christiansen is a member of the editorial board for Journal of Futures Markets and International Review of Financial Analysis. Christiansen has been a member of an expert committee on gearing in financial institutions for the danish Ministry of Business and Growth..

Trond M. Døskeland is Professor of Financial Economics at the Norwegian School of Economics (NHH). His research interests include asset management, household finance, behavioural economics, responsible investments and risk management. He has published in a variety of academic journals, including Journal of Finance, Management Science and Journal of Banking and Finance. He is author of the household finance book «Personlig finans». Døskeland is Director of the Board of the Financial Market Fund and Attending Deputy Director of the Board of the Government Pension Fund Norway. Døskeland was member of the expert group that, on behalf of the Ministry of Finance, prepared a report on unlisted equity investments in the GPFG.