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Recommendation to reverse the exclusion of Thales SA

The Council recommends that Thales SA no longer be excluded from the investment universe of the Government Pension Fund - Global.

Meld. St. 26 (2016–2017) - The Management of the Government Pension Fund in 2016

Meld. St. 26 (2016–2017) Report to the Storting (white paper)

NOU 2016: 20 - Official Norwegian Report – The Equity Share of the Government Pension Fund Global

Unofficial translation of chapter 1

Folketrygdfondet

Folketrygdfondet manages the Government Pension Fund Norway (GPFN) at the behest of the Ministry of Finance.

Web page: https://www.folketrygdfondet.no/en?lang=en_GB

NOU 2017: 13 - New central bank act

Meld. St. 14 (2018–2019) - Energy Stocks in the Government Pension Fund Global

Management Provisions

The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.

Fund Performance

GPFG annual geometric average return. Measured in the currency basket. Per cent 2023 Last 5 years Last 10 years Last 20 years GPFG Portfolio 13,09 7,44 7,25 6,71 Benchmark index 13,53 7,15 6,99 6,52 Excess return (percentage points)1 -0,45 0,29 0,26

Investment Strategy

The objective of Fund investments is to achieve the highest possible return over time, given an acceptable level of risk. The Fund shall be managed responsibly within this overarching financial objective.

Strategic Benchmark Index

The strategy is defined in the Fund mandate and reflected in, inter alia, the composition of the benchmark index and risk limits established by the Ministry of Finance.

Governance Framework

The Storting has in the Government Pension Fund Act, made the Ministry of Finance responsible for the management of the Government Pension Fund Norway (GPFN). The operational management of the Fund is carried out by Folketrygdfondet.