Governance model

Government Pension Fund

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The operational management of the two parts of the Fund is carried out by Norges Bank and Folketrygdfondet, respectively, under mandates laid down by the Ministry.

Broad-based support for important aspects of the management of the Government Pension Fund is at the core of ensuring a prudent, long-term management. Important decisions concerning the level of risk assumed must have the support of the owners, represented by the Government and the Storting. An effort has been made to achieve the appropriate balance by requiring decisions of material importance to the risk level of the Fund to be submitted to the Storting prior to implementation, while the management mandates to Norges Bank and Folketrygdfondet are more general in nature and based on principles. The mandates are also premised on the drawing up of more detailed internal regulations on part of the manager.