Government Pension Fund Global (GPFG)
Large state revenues from the petroleum activities have resulted in substantial financial assets in the GPFG. The Fund was established in 1990 as a fiscal policy tool to underpin long-term considerations in the phasing in of petroleum revenues into the Norwegian economy. Long-term, sound management of the Fund helps to ensure that both present and future generations can benefit from Norway’s petroleum wealth.
The Storting has, in the Government Pension Fund Act, made the Ministry of Finance responsible for the management of the Fund. Operational management of the GPFG is carried out by Norges Bank. The Ministry has issued provisions on Norges Bank's management in a separate mandate.
The GPFG is an instrument for general saving and does not have clearly defined future liabilities. The capital is in its entirety invested abroad in foreign currency. The investment objective is to maximise the purchasing power of the fund capital, given a moderate level of risk. The adoption of responsible investment practices supports this objective.
The investment strategy for the GPFG is expressed through the composition of the strategic benchmark index. The Fund's benchmark indices for equities and fixed-income investments are based on leading, easily accessible indices prepared by FTSE Russell and Bloomberg, respectively.
Meld. St. 20 (2018-2019)
The purpose of the Government Pension Fund is to support long-term considerations in the government’s spending of petroleum revenues, as well as saving to finance pension expenditure under the National Insurance Scheme.
Meld. St. 14 (2018–2019)
The accumulation of financial assets in the Government Pension Fund Global (the GPFG) is the result of Norway having managed its oil and gas resources in a sound manner.