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.

Governance framework

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.

Investment Strategy

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.

Strategic Benchmark Index

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.

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Meld. St. 20 (2018-2019)

Management of Government Pension Fund in 2018

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.

NOU 2020: 7

Values and responsibility — The ethical framework for the Norwegian Government Pension Fund Global

In April 2019, the Norwegian government appointed a committee chaired by Professor Ola Mestad to review the Guidelines for observation and exclusion of companies from the Norwegian Government Pension Fund Global (GPFG). The Committee’s report (NOU 2020:7) was submitted to the Ministry of Finance on 15 June, 2020.


The Asset Management Department

Phone: +47 22 24 41 63
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo

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