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.
Related topics and insights
What's new
Latest news
- Simplification of the benchmark index for the Government Pension Fund Global Press release 09/04/2021
- Strengthening of the ethical framework for the Government Pension Fund Global Press release 09/04/2021
- Responsible long-term management of the Government Pension Fund Press release 09/04/2021
- Expert group to examine how climate change, climate policy and the green transition may affect the Government Pension Fund Global Press release 09/02/2021
- Long-term and responsible management of the Government Pension Fund Press release 21/09/2020
- Decision on the definition of upstream oil and gas companies in the GPFG Press release 01/10/2019
- Review of the equity benchmark for the Government Pension Fund Global Press release 27/08/2019
- Phaseout of exploration and production companies from the GPFG Press release 28/06/2019
Documents
Meld. St. 32 (2019-2020)
The Government Pension Fund 2020
The annual white paper on the management of the Government Pension Fund reports on results in the management of the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN), and discusses development of the investment strategy and framework for responsible investment.
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.
Latest documents
- Meld. St. 14 (2020–2021) - Long-term Perspectives on the Norwegian Economy 2021 Report to the Storting 12/02/2021
- Meld. St. 32 (2019–2020) - The Government Pension Fund 2020 Report to the Storting 21/09/2020
- NOU 2020: 7 - Values and Responsibility Norwegian Official Report (NOU) 15/06/2020
- The Report on Energy Stocks in the Government Pension Fund Global Letter 28/06/2019
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Contact
The Asset Management Department
E-mail: postmottak@fin.dep.no
Phone: +47 22 24 41 63
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo