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
- 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
- Strengthens and clarifies the ethical guidelines Press release 05/04/2019
- Changes to the fixed-income benchmark Press release 05/04/2019
- Allowing for unlisted renewable energy infrastructure Press release 05/04/2019
- Committee to review the ethical guidelines for the GPFG Press release 05/04/2019
- Long-term management in volatile financial markets Press release 05/04/2019
Documents
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.
Latest documents
- 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
- Meld. St. 20 (2018–2019) - The Government Pension Fund 2019 Report to the Storting 05/04/2019
- Meld. St. 14 (2018–2019) - Energy Stocks in the Government Pension Fund Global Report to the Storting 08/03/2019
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Contact
The Asset Management Department
E-mail: [email protected]
Phone: +47 22 24 41 63
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo