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, inter alia, 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.
The Government Pension Fund white paper 2024
Topics in this year’s paper include unlisted equities investments for the GPFG and a proposed solution to the ownership stakes challenge for the GPFN.
The National Budget 2024
A budget to safeguard Norwegian households
The budget for 2024 provides security and opportunity for people and businesses throughout Norway. There are expenditure increases in several areas due to war in Europe, a record number of refugees and higher prices. The Government’s priorities are good public services and support for the most vulnerable, along with security and stability. Norway will play its part in helping Ukraine and Ukrainian refugees. The Government will continue to implement the green transition and take action to achieve our climate goals.
Meld. St. 22 (2023–2024)
The Government Pension Fund 2024
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.
More on Government Pension Fund Global (GPFG)
Latest on Government Pension Fund Global (GPFG)
What's new
- Report on long term perspectives for the Government Pension Fund Global submitted by committee Press release 26/09/2022
- The Government Pension Fund Global to exit Russia Press release 28/02/2022
- Norway to increase support to Ukraine and provide military equipment Press release 27/02/2022
- Change in the mandate for the committee on long-term perspectives for the Government Pension Fund Global Press release 09/11/2021
Documents
- Meld. St. 22 (2023–2024) - The Government Pension Fund 2024 Report to the Storting 12/04/2024
- Meld. St. 17 (2022–2023) - The Government Pension Fund 2023 Report to the Storting 31/03/2023
- Adherence of the Government Pension Fund Global (GPFG) to the Santiago principles Guidelines/brochures 31/01/2023
- NOU 2022: 12 - The Fund in a changing world Norwegian Official Report (NOU) 26/09/2022
- Meld. St. 9 (2021–2022) - The Government Pension Fund 2022 Report to the Storting 01/04/2022
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Contact
Asset Management Department
E-mail: postmottak@fin.dep.no
Phone:
+47 22 24 90 90
Address:
Postboks 8008 Dep, 0030 Oslo
Visitor address:
Akersgata 40, 0030 Oslo