The Government Pension Fund
The purpose of the Government Pension Fund is to facilitate government savings to finance rising public pension expenditures, and support long-term considerations in the spending of government petroleum revenues. A sound long-term management of the Fund contributes to intergenerational equity, by allowing both current and future generations to benefit from the petroleum revenues.
Management Provisions
The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.
Governance Model
The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The operational management of the GPFG and GPFN is carried out by Norges Bank and Folketrygdfondet, respectively, under mandates laid down by the Ministry.
Investment Strategy
The investment strategy for the Fund is based on long-term considerations of different investment choices. Good financial return over time is deemed to be contingent on a sustainable development in economic, environmental and social terms, and on well-functioning, efficient and legitimate financial markets.
Related topics and insights
What's new
Report from a committee tasked with reviewing the ethical framework for the Norwegian GPFG: Values and responsibility – the ethical framework for the Government Pension Fund Global
15/06/2020: Today, the Committee mandated to review the ethical guidelines for Norway’s sovereign wealth fund publishes its proposals for amendments to the Guidelines for observation and exclusion from the Government Pension Fund Global and to the Management mandate for the Government Pension Fund Global. The committee presented its report to the Norwegian Minister of Finance Jan Tore Sanner.
Report to the Storting:
Excludes exploration and production companies from the Government Pension Fund Global
The Government is proposing to exclude companies classified as exploration and production companies within the energy sector from the Government Pension Fund Global to reduce the aggregate oil price risk in the Norwegian economy.
Latest news
- Revised National Budget: A budget to help us safely reclaim ordinary life Press release 12/05/2020
- National Budget 2020: A budget to promote employment and welfare Press release 07/10/2019
- National Budget 2020: Outline of economic developments and fiscal policy Press release 07/10/2019
- 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
Documents
Meld. St. 20 (2018-2019)
Management of the 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
- Meld. St. 22 (2019–2020) - Financial Markets Report 2020 Report to the Storting 24/04/2020
- The Report on Energy Stocks in the Government Pension Fund Global Letter 28/06/2019
- Meld. St. 24 (2018–2019) - Financial Markets Report 2019 Report to the Storting 26/04/2019
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