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improving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
REAL ESTATE MANAGEMENT STRATEGY PLAN 2020-2022LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
REAL ESTATE MANAGEMENT STRATEGY PLAN 2020-2022LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries INFRASTRUCTURE MANAGEMENT The fund is invested in renewable energy infrastructure projects to improve the overall diversification. Up to 2 percent of the fund can be invested in unlisted infrastructure for renewable energy.PUBLICATIONS
Investing with company insight – a 20-year review. Company insight is critical in fulfilling our role as a large and long-term owner of companies. The company insight strategies have been based on knowing companies in depth. We have unsurpassed access to company management and conduct more than 3,000 company meetings every year. STRATEGY PLAN 2020-2022 The Government Pension Fund Global is a large, global investment fund with a long-term investment horizon. Our management of the fund shallsafeguard and
HOLDINGS AS AT 31.12.2019 The investment overview provides historical information for every one of the more than 9,000 companies in which the fund has shares, as well as all of our properties and bonds. You can see the value of each investment, our percentage holding and how we have voted at the company’s general meetings. There are also addresses for all of thefund
GUIDANCE NOTE ON COMPANY REPORTING ON ANTI-CORRUPTION EFFORTS Guidance note on company reporting on anti-corruption efforts. Norges Bank Investment Management and the Basel Institute on Governance have published a new guidance note, which contains indicators that we hope will contribute to better company reporting on the effectiveness of corporate anti-corruption efforts. 26 November 2020. 20 YEARS WITH RESPONSIBLE INVESTMENT Today, we publish a management review of the last 20 years of responsible investing. The publication describes our journey and strategy and provides insight into the choices we have made and the experiences we have gained. OBSERVATION AND EXCLUSION OF COMPANIES Observation and exclusion of companies. Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list. Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance. NGO SEMINAR ON RESPONSIBLE INVESTMENT Time: 10:00 NGO seminar on responsible investment. Seminar for NGOs on the annual responsible investment report. THE GOVERNMENT PENSION FUND GLOBAL’S ENVIRONMENT-RELATED Letter sent to the Ministry of Finance, 30 October 2018. The Management Mandate for the Government Pension Fund Global (GPFG) requires Norges Bank to establish investment mandates that are environment-related. The market value of these investments should normally be in the range of 30-60 billion kroner. In its letter of 22June 2018, the
GOVERNMENT PENSION FUND GLOBAL 2. Climate risk in the GPFG. Climate risk. Climate risk is one of a number of risk factors for the fund. Climate risk is complex, and the understanding of its financial implications for the fund will evolve over time. It consists of both physical risks and transition risks aswe move towards a
THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.LEADER GROUP
Birgitte Bryne is responsible for trading processing, measurement and reporting and investment and administrative services in the operation area. Birgitte Bryne was appointed Chief Operating officer 6 October 2020. She joined Norges Bank Investment Management in September 2015 as Global Head of Investment Administration.CONTACT US - NBIM
Head Office, Oslo. Norges Bank Investment Management Bankplassen 2 P.O. Box 1179 Sentrum NO-0107 Oslo, Norway Tel: +47 24 07 30 00 Findour press contacts
OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us REAL ESTATE MANAGEMENTWWW.NBIM.NO
Object Moved This document may be found here CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.LEADER GROUP
Birgitte Bryne is responsible for trading processing, measurement and reporting and investment and administrative services in the operation area. Birgitte Bryne was appointed Chief Operating officer 6 October 2020. She joined Norges Bank Investment Management in September 2015 as Global Head of Investment Administration.CONTACT US - NBIM
Head Office, Oslo. Norges Bank Investment Management Bankplassen 2 P.O. Box 1179 Sentrum NO-0107 Oslo, Norway Tel: +47 24 07 30 00 Findour press contacts
OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us REAL ESTATE MANAGEMENTWWW.NBIM.NO
Object Moved This document may be found here CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management inPUBLICATIONS
Investing with company insight – a 20-year review. Company insight is critical in fulfilling our role as a large and long-term owner of companies. The company insight strategies have been based on knowing companies in depth. We have unsurpassed access to company management and conduct more than 3,000 company meetings every year.ABOUT THE FUND
About the fund. Norway’s oil fund, or the Government Pension Fund Global which is its official name, was created after we discovered oil in the North Sea. The fund was set up to shield the economy from ups and downs in oil revenue. It also serves as a financial reserve and as a long-term savings plan so that both current and future STRATEGY PLAN 2021-2022 Our strategy for 2021–2022 builds on the previous strategy plan and links to the overall strategy of Norges Bank. High performance, responsible investment and transparency summarise our strategy. We use diversified investment strategies to manage the fund in a risk-controlled manner, aligned with our management mandate.WWW.NBIM.NO
Object Moved This document may be found here RESPONSIBLE INVESTMENT Sustainable long-term growth. Our motivation for responsible investment is to achieve the highest possible return with moderate risk. Companies’ activities have a considerable impact on society and the environment around them. Over time, this could affect their profitability and so the fund’s return.LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us DECISIONS ON EXCLUSIONS The Executive Board has decided to exclude the company Honeys Holdings Co Ltd due to unacceptable risk that the company contributes to systematic violations of human rights, ref. the conduct-based criteria in section 3 (1) (a) of the Guidelines for the Observation and Exclusion of Companies from the Government Pension Fund Global. TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure.CLIMATE CHANGE
Climate change has the potential to affect the global economy. The economic impacts of climate change on specific markets and regions are complex, varied and uncertain, rendering the timing and extent of impacts challenging to predict at a company level.THE VALUE EFFECT
The value effect is the excess return that a portfolio of value stocks (stocks with a low market value relative to fundamentals) has, on average, earned over a portfolio of growth stocks (stocks with a high market value relative to fundamentals). We will focus our attention in this note on the existence of a value effect in equity markets. THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund has a small stake in more than 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft and Samsung. On average, the fund holds 1.4 percent of all of the world’s listedcompanies.
ANNUAL REPORT 2020
The fund returned 10.9 percent, or 1,070 billion kroner, in 2020. The fund's total return was 0.27 percentage points higher than the return on the benchmark index.EXTERNAL MANDATES
We award investment mandates to external equity managers with expertise in specific markets. The mandates are in markets and segments where it is not expedient to build internal expertise and the potential for excess returns is considerable.OUR VOTING - NBIM
We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. REAL ESTATE MANAGEMENT STRATEGY PLAN 2020-2022LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us INVITATION TO TENDER TAX AND TRANSPARENCY Corporate taxes play an important role in the public finances of developed countries and may be even more critical in developing ones. Tax is one of the ways in which businesses contribute to the societies on whose legal and financial infrastructure they rely for CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund has a small stake in more than 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft and Samsung. On average, the fund holds 1.4 percent of all of the world’s listedcompanies.
ANNUAL REPORT 2020
The fund returned 10.9 percent, or 1,070 billion kroner, in 2020. The fund's total return was 0.27 percentage points higher than the return on the benchmark index.EXTERNAL MANDATES
We award investment mandates to external equity managers with expertise in specific markets. The mandates are in markets and segments where it is not expedient to build internal expertise and the potential for excess returns is considerable.OUR VOTING - NBIM
We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. REAL ESTATE MANAGEMENT STRATEGY PLAN 2020-2022LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact us INVITATION TO TENDER TAX AND TRANSPARENCY Corporate taxes play an important role in the public finances of developed countries and may be even more critical in developing ones. Tax is one of the ways in which businesses contribute to the societies on whose legal and financial infrastructure they rely for CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. STRATEGY PLAN 2021-2022 Norges Bank Investment Management manages the Government Pension Fund Global on behalf of the Norwegian people. The investment strategy for the fund is laid down in the management mandate from the Ministry ofFinance.
STRATEGY PLAN 2020-2022 The Government Pension Fund Global is a large, global investment fund with a long-term investment horizon. Our management of the fund shallsafeguard and
INVESTMENT STRATEGY
The investment strategy aims to take advantage of the fund's long-term horizon and considerable size to generate high returns and safeguard wealth for future generations.WWW.NBIM.NO
Object Moved This document may be found here INVITATION TO TENDER Areas where we award equity mandates to specialists. Specific countries in emerging or frontier markets; Small-cap companies in specific countries in developed markets HOLDINGS AS AT 31.12.2019 There is complete transparency on where the fund is invested. The investment overview provides historical information for every one of the more than 9,000 companies in which the fund has shares, as well as all of our properties and bonds. GUIDANCE NOTE ON COMPANY REPORTING ON ANTI-CORRUPTION EFFORTS Norges Bank Investment Management and the Basel Institute on Governance have published a new guidance note, which contains indicators that we hope will contribute to better company reporting on the effectiveness of corporate anti-corruption efforts. THE GOVERNMENT PENSION FUND GLOBAL’S ENVIRONMENT-RELATED 1 There has been little discussion of the investment universe for the environment-related mandates since 2009. Report to the Storting No. 21 (2014-2015) looked at whether the mandates should be focused on renewable energy. On the Bank’s advice, the Ministry decided againstthis.
THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. GOVERNMENT PENSION FUND GLOBAL We refer to the Ministry’s letter of 2 October 2017 on climate risk reporting. The Ministry asks the Bank to assess whether the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) will have implications for the Bank’s work onclimate risk in
THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
STRATEGY PLAN 2020-2022 REAL ESTATE MANAGEMENT CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. INVITATION TO TENDER THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
ANNUAL REPORT 2020
2020 was a year for the history books. The outbreak and spread of the coronavirus had enormous consequences for us all. The pandemic had a dramatic impact on the markets in the first quarter, followed by a rapid recovery in the second. The year saw high levels of volatility and considerable variations between sectors.OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
EXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
STRATEGY PLAN 2020-2022 REAL ESTATE MANAGEMENT CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. INVITATION TO TENDER THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countriesPUBLICATIONS
Investing with company insight – a 20-year review. Company insight is critical in fulfilling our role as a large and long-term owner of companies. The company insight strategies have been based on knowing companies in depth. We have unsurpassed access to company management and conduct more than 3,000 company meetings every year. STRATEGY PLAN 2021-2022 Our strategy for 2021–2022 builds on the previous strategy plan and links to the overall strategy of Norges Bank. High performance, responsible investment and transparency summarise our strategy. We use diversified investment strategies to manage the fund in a risk-controlled manner, aligned with our management mandate. STRATEGY PLAN 2020-2022 The Government Pension Fund Global is a large, global investment fund with a long-term investment horizon. Our management of the fund shallsafeguard and
OBSERVATION AND EXCLUSION OF COMPANIES Observation and exclusion of companies. Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list. Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance.WWW.NBIM.NO
Object Moved This document may be found here HOLDINGS AS AT 31.12.2019 The investment overview provides historical information for every one of the more than 9,000 companies in which the fund has shares, as well as all of our properties and bonds. You can see the value of each investment, our percentage holding and how we have voted at the company’s general meetings. There are also addresses for all of thefund
INVITATION TO TENDER The typical initial funding for each mandate is USD 50-300 million. This is an open invitation to tender and there is no deadline for submission. Please be advised that due to the significant volume of tender applications, we are unable to respond individually to each application. However, every submitted application will be reviewed andthose
THE GOVERNMENT PENSION FUND GLOBAL’S ENVIRONMENT-RELATED Letter sent to the Ministry of Finance, 30 October 2018. The Management Mandate for the Government Pension Fund Global (GPFG) requires Norges Bank to establish investment mandates that are environment-related. The market value of these investments should normally be in the range of 30-60 billion kroner. In its letter of 22June 2018, the
THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries GOVERNMENT PENSION FUND GLOBAL The Ministry asks the Bank to assess whether the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) will have implications for the Bank’s work on climate risk in the Government Pension Fund Global. The TCFD was set up by the Financial Stability Board and published its recommendations in a report on 29June 2017.
THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
REAL ESTATE MANAGEMENT TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. OBSERVATION AND EXCLUSION OF COMPANIES Observation and exclusion of companies. Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list. Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance. THE GOVERNMENT PENSION FUND GLOBAL’S ENVIRONMENT-RELATEDSEE MORE ONNBIM.NO
CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in GOVERNMENT PENSION FUND GLOBAL THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries GOVERNMENT PENSION FUND GLOBAL THE FUND - NBIMTHE FUNDPUBLICATIONSORGANISATIONNORSKHOLDINGS AS AT 31.12.2019RESPONSIBLE INVESTMENT The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim toimproving the
OUR VOTING - NBIM
Our voting. We publish our voting instructions 5 days before the shareholder meeting where practicable. In cases where we vote against the board’s recommendation, we provide an explanation. Voting instructions are available from 2013. Explanations are available from 1 April 2020. This website contains certain information as to thevoting
REAL ESTATE MANAGEMENT TAX AND TRANSPARENCY Our expectations on tax and transparency rest on three main principles. The first is that taxes should be paid where economic value is generated. The second is that company tax arrangements are a board responsibility. The third is that public country-by-country reporting is a core element of transparent corporate tax disclosure. OBSERVATION AND EXCLUSION OF COMPANIES Observation and exclusion of companies. Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list. Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance. THE GOVERNMENT PENSION FUND GLOBAL’S ENVIRONMENT-RELATEDSEE MORE ONNBIM.NO
CARINE SMITH IHENACHO Carine Smith Ihenacho is responsible for the governance and compliance area, which includes ownership and responsible investment activities, control and operational risk, compliance and legal services. Carine Smith Ihenacho was appointed Chief Governance and Compliance Officer 6 October 2020. She joined Norges Bank Investment Management in GOVERNMENT PENSION FUND GLOBAL THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries GOVERNMENT PENSION FUND GLOBALCONTACT US - NBIM
Head Office, Oslo. Norges Bank Investment Management Bankplassen 2 P.O. Box 1179 Sentrum NO-0107 Oslo, Norway Tel: +47 24 07 30 00 Findour press contacts
RESPONSIBLE INVESTMENT Sustainable long-term growth. Our motivation for responsible investment is to achieve the highest possible return with moderate risk. Companies’ activities have a considerable impact on society and the environment around them. Over time, this could affect their profitability and so the fund’s return. HOLDINGS AS AT 31.12.2019 The investment overview provides historical information for every one of the more than 9,000 companies in which the fund has shares, as well as all of our properties and bonds. You can see the value of each investment, our percentage holding and how we have voted at the company’s general meetings. There are also addresses for all of thefund
LONDON - NBIM
Norges Bank Investment Management London office Queensberry House 3 Old Burlington Street, London W1S 3AE England. Contact usWWW.NBIM.NO
Object Moved This document may be found hereINVESTMENT STRATEGY
The investment strategy aims to take advantage of the fund's long-term horizon and considerable size to generate high returns and safeguard wealth for future generations. The fund is to be invested responsibly within its overall financial objective. The aim is to have diversified investments that bring a good spread of risk and the highestEXTERNAL MANDATES
External mandates. Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed andin-depth
OBSERVATION AND EXCLUSION OF COMPANIES Observation and exclusion of companies. Norges Bank decides on the exclusion of companies from the fund’s investment universe, or to place companies on an observation list. Exclusions as of 1 January 2015 are the decision of Norges Bank's Executive Board. Exclusions previous to this date are decisions made by the Ministry of Finance.ANTI-CORRUPTION
Anti-corruption. Corruption undermines economic efficiency, disadvantages compliant companies and is detrimental to shareholder value. As a globally diversified investor, we are exposed to the risk of corruption both in entire markets and at the individual companies in which we invest. Combating corruption is a key component ofcorporate
THE SUSTAINABLE DEVELOPMENT GOALS AND THE GOVERNMENT The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund Global has an interest in a more sustainable global economy. Achieving the SDGs, in both developed and developing countries▾
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The fund's market value 10 630 407 463 267nok We work to safeguard and build financial wealth for future generations THE FUND'S DEVELOPMENT Returns on the fund’s investments account for more than half of the fund's market value. Inflows from the government make up about a third. Fluctuations in the krone lie behind the remainder.__ Kroner __ Dollar
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The fund's market value is affected by investment returns, capital inflow and withdrawals, and exchange rate movements.Market value
RETURN
Since 1998 the fund has generated an annual return of 6.1 percent, or 5,358 billion kroner.The return
THE FUND'S HISTORY
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1969
We discover oil in the North sea*
1990
The Parliament adopts the Government Pension Fund Act*
1996
The first money transfer to the fund*
2019
The fund's value reaches 10,000 billion kroner on 25 OctoberSee the history
ABOUT THE FUND
The aim of the oil fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources in the North Sea so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension FundGlobal.
About the fund Governance model HOW THE FUND IS INVESTED9,202 COMPANIES
The fund has a small stake in more than 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft and Samsung. On average, the fund holds 1.5 percent of all of the world’s listedcompanies.
More about how we invest74 COUNTRIES
The Norwegian oil fund is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation, and ensure good risk diversification.3 INVESTMENT AREAS
Most of the fund is invested in equities, which are ownership interests in companies. Another part is invested in bonds, which are a type of loan to governments and companies, and a final slice is invested in real estate. SEE EVERY SINGLE INVESTMENT Search all of the fund’s investments by country, asset class and sector. This information is updated annually and is available for every year since our first investment in 1998.All investments
RESPONSIBLE INVESTMENT The oil fund exists to help finance the Norwegian welfare state for future generations. The future value of the fund is dependent on sustainable growth, well-functioning markets and value creation at the companies we invest in. Responsible investment RESEARCH AND ANALYSIS All of the fund’s investment decisions are based on in-depth research and analysis. We believe that the fund will benefit in the long term from close links with the research world. We help academic institutions to attract international researchers, reward outstanding research contributions, issue grants to students for doctoral studies in financial economics, and provide long-term incentives to promote high-quality financial research. More on research and analysisNEWS
47 BILLION KRONER OF EXCESS RETURN16 Apr. 2020
External managers have over its 20-year history played an important role in fulfilling the fund’s mandate of the highest possible return after costs with a moderate risk. NEGATIV RETURN IN A VOLATILE MARKET02 Apr. 2020
In the first quarter of 2020, the Government Pension Fund Global returned -14.6 percent, equivalent to -1,171 billion kroner. NICOLAI TANGEN TO BECOME NEW CEO26 Mar. 2020
Norges Bank’s Executive Board has appointed Nicolai Tangen as the new CEO of Norges Bank Investment Management. More news Subscribe to news andpublications
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THE FUND
* About the fund
* How we invest
* Investments
* Responsible investment* Market value
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* The history
* Research and analysis* News
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PUBLICATIONS
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* Voting intentions
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ORGANISATION
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