Transparency in the Management of Oil and Gas Revenues / Financial Transparency – Government Global Pension Fund (NO0011)
Overview
At-a-Glance
Action Plan: Norway – First National Action Plan – 2012-2013
Action Plan Cycle: 2011
Status:
Institutions
Lead Institution: NA
Support Institution(s): NA
Policy Areas
Fiscal Openness, Publication of Budget/Fiscal InformationIRM Review
IRM Report: Norway First IRM Progress Report 2011-2013
Early Results: No IRM Data
Design i
Verifiable: Pending IRM Review
Relevant to OGP Values: No Data
Ambition (see definition): No Data
Implementation i
Completion: Pending IRM Review
Description
Transparency is also a central principle in the management of the Government Pension Fund Global. The Ministry of Finance submits a white paper on the management of the fund every year. Norges Bank also reports on the management of the Fund on an annual basis. The investments made by the Fund are published on the website http://www.nbim.no/no/, where the current value of the Fund is also posted. There are more than 7000 companies in the Fund’s portfolio, and the information about specific investments in the various companies is also made public. Norges Bank informs about its vote in the various companies, right down to how it votes in individual matters. It also reports on dialogues with individual companies on corporate governance issues. Information on the work of the independent Council on Ethics for the Government Pension Fund – Global is also made public, as are Council’s recommendations to the Ministry of Finance. The Ministry of Finance publishes decisions to exclude companies on the basis of the Council’s recommendations. As of August 2011, more than 50 companies are excluded from the Government Pension Fund Global’s investment portfolio for failing to comply with the Fund’s ethical guidelines.
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