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Norway

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: Inactive

Institutions

Lead Institution: NA

Support Institution(s): NA

Policy Areas

Fiscal Openness, Publication of Budget/Fiscal Information

IRM Review

IRM Report: Norway First IRM Progress Report 2011-2013

Starred: Pending IRM Review

Early Results: No IRM Data

Design i

Verifiable: Pending IRM Review

Relevant to OGP Values: Not Relevant

Potential Impact: Pending IRM Review

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.


Commitments

Open Government Partnership